Thanks to Tom for being on the show – and for everyone who listened!
Some of the highlights:
tj and the bear asked about ballpark costs, and Tom broke his general remodeling expenses per room.
He does the work himself on these rooms:
Kitchens – $10,000 to $12,000
Bathrooms – $2,500
Engineered hardwood floors – $4,000
Work done by contractors:
New 200 amp eletrical service – $5,000
New plumbing – $5,000
Roof – $4,500 to $6,000 (comp shingle)
Jeeman called in and described his struggle to get a reasonable quote for an overall remodel, and we agreed that it is good to get plans done first, then have general contractors gives quotes so you can compare apples for apples.
Tom mentioned several TV shows who have approached him looking to document his ‘team’, and fabricate some drama. Tom is willing to tell it like it is, but no takers for that package so far.
Tom also said that he sees plenty of deals on the MLS, though it is hotly competitive. He is a believer in cruising the neighborhoods looking for possibilities, and that the South Park project was a result of such an effort. He had to drive to Lakeside a few times to track down the owner, but finally prevailed.
The South Park project requires a two-car garage per the city, so the remaining buildable lot only allowed for a 1,350sf house. Tom changed to a two-story, 2,000sf plan instead, and hopes for a completion date in Fall, 2012.
The Bay Park remodel hasn’t hit any snags, and is a lighter project because no square footage is being added. We talked about Bay Park being an up-and-comer neighborhood, and that there could be pockets of appreciation in certain areas like it.
Listening to Tom describe his next project I can’t help but thinking… this man’s going to build MY house someday!!! 🙂
Can you ask Tom to give a run-down of what’s expensive and what’s not (cost-wise) in regards to his style of builds/rebuilds?
Great info!
What about moving walls around, or adding additional living spaces? How about landscaping?
Tom, what do you do when unexpected costs (such as your roof costing more than you thought on the MCM house) crop up? Do you try to put in lower cost flooring, tile, appliances, lighting, etc. to make up for it? Or just let it eat your into your profit?
Thanks for participating Tom!
Thanks for listening everyone, I could have kept talking all night.
G-Man, Here’s that site link. It’s remodeling Magazine that puts the data together. You can see that the cost of remodeling has gone down from last year. Major kitchen remodel went from 119k down to 110k. Keep in mind you’ll find way better pricing if you shop around but its good to know what retail is I guess. The only remodeling activity that pays off is the garage door replacement when it comes to resale value.
http://www.remodeling.hw.net/2011/costvsvalue/division/pacific/city/san-diego–ca.aspx
Great show guys.
I listened to the whole thing and enjoyed every minute.
Make sure you give us advance warning for the MCM open house, I might drive down from the OC to see it.
G-man – I talked with you at the JtR ice cream social last year. My wife and I did a lot of remodel and construction work in Texas a few years ago. The main thing we learned was to interview a LOT of contractors/trades and ask questions.
Tom, thanks for the link! Good luck in your current endeavor!
JTR, I’ll have to contact Mark Morris when we get ready to renovate.
David, yes, I remember you and your wife…Thanks for the tip…we will definitely interview a few people.
Thank you so much Jim and Tom.
That show was very informative and interesting. I wish you would have talked all night (Jim may have had the lung power to do so.) Is it possible
to give an idea of the cost of window replacement, as well as exterior stucco. Thanks again to the both of you. Good luck on all your projects!
Ruby
Hi Ruby. Windows 3500. Stucco 4000. These are numbers from my current project. That stucco price includes sandblasting and patching from window and door installation. Also, vinyl windows and doors might be cheaper. Glad you enjoyed the info!
Loved the conversation guys! Tom, totally understand your decision not to be a contractor. Nothing is better than being able to make your own creative decisions.
PS Hey, Tom, hugs to your new baby Shane! My “baby Shane” is turning 26 soon. Embrace every moment; they grow up way too quick! Maybe your kiddo will be inspired to help you out when he gets older. My Shane helped his (late) dad when he was 13 when we built our home in Bend, OR. (He loved the nail gun). Awesome to have pictures of them working together…
I knew I’d forget to check in, I’m listening now. Very interesting and entertaining, thanks guys!
Thanks for your answers and openness Tom! I learned a lot!
@Susie, Thanks for the comments. Funny, my older boy Gage loves tools and knows them all now at 3 years old. The nail gun is also one of his favorites but he’s yet to test it out. He can do a pretty good imitation of how it sounds though; )