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Old 12-09-2007, 11:59 PM   #1
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How does this estimate sound?


Hey guys, long time reader, first time poster. Just got a quote to finish a basement and am curious if you guys could tell me how it sounds price wise. I live in the Cincinnati area, if that matters.

DESCRIPTION: Furnish materials and labor to remodel 700 SQFT of unfinished basement area. The finished area will consist of a Family Room with a walk up wet bar, Game Room, Half Bathroom and an unfinished Storage Room.
This bid includes the following items:
  • 2x4 walls with studs @ 16 O.C.
  • Install access door under stair landing.
  • Twelve can lights.
  • Electrical outlets located every 12 along walls and 6 from corners.
  • Switches to control can lights as needed.
  • One phone jack and one cable outlet.
  • Rough in and switch for a pool table light.
  • R-11 Kraft faced insulation in all exterior wall cavities and around bathroom for sound control.
  • drywall on walls and ceilings, ceilings to have smooth finish.
  • Two coats of porter paint on walls and ceiling.
  • All plumbing for a half bath and wet bar.
  • HVAC work to consist of two heat supplies, one cold air return and one bathroom exhaust fan.
  • Baseboards, doors, trim and door hardware to match existing profiles in house.
  • Trim out two basement windows with jamb material and casing.
  • Finished closet under upper flight of steps.
  • Half bathroom consisting of a vanity, marble sink top, Delta 520 chrome vanity faucet, mirror, vanity light, toilet, towel bar, paper holder, vinyl floor, and an exhaust fan. Wood species on vanity cabinet to include Oak, Hickory or Maple.
  • A wet bar consisting of two 24 base cabinets, 24 refrigerator space, Three 24 wall cabinets with a wine rack and stemware rack, crown molding on wall cabinets, laminate counter top, 15 S.S. sink bowl, and a Delta 190 chrome goose neck bar faucet. Wood species on bar cabinets to be Oak, Hickory or Maple. (Refrigerator supplied by owner)
  • padding and carpet (A $2,000 carpet allowance has been included in the total cost.)
  • All building, electric and plumbing permits and inspections.

TOTAL COST: $22,900

THanks!!!

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Old 12-10-2007, 07:16 PM   #2
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How does this estimate sound?


Thats alot!

I think to drive it to scale, I would get at least two other bids from qualified local contractors making sure that what you have listed is clearly outlined in all of the bids.

Compare the bids....

If they are all in the same ballpark, [go Reds!] then go with your gut as to who you like to work with. If they are all over the place, dont go with the cheapest..

And as always confirm insurance, contractors license, references, and make sure you have a completion date in writing.

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Old 12-10-2007, 08:50 PM   #3
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How does this estimate sound?


We've done hundreds upon hundreds of basement remodels and repairs, and that sounds about right to me - for the description of work that would be done.

Realize that the utilities (plumbing and electrical) and bathroom costs take up a big chunk of such a project.

Last edited by AtlanticWBConst.; 12-10-2007 at 08:53 PM.
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Old 12-10-2007, 08:58 PM   #4
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How does this estimate sound?


I just did two basement remodels identical to what you have listed this summer, including the wet bar, except with a full bath and one of them had a gas fireplace. They were 450 and 600 sf and the job totals were 11,900 and 13,500 respectively. That is in North Carolina. I will admit i probably did them too cheaply on the labor side and would have liked to make another 1,500 or so each. So it sounds a bit hight to me, get some more bids or ask for a cost plus contract.
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Old 12-10-2007, 11:09 PM   #5
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How does this estimate sound?


Quote:
Originally Posted by 1K2GO View Post
I just did two basement remodels identical to what you have listed this summer, including the wet bar, except with a full bath and one of them had a gas fireplace. They were 450 and 600 sf and the job totals were 11,900 and 13,500 respectively. That is in North Carolina. I will admit i probably did them too cheaply on the labor side and would have liked to make another 1,500 or so each. So it sounds a bit hight to me, get some more bids or ask for a cost plus contract.
Identical basement remodels to what was stated = for 11,900 and 13,500???!! .... for a full, detail/custom built bar, insulation, electrical, heat, bath& plumbing, paint, flooring, total finishing, etc, etc...
Sorry to say this, but it sounds like you are underpricing (low-balling) projects....or you are a newbi....or both...

Example:
Last week, one of the jobs our company finished:
Completed a bonus room, with vaulted ceilings (above a 2 car garage) and a large storage area in another part of the attic (unfinished 3rd floor)

WORK:
Design of the area
Pull permits
Complete framing in missing locations
Install strapping
Install rafter vent
Framing Inspection
Install R13, R19, R30, & foam window areas
Insulation Inspection
Install electrical
Install in-wall heaters
Electrical Inspection
Install GWB and perform all Drywall work
Texture ceilings
Install all trim work
Install 3 pre-hung doors
Apply paint on all surfaces
Haul-away and dispose-of all related work debris
Provider a basic clean-up
Finish electrical installs
Etc, etc, etc....

Work performed and Guaranteed - by a State Licensed and Registered company with full-liability Insurance, and Workmans Comp coverage.

and....NO Plumbing, No fixtures, No Bath ($), No built-ins, No bar, No cabinets, NO FLOORING, among other things (Home Owner responsibility)

COST: $11,000.00

And I know for a fact that we are 99.9% of the time, always in the middle pricing margin (our clients tell us).

Last edited by AtlanticWBConst.; 12-11-2007 at 07:15 AM.
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