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Question DetailsAsked on 10/13/2017

How much does a full restoration of a single family house cost in Massachusetts?

House was damaged by bursted water pipes. Basement has mold. Roof needs repair. We are thinking to restore the whole house. What will be an average estimated price?

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Depends on design of the house, how much repair is needed, whether all utilities are being replaced, the standard of construction (per square foot cost for a stone mansion is a lot different than for an 800SF bungalow), etc - but commonly a total rehab runs in the range of 1/2 to 2/3 the market value of the building, though in higher-end reconstructions, historic homes, or very deteriorated homes can run way more than market value.

That rough guildeline also has an inherent flaw in it - if the house is basically a tear-down it has no value to speak of aside from the land and needs a lot more work than a simple remodel on say a 20-30 year old house, so in extreme cases rehab can cost many times the current value of the home.

Of course, one needs to consider the value of the house when rebuilt versus what is being put into it - hence houses needing major structural work for instance are commonly tear-downs, not refurbishing candidates.

You will also need to deal with your insurance company on what they will pay for due to the burst pipes (hopefully that was insured) and mold removal - and whether they want to pay only for direct repair of the immediate damage or are willing to come to a $ settlement to be applied to the total rehab. Sometimes they get nasty and want the immediate damage repaired at their cost, not tying it into a general rehab job, because contractors and homeowners have a tendency to try to push more remodel costs toward the damage side in that case, trying to load costs up on the insurance company.

Some insurers will pay $ outright - but watch the catch-022's. First, they generally have a time limit of 3-6 months during which the work has to be done, which might not be met with a total refurbishing. Also, they tend to pay only half or sometimes nothing up-front, holding the rest till the work related to during the reconstruction period.

To get a decent handle on estimated cost, get with an Architect (your Search the List category) to come up with a conceptual plan and rough cost estimate for the work. Don't forget to factor in building permit costs (a percentage of the work cost in some cities), the generaly provision that is the repair work is more than half the value of the building then in many areas EVERYTHING in the house has to be brought up to current code, and the fact your property taxes will assuredly go up from here on out. Those factors might influence your decision.

Answered 2 years ago by LCD

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