From the sounds of what you've told us, there are several things you may run into that you haven't mentioned, and might not have thought about, along the way. I'm going through the same thing myself. You've mentioned three of the 4 most expensive parts of the house (the fourth being the heating system). Additionally, you may run into the need for new insulation, as well as replacing windows with thermopane. Is your house plaster or sheetrock? That would present some problems of its own that would cost.

Short answer-- you might do it for under 160K, but by the time all is said and done, if you're going to give this old girl a major overhaul, you just might need to bump that up a bit.

Are you DIYing in an inexpensive market? If so, then your number is (barely) doable. If you have to spend one penny on an electrician or plumber or framer, or live in Boston or San Francisco, then your number isn't realistic.

BTW, do the roof RIGHT, and do a tearoff of the old shingles before installing the new.

Thank you for the response. The HVAC appears to be fine. They were all replaced in the last four years but yes they could always go kapuut. The windows will not need to be replaced, or so we have been informed. Most if not all had been replaced about 5 years ago. I agree we might need to add some insulation. I also agree that my main concern is that the two of the three openings we are looking to expand are plaster and not sheetrock. It is amazing how our "estimated" budget has expanded. I originally thought we could do this home (not a gut rehab but some lipstick and updating for the most part) for around 100k. However as I start going through what we are hoping to do it has crept up to 160K. I figure another 20% on top of that so I am prepared for around 200k when all is said and done. That doesn't include doing the basement which is fine for now. The basement is finished with sheetrock and is acutally the best or most updated part of the home so other than moving laundry to an area (which is all done just needs the 220 and water hookup) by the utility closet it will not be touched for now (and by the sounds of it might not become my man cave for another 5-10 years. Thanks again for comment. I am excited to take on this project but still trying to get myself convinced that this was the right move.

Cheers

Thanks for the response live wire oak. We live in a 20,000 population community in the midwest (think fly over state that calls Mt. Rushmore home). We will be doing the tear out and some of the finishing work ourselves. We calculated our budget (roughly as follows). Again not asking for estimates but rather a rough idea of how far budget to actual variance may be. Thanks again for the responses as they have been informative.

Kitchen Remodel 55k (same layout just new floor, non custom cab's, countertop) Appliances not included in estimate
Master Bathroom Remodel 30k (same layout, new vanity, toilet, sink, and rip out old tub and replace with tiled shower.....could be interesting what is behind old bathtub)
Bathroom Retrofit 20k (10k each) (leaving tub inserts and just updating vanity and floor (paint)
Dining Room Hardwood Floor 8k (old school oak tie in to rest of house and new light fixture(no new outlets or j. boxes)
Roof 20k (tear off shakes and replace with arc. asphalt...got three qouates from 12-17k....erring on high-side above quotes)
Laundry Room hook up change 5k (might be a little low)
Family Room (carpet) 5k
Trim and Crown throughout 50% of home 10k (doing this with help from friend that specializes in this)
Paint (interior) 5k (we will do the walls and ceilings...this is for trim and crown....I have done this before but really hate doing it again)

Then add about 30k for unforseen changes and unforseen goblins.

Total roughly 160k with another 30k for contigencies.
Our budget estimates are more itemeized but didn't want to bother everyone with such specifics. There will be no changes to layout in any room or any new lighting except 6 cans in kitchen which has an unfinished attic directly above. Will need to add electrical for laundry and one outlet and cable for TV on interior wall. Only major structure changes are the 3 openings being expanded (could be the silent but deadly budget killer) and some soffits in kitchen (no hvac running through) that we will be tearing out ourselves.
Thanks again

I don't think you're crazy. I think I could do it for that here in So Cal, with a mix of DIY and being my own GC. I redid two baths for 4K each, and that included hiring a tile guy & a plumber. The biggest risk is the unknowns in working on an old house. What do you find when you open the walls/take off the roof? Will you have to upgrade the electrical panel to meet current code for the new kitchen and the rest? Are your pipes in good shape?

We did custom kitchen cabinets for 2/3 of the price of store bought cabinets. Don't rule out custom - you could save a good chunk that way.

"Roof 20k (tear off shakes and replace with arc. asphalt...got three qouates from 12-17k....erring on high-side above quotes) "

Did the quote list roof sheathing? Wood shingles usually have skip sheathing. No good for asphalt shingles.
Ron

Great responses and much appreciated. Answers are as follows (I think or at least hope)

1. Electrical is all up to date per code
2. Pex and pvc plumbing throughout home or for at least two of the three brooms.
3. We are doing custom cab's from a local company that does a nice job but just doesn't have the name recogonition and found like you the cost was comparable or even a bit better.
4. The question about the roof is a good one. I will have to find that out. THe company doing the roof is the same company doing the finishing and other work. We are putting on Landmark Premiums, ice guard, etc. However the mystery is the sheathing. I will investigate. Thanks again.
5. The part that is getting me concerned (somewhat joking) is my DW great but expensive taste in kitchen appliances and fixtures.

Happy Remodeling

Wow, it's very interesting to see that folks think your estimate is low. I thought it was outrageously high! Just to play devil's advocate here, and give another point of view......

We're in the northeast and we're usually about 80% DIY, so that probably accounts for much of the difference in experience. We redid a bathroom --to pretty high-end "cottage style" standards-- in 2007 for about $2k and it included moving toilet and tub/shower (which we DIYed the plumbing) moving electrical (DIY), removing the subfloor to joists and replacing flooring with tile, building custom linen closet (DIY), new pedestal sink, tub, hardware and lighting (all pretty "high-end" but spent many weeks shopping for excellent deals)(DIY), paint and trim, including REAL T&G hardwood beadboard and custom-milled chair rail (DIY) and fan install (DIY). We hired a great tiler to do the custom-tiled shower surround and floor tile. $2,000, no joke. I guess if we'd hired out all the work and bought all our stuff without researching the best prices, it would have been more, but still... your bathroom renos dont even involve major plumbing changes. One place we saved money was by designing a simple, classic custom tile design that used some glass mosaic tiles we had left over from the kitchen reno along with some inexpensive box-store ceramic tiles. The result LOOKS expensive & classy, not at all Home Depot, but the price was very low to accomplish that look.

Also on your kitchen budget... you should visit the kitchen forum and do a search on "budget". For no plumbing chages and appliances n/i, that seems a high figure. But I guess I am coming from a totally different viewpoint perhaps? Maybe if you hire all the work out and let the contractors supply the applianes and stuff it really does cost that much? It just seems to me that the budgets I usually see over there for that $$ usually include major layout changes, window changes, etc.

Anyway- good luck on your exciting project!

Well....we met with the contractor last night. He wants to do the job on labor and materials. He has himself a carpenter finisher, and two employees. A total of four doing the kitchen and bathroom. A plumber and electrician will also be needed. The plumber just to reset the toilets but to move one sink in a bathroom. Got the timeline of 8 months and the per hour rate. He is at 80 an hour, finisher is at 50 an hour and two employees are at 40 an hour. Think the wife and I may pass. The labor alone on them will crush us. Far north of 250K. Remember this is not a major to the stud remodel. Most of it is trim work and refinishing floors. This time for his labor does not include carpet laying or windows. It is just for trim, floors and kitchen remodel (same layout) and bathroom remodel (different layout).....oh well we tried. He is a solid contractor so i am not questioning rates or anything but more concerened about the final sticker price.