How to Calculate the Cost of Renovation Yourself

Let's take the most vivid example – a small 2-room apartment in the suburbs of Moscow. Inherited, 43 square meters, in a ruined condition. To rent out, you first need to renovate. How much money should you prepare? Will the renovation even pay off? Let's calculate, suggests Anastasia Kovalchuk.

Anastasia Kovalchuk is an architect-designer. A proponent of a functional approach to design: "I prefer to justify any design idea with its practicality and convenience".1. Relocation

In old buildings everything is arranged very inconveniently. Therefore, a couple of walls will definitely have to be demolished (if possible). In our case – the kitchen wall, joining it with the living room. Any relocation, even the most minor one, requires approval; otherwise you won't be able to sell it later, not inherit it or end up fined. Approval costs at least 20,000 rubles in Moscow, even more – 25–30 thousand rubles if the project is simple.

2. Demolition and Waste Removal

Most people forget about such an important expense item as demolition and preparation for renovation. You need to clean the walls, floor and ceiling, remove unnecessary partitions. At the same time, get rid of all the clutter – there is a lot of it. In our case this is partial demolition. About 750 rubles per square meter, that is, about 35 thousand rubles for the entire apartment. Actually, you can save money on this item by doing demolition yourself.

3. Building New Partitions

It's cheapest to build partitions from blocks. If the workers also lay them evenly, you can get by with just spackle (without plastering). Estimated price – 350 rubles per square meter.

4. Utility Replacement

If you don't want future tenants to cause a fire or flood – replace the wiring and pipes. Electrical work in a 2-room apartment will cost about 35 thousand rubles plus materials for 10 thousand rubles. Replace pipes – water supply and sewage – 3,500 rubles per point plus materials, that is about another 20 thousand rubles.

Heating radiators are also well to replace – 2,500 rubles per radiator plus the cost of the radiator itself about 3,000 rubles. Add some more for a towel warmer (2,000 rubles + 2,500 rubles for labor). It comes to another 20 thousand rubles.

It's good that in our mobile age there's no need to worry about phone and internet sockets or TV antennas. For small apartments everything is wireless, tenants will install it themselves later. And we can do without an air conditioner, better make good windows.

5. Window and Door Replacement

You're a good client for any window manufacturer, so choose window installation as a package – you'll get quite a few gifts (e.g., sills). Installing plastic windows and a balcony door in a 2-room apartment – 50–55 thousand rubles. Wooden windows – 30% more expensive.

It's also good to replace the entrance door. A decent one (without any embellishments or designer finishing) – vinyl leather or metal with laminate – about 12–15 thousand rubles including installation.

If in the process of preparing for renovation you suddenly change your mind, want to live in this apartment yourself and decide to pamper yourself with a warm glazed balcony to have breakfast there, take into account – this is like renovating a separate room. Warm glazing – not less than 15,000 rubles per square meter plus insulation and finishing – even the smallest balcony will cost at least 50 thousand rubles.

6. Preparation for Finishing

We're gradually approaching the main point. Or rather, just trying it on. Rough finishing of floors, walls and ceiling is not a finished renovation but just preparation for it. Wall leveling and plastering – 450 rubles per meter, floor screed – about 500 rubles per meter, total approximately 65 thousand rubles for our entire 2-room apartment based on the estimated wall area.

7. Ceilings

The cheapest option is a suspended ceiling, but if you want eco-friendliness, choose a suspended ceiling made of gypsum board. We'll stay within 400 rubles per square meter including installation – in our case it will come to about 16–17 thousand rubles. Gypsum board – not less than 600 rubles, so you'll have to pay 25 thousand rubles for a clean ceiling over your head.

8. Walls

Despite the abundance of choices, there are two main alternatives: either painting (350–400 rubles per square meter including paint) or wallpapering (200 rubles per square meter, but there's also the cost of the wallpaper itself – 13–15 thousand rubles). Before painting, walls must be perfectly prepared (to hide unevenness). Beautiful colored walls will cost 22–25 thousand rubles.

9. Floor

There's a good opportunity to save money here by choosing laminate, which is both practical and very beautiful – about 650 rubles including installation. Total for the floor will be approximately 30 thousand rubles.

10. Tiles

We lay tiles on the walls and floor of the bathroom and part of the kitchen floor. Quality tiles including installation – not less than 1,500 rubles per square meter, total approximately 30,000 rubles for the entire area. By the way, painting walls with special paints in the bathroom and kitchen – not only a trendy designer idea but also a way to save at least 1,000 rubles per square meter! Total 10–12 thousand rubles if we choose painting.

11. Plumbing

We already feel tired of numbers, but we bravely move forward. We have new pipes and sewage, so we deserve decent plumbing. We take average prices for main items: toilet – 5 thousand rubles, sink – 8 thousand rubles, bathtub – 10–12 thousand rubles. Total – 25 thousand rubles (we look for sales and promotions to include taps in the same price). Don't forget to install a leak protection system. It's not cheap, but you'll be sure that your tenants won't flood the neighbors.

12. Miscellaneous

Let's count various small expenses: light fixtures – minimum (15 thousand rubles), inter-room doors (3–5 thousand rubles each). We breathe deeply. There's still the kitchen – with the current range of offers and throngs of hungry manufacturers, you can even be picky, choose and run tenders. And in the end find a good small kitchen for 40–50 thousand rubles (refrigerator, microwave, oven are not included).

What's the final cost?

It came to 430–450 thousand rubles – this is the minimum for a capital renovation of a 2-room apartment with replacement of utilities, plumbing and kitchen, but without furniture. Don't forget about unforeseen expenses – they will definitely appear. But with a favorable turn of events, you might get discounts and find sales. So one blessing will absorb another – such is life.

Now calculate how much you need to rent out your freshly renovated apartment to recover the cost of the renovation within two years, and how to find such tenants who won't need another renovation in two years. But that's a completely different story.