Is $53,190 a realistic renovation budget for this Chicago detached home?

W

WorthyRiver

Property investor
I’m considering a $320,000 detached home in Chicago, 2,480 sq ft, and testing a preliminary renovation budget of $53,190. The scope is kitchen, bathrooms, flooring, paint, electrical checks and moderate energy upgrades, with no extension planned. Cosmetic work can wait; electrical or water problems cannot.

What contingency would you carry, and what should I ask an inspector or contractor to investigate before fixing the budget? I’m more concerned about hidden conditions, access and sequencing than finish choices.
 
I would not settle on one contingency until “electrical checks” and the plumbing scope become actual line items. If walls or floors may need opening, I’d initially hold closer to 20%; after targeted inspections and firm exclusions, perhaps 10–15% is enough.

Ask what is excluded, who repairs opened surfaces, whether plumbing routes are accessible, and whether moisture is present around bathrooms, kitchen, basement or roof penetrations. Those answers matter more than countertop pricing.
 
That helps. The $53,190 is still a planning figure rather than a contractor’s fixed scope, so the vague electrical wording is clearly a weakness. I can also separate paint and some flooring from the essential phase.

Would you ask bidders to price investigation work first, then revise the renovation quote, or include allowances for opening selected walls and floors?
 
Price investigation separately where possible. An allowance for unknown opening-up work can become a placeholder without telling you what is actually wrong.

I’d want the electrical proposal to distinguish inspection, repairs and any larger replacement work. For plumbing, ask where shutoffs, drains and supply lines run, what can be reached without damaging finished rooms, and who pays for making good afterward. Also confirm whether the kitchen and bathroom figures include fixtures, disposal, delivery and installation or only labor.
 
One caveat to the percentage approach: a contingency does not rescue a scope containing several undefined systems. Keep the reserve under your control rather than treating it as money automatically available to the contractor. Require written assumptions and exclusions from each bidder so you can compare like with like.
 
Build the sequence before choosing finishes: moisture and water issues, electrical and plumbing investigation, any opening and repair work, then energy upgrades, flooring and paint. Ask each contractor which tasks depend on permits or inspections, what could delay the start, and which materials must be selected early because of lead times.

I’d also create two totals: essential work plus contingency, and deferred cosmetic work. If the essential number already strains the budget, postponing paint will not solve a hidden plumbing or electrical problem.
 
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