About 10 years ago, we completely remodeled our old house in Stratford CT to increase its re-sale value.
It was an older farmhouse, ~110-years-old, and it took a great deal of work to upgrade the underlying infrastructure.
The house was gutted of all existing wiring and plumbing, and completely new electrical and plumbing systems were installed. To achieve this meant removing a great deal of the internal structure of the house, to the point where I would estimate at least 75% of the innards of the house are now completely new.
The facade was left almost completely intact. However, the brick was sandblasted and some new brick was added in places to shore up some weak or unsightly spots.
All new flooring was laid throughout the house. New bathroom and kitchen fixtures. New appliances for our new kitchen layout. My favorite part are the granite countertops. It took us forever searching all the stone yards in Connecticut but with the help of Countertop Investigator we were able to buy a slab of honed granite that both of us loved. All the different ideas on-line actually made it difficult for us to make a decision.
A fireplace was repaired and then ultimately removed and replaced with new stonework.
It was a task undertaken to make a profit, and initially it seemed worth it. The house had been inspected quite thoroughly before the remodeling was initiated, but once underway it became apparent that far more work was going to be necessary to guarantee parity of quality throughout the structure.
There was a point about a third of the way through the process where it definitely seemed like we were going to take a loss on the project. Costs spiraled, we weren’t sure if we could even afford to finish at one point, and it was very, very stressful for a couple of months.
We were fortunate enough to receive discounted aid from a contractor friend of ours, and with a pooling of resources we managed to cut costs on some of the interior infrastructure, to the point where we once again became profitable.
Would I do it again given the level of experience I possessed at the time and the scale of the project in front of me? Probably not.
While we did turn a profit, if you factor in the man-hours sunk into the remodeling, it was just barely worth it, and there are easier ways to make money.
I am glad I went through the process for one reason though. I learned a great deal about certain trades that I was only passingly familiar with beforehand. Skilled tradespeople are highly undervalued these days, and my appreciation for them skyrocketed after we finished.