Design & Decor in Chicago>Question Details

Abwheaton, Home Owner in Chicago, IL

What would be good square foot estimate to build a home with basic finishes on an open lot in the CHicago suburbs. with a brick veneer exterior

Asked by Abwheaton, Chicago, IL Mon Nov 1, 2010

Ideal would be 2400 SF ranch, basic wood floors, stadard kitchen and bath finishes. Tile in the tub surrounds. unfinished basement, 2car attached garage.

Help the community by answering this question:

Answers

3
Erik Sachs’ answer
For modest finishes you should be +/- $120/sf for this size/scope of home. I know a few builders in the Wheaton/Glen Ellyn/Downers Grove areas that are building nice homes in this price range. Please let me know if you want more info.

Erik Sachs
RpV Realty LLC
esachs@rpvinc.com
773/368-5515
1 vote Thank Flag Link Tue Jul 10, 2012
Just wondering why you would consider building a house in this market. There are many areas where you can purchase a home for far less than it costs to build due to high inventory and low costs.
This is particularly true in the south suburbs. Another consideration is real estate taxes, Cook County tends to set new construction real estate taxes quite high.

Check out my web site to peruse options if you like.
0 votes Thank Flag Link Thu Nov 4, 2010
$100-$200 per sqft. Take your pick. Your question is really far too broad to answer realistically. Brick veneer only on the front or all sides; basic finishes = home depot?; basement no basement; type of kitchen; is this for yourself or resale? Which suburb specifically can also make a +/-$20K difference by itself. Different suburbs have different construction and contractor requirements.
My suggestion would be that you look at what home prices are in that area and evaluate whether it is possible to build a new house in that area for roughly that price. If you can build for costs that are within the neighborhood norm then maybe it's worth it. If costs will be slightly higher then it still might be Ok if you are planning on staying there for some years. If costs are substantially higher, then there better be other reasons besides money for wanting to live there.
A couple of other things, if this is a flip, "basic' isn't going to cut it. There's too much housing stock available for something 'basic' to sell anytime soon. If this is for you, I would suggest assessing your realism on 'basic'. I have dealt with many homeowners who thought basic would be good enough for their rehab. Once they see some TV shows, see what 'basic' really is, rationalize that they will be in the house for many years, this is for our families future, etc, 'basic' no longer cuts it. Many a homeowner has blown their budget and maxed out plastic because they decided basic wasn't good enough.
As a seasoned professional, I can tell you 'basic' isn't really good enough in various ways. Some of the costs of better materials and components are worth it in the long run.
You can contact me if you'd like. Good luck
Web Reference: http://www.aic-chicago.com
0 votes Thank Flag Link Mon Nov 1, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer