Another thing to keep in mind is that keep your remodeling in line with the rest of neighborhood. Don't over-improve. Take your purchase price and add your remodeling cost. The total should be in line with the market prices of your location. You should also conform in terms of square footage and finishes. Say your neighbors have houses in the 1000-1300 sq ft range. If you add an addition so that your house is now 2000 sq ft, you will have diminishing return on the last 500 sq ft.
You should consult a real estate professional who give you an analysis of the market and the remodeling budget.
If you want a copy of a study showing what you are likely to recoup in the value of the house, don't hesitate to contact me. I will email it to you.
The price will drop less if you're just updating a home. A 10x15 kitchen remodel with new cabinets, appliances, etc will run about $30,000 which works out to about $200 per square foot. That's assuming a nice kitchen with high-quality cabinets, mid-range appliances, and nice fixtures - fully installed. I've personally done kitchens for less but it depends on the home and market.
You'll spend more if you add on extras with labor intensive extras such as lots of tile work, inlays, certain kinds of paint, and more.
As stated below, it really depends on the type of addition you are planning to add. The costs for a basic bedroom or family room are going to be very different than the numbers associated with adding a bathroom or extending a kitchen. As an example, if you simply expand the kitchen and leave all the appliances and utilities in the same locations, you can escape with a relatively low cost. The moment you start moving the utilities (waste and supply lines to the sink, gas to the range, electrical to the oven) the costs dramatically increase.
If you are planning to add to a home in Newark, your costs to increase will also vary depending on the type of home you have. If you have a single story flattop and want to add space your costs will be lower than if you are planning on adding on to a conventional home in a location such as The Lake area of Newark. Parts of Newark are included in a PUD (Planned Unit Development) and have strict guidelines that govern what you can and cannot do. Iâ€™d recommend you start with the Planning Department at Newarkâ€™s City Hall. They can explain the various options to you. Itâ€™s best to get started on the right foot.
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Once you understand what your options actually are, then Iâ€™d recommend you talk to a contractor. Accurate numbers are only going to come from a licensed general contractor once they have an precise idea of your scope of work. Additionally, depending on the extent of your project, you will need drawings that must to be submitted to the city building department for approval. These drawings can range from inexpensive to very costly depending on your scope of work.
Since I live in the area, am also a licensed general contractor who fully understands the building process and have worked extensively with the City of Newark on many different projects, if you wish, I can provide you with names of reputable local general contractors, designers, architects and other trades who can give you realistic numbers based on accurate understanding of what youâ€™d like to do.