Now get another appraisal as if all of the additions and improvements have been completed. Compare the values before you begin construction.
It might cost you $600 to $800 to do this, but this will be priceless.
This will tell you if you should add more square footage and how much money you may lose and you can compare that with selling your home and buying a newer home with more square footage.
Most of the time, the cost of the remodel and improvements do not even come close to paying for themselves in my market area.
Secondly, when it comes time to appraise the home, you may have created a non-conforming home and depending on the area, this may increase or decrease your home value. One may pull the value up, while the other may pull the value down.
In your area, this might be the best thing to do or this might add significant value, but donâ€™t guess on this one. Itâ€™s too expensive.
Of course, from here you'll have to get multiple bids from licensed general contractors to get a real figure. You can check on angieslist.com or yelp.com Bids for similar work can vary widely so compare closely.
Start talking foundations and you're at least doubling the price so now you're looking at $200/sf. Add custom upgrades i.e. granite, wood flooring, high end doors and windows, upgraded appliances and the sky's the limit. I've seen homes in Rancho Santa Fe, La Jolla, Del Mar, Encinitas, etc fall in at over $2000/sf.
What you need to do is sit down and write up a wish list starting with square footage. Do you want to expand your existing footprint? Build up? Add a free standing structure? Convert a garage if permitted? Then figure out what type of upgrades you want.
Once you've got a basic wish list you should then reach out to an architect for the structural and an interior designer to help you layout your plans. But be prepared to pay for these professional services. These folks are pros and don't work for free.
Here's a link to Remodeling Online's Cost Vs Value 2011 in the San Francisco area. This should give you some approximations of costs
Hope this helps!
One of my first additions for just 300SF cost me about $250/SF, 20 years ago.
If you like to chat about your goals , I will be happy to share my experience with you.
Best of Luck, Kirk Ansari,415-819-7777- You may want to see my profile on my website
General building contractor
You are probably going to be in the neighborhood of 250.00 SQ. FT.
Standard grade finishes.
If you have any more questions feel free to give me a call
Al with Al's Remodeling
You can search for service on website like Service Magic and get a quote from local contractor or may be a couple estimation from different licensed contractors. Next you need to see the works done by those experts before you can make any decision. Don't forget to check with the city planning department for new building code and what requirements needed for new addition and the cost of pulling a permit. You need all the numbers for your budget. Good luck
Cost per square foot can vary significantly depending on what type on addition you are doing. Where a family room â€“ bed room addition may run $150-200 per/ft an average kitchen â€“ bath addition may be $600-800 per/ft. There is great disparity in costs regionally, and economy of scale (smaller sq. ft. cost more to produce)
In most cases a 2 story addition is more cost effective because the foot print is half as big (less dig-out, foundation, and roof)