Jelly Bean ,
Good day to you. I applaud you in your desire and passion for the undertaking of a remodel project. It can be hugely rewarding or your worst nightmare. That will depend upon you- your resilience, your project scope, your construction knowledge, your temperament, your budget, your time frame, your requirements, your limitations, outside influence /control and more. DO YOUR RESEARCH. UNDERSTAND WHAT YOU ARE GETTING INTO. A remodel project is not for everyone. Most aspiring homeowners do not fully understand what is involved. One mantra to keep in mind throughout the process is â€œexpect the unexpectedâ€.
As to your questions, consider these key points in relation to cost:
1. The simplicity or complexity of the design itself. You have to first look at the structure. Are you going to change it? Are you going to add square footage and if so, how much? Adding square footage can be less costly or very expensive depending on the ad-on. A square box slab builds less expensive than a slab going in 6 different directions. A two story builds less expensive than a one story given equal sq. ftg. A pier-beam foundation is less cost than a concrete slab. Regardless, if you are going to change the design or add square footage, your cost will go up. Be sure and research any requirements in terms of permits or any architectural control/ restrictions by the HOA or city, etc. They may or will directly impact your cost. Cover your bases. Again, expect the unexpected. Whatever budget you determine, add 20% to it for the unexpected. Youâ€™ll spend it especially with older homes.
2. The simplicity or complexity of the finish out. Again a homebuyer who is building from the ground up or remodeling is only limited by their own budget and taste. In terms of features and options the sky is the limit in todayâ€™s building world. There are more products, options, materials and material alternatives than ever before. But the basics do not change. Wood is still more expensive than carpet generally speaking. Granite is more expensive than Formica- and so on. Appliances can be affordable or very expensive. Know what you want up front and plug that into your budget. DO NOT DECIDE TO CHOOSE AS YOU GO. That will cost you a lot of money.
3. The third is the builder or contractor themselves and more specifically the profit or margin they are willing to build the home for. That can vary greatly depending on the builderâ€™s size, reputation within their market, their abilities and resources, need for business or their current "pipeline" and their business "bottom line".
So a home bid can vary greatly based on the above mentioned factors. I can take a home plan and set of specifications and give it to 4 builders or contractors and get back 4 different prices. I see it all the time- one home, one set of specs and pricing ranging from $70 per sq. ft. to $150 per sq. ft. You REALLY have to be careful and thorough in the design/bid process. Now I say this carefully. Most of the build projects will run from $65- $100 per foot given the same specs and that excludes the lot cost and cost of the home purchase itself. I mean actual construction cost. The range could be $70 - $200 depending again on design and finish out and your taste.
If you have more questions or need more information, feel free to give me a call or send me an email. I love talking about construction and would be happy to discuss your specific project with you in more detail. Hope this helps.
Stephen B. McClain, Broker Owner
Cornerstone New Home Solutions