Cost of renovating a home in downtown Raleigh? (new home, neighborhood)

[mmemk]

I've seen a number of cute homes in the low 200s in downtown Raleigh. Unfortunately, they often only have 3 BR, 2 BA, and 1500 square feet or so.

DH and I are considering whether it would be feasible to purchase one of these homes and add an addition that would add another BR and BA and maybe a rec room. We would probably also want to expand and redo the kitchen (they tend to be tiny!) and redo the baths to have more modern fixtures. We might need to update carpeting/hard wood, too.

I know the cost could vary greatly, depending on materials, etc., but does anyone have a guess as to the range for (1) an addition and (2) redoing the kitchen/baths/flooring?

Any general experiences with these sorts of renovations (including pitfalls/complications to be aware of)???

(Oh, and as a P.S., DH and I are NOT handy at all -- we'd have to contract pretty much everything out.)

Thanks!

[omamia]

I'm bumping this because I have the same exact question. What do additions really cost?

[sacredgrooves]

in simple terms, alot! The kind of renovation stated in the original post would be north of $100,000 and very easily in the $200,000 range depending on what exactly you are after. It is difficult work and you wont know what you have until you have the house torn apart. A typical kitchen renovation is 25-30k alone. You are talking about adding footers, foundations, possibly changing the structural layout of the existing home to allow for the new rooms, tearing out plumbing, floors, walls, cabinets, tubs, basins, building the new rooms, outfitting the addition, permits for all the work. My advice is find one that someone else did all the work to already. The majority of people that take on these projects lose their behinds and quite possibly their sanity too.
If you have to contract all the work out, you will lose money in the end unless you can stay there for decades. I hate to be a downer, but I see this alot as an inspector and I would rather warn you of the realities as opposed to merely encouraging an end result.
You also have to take into account the appraisal side. If your house is not in accordance with the rest of the neighborhood (i.e. very few have added on/refurbed their house in that neighborhood) you can really lose alot of cash. If you have any specific questions I will be glad to answer them. I dont want to dissuade anyone from their dream, but I certainly dont want to see it turn into a nightmare either.

[MikeJaquish]

An addition is an entirely different proposal from a renovation.
It is mostly new construction, so planning is easier.
Of course, it will need to harmonize with the existing structure, in size and style. Restrictive factors include property size and setbacks, suitability of the existing structure to receive an addition, and size of homes and price range in the neighborhood offering protection to the investment.

If in a historic district, do not even consider proceeding without an architect who has experience in such projects, whether renovating or adding on. The presentation to Raleigh Historic Districts Commission, and the neighborhood association should be professional and flawless for you to proceed in an orderly manner.
And it is important to have a plan for contractors to bid on, rather than walking them through and just asking them what needs to be done. A good architect can easily pay for his/her services with quality and cost-savings.
Bottom line: renovations and additions in historic districts are more expensive than in your run-of-the-mill neighborhood.
But done right, can be rewarding.

If renovating, part of planning is finding a suitable home, with enough endearing quality to make it worthwhile to pursue. I walked my architect friend through a home recently and she told me it was nothing special when it was built, had never been treated like anything special since, and that rehabbing it would only be a matter of principle, since it was the consummate money pit and had very little architectural interest potential. That can be an ugly truth in the historic districts...
I took my client elsewhere...

Additions? Outside the historic districts, I would guesstimate $100/SF.

Renovation? Up to double that figure.
Allow for Lead Based Paint remediation, asbestos remediation, termite damage, and updating structure to modern requirements.

[omamia]

Thanks so much to you both. These all are great points to consider.

In our case, we have a number of family members who are involved with housing, one uncle flips homes in LA, one brother in law built his own home and can get us flooring at cost, and another uncle and aunt are architects.

There are just so many ugly ranch homes in CH that have low ceilings and do not have modern open floor plans. A number of them are on big lots (.5 to 1 acre), are not protected by historical covenants and speculators some times divide these lots and build new homes that are double the price. Also, some of them are better construction than the homes built in the 90s with hardboard/masonite, they have brick facades or cedar siding.

[MikeJaquish]

Originally Posted by omamia

Thanks so much to you both. These all are great points to consider.

In our case, we have a number of family members who are involved with housing, one uncle flips homes in LA, one brother in law built his own home and can get us flooring at cost, and another uncle and aunt are architects.

There are just so many ugly ranch homes in CH that have low ceilings and do not have modern open floor plans. A number of them are on big lots (.5 to 1 acre), are not protected by historical covenants and speculators some times divide these lots and build new homes that are double the price. Also, some of them are better construction than the homes built in the 90s with hardboard/masonite, they have brick facades or cedar siding.

Right. I have a buyer under contract in Estes Hills, and the lot sizes are a real attraction, IMO.