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Has anyone completed a home addition recently in Wake County? Do you remember the cost/sq ft you were quoted?
I know material and labor costs have soared but I’m super nervous about the first soft quote we received. In our initial meeting the builder mentioned it being around $250/sq ft. We moved forward with hiring an architect and our plan is almost finalized. However, in our most recent meeting with the builder he threw out a total that was almost double what we would expect at $250/sq ft.
The builder has been involved throughout the process with the architect and we really haven’t veered much from the original plan when he gave the $250/sq ft quote. It’s for a downstairs master suite and a small home office. It will be around 640 sq ft total and is a true addition requiring new foundation/roof and mechanicals.
We still plan to get several bids once the plans are final but now I’m nervous we wasted time and money on a project that’s beyond our budget. I appreciate any and all insight!
Haven't had anything done recently, but about 10 years ago we did a large addition project (+1300sf). Something that most are not aware of is 'renovate and refinance' offerings by banks. They look at the improvements being made and have an appraiser determine how much it will increase the home value by. If the cost + whatever is owed is under 80% LTV, they will usually approve it. Once everything is formalized, the bank converts any mortgage to a construction loan and only interest payments are required while the work is going on. Draws are done in stages like building a new home. At the end, an inspection is done and assuming everything looks good, the construction loan will convert to a conventional mortgage (with agreed on terms).
We just finished an addition of about 600 sq feet for a large bedroom, bath, mud room area. But we also gutted the kitchen- it ended up being a lot more.
The price per the sq feet for us also includes the kitchen- it was about $390.
We received a few quotes and they were all close to one another.
...... However, in our most recent meeting with the builder he threw out a total that was almost double what we would expect at $250/sq ft. ......
That's not surprising given that the cost of lumber, concrete, wiring etc has risen sharply. Friends recently got an estimate of around $375/square foot to construct a modest house here on the coast. They decided they did not want to spend that kind of money.
Unless the values in the neighborhood support it, or you just love the house so much you can't leave it....I would sell and find a more suitable house...although with low inventory that might be difficult right now. Prices for this type of work have gone through the roof. Those 2x4's that were less than $3.00 awhile back are now $9.00!!!
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