Great question! And very typical for a homeowner to ask.
We’ll do our best to provide some general pricing guidelines to renovating and adding existing square footage to your house here on Long Island, New York.
These 3 topics will be discussed: 1) What to measure in order to use the provided $ per square foot (sqft) numbers 2) An example with real square foot numbers 3) Variables to consider
SQUARE FOOT AVERAGES AROUND THE NATION.
The national average for additions is between $75-$185 per square foot (sqft). If you live onLong Island, you know everything costs more than the average. On Long Island, the average cost jumps to$150-$250per sqft! In other parts of the country, a 1,000 square foot, fullgut renovation is going to cost about $75,000- $185,000. But here on Long Island, it will be more like$150,000-$250,000.
Long Island, NY is a market that is on the higher end of the range when it comes to averages. Let’s keep things simple. We’lltake a recent full gut renovation project and simply break down the costs. Before diving into the project, it is important to define a “full gut renovation” and note what the square footages represent.
WHAT IS A FULL GUT RENOVATION?
A “full gut renovation” is when you are demolishing the entireinteriorof your home down to the wood studs and then putting it all back together,essentially making your home “Like New” (these numbers also work for complete guts of isolated rooms). Or as we say here at My Boys Contracting, Building Your Forever Home. There may also be small additions that you are adding on and you may also be moving walls to change the existing footprint of the home.
WHAT EXACTLY DO I MEASURE TO USE THE PROVIDEDCOST PER SQUARE FOOT PRICING?
A lot of costs in the construction industry can be figured out by simply using a square foot number. One thing to keep in mind is to be sure you are using the correct square footage. That is, measure only the space being touched during construction. For example, if you want to renovate2,000 square feet of your 3,000 square foot home, only apply the cost per square foot price to the 2,000 square footarea (not the entire existing house). On the other hand, if you are renovatingthe entire3,000 sqftaddition andadding a 1,000 square foot addition to the existing house, the proposed (added) house area must also be added to the existing square foot number. Let’s look at an example below.
EXAMPLE WITH REAL NUMBERS.
The example project is a 4,375 sqft home located in Manhasset, NYwith a total ‘Renovated’ square footage of 3,867sqftand consists of the following:
• Existing home (3138sqft) with 5 bedrooms and 5 bathrooms
• Master suite addition (729sqft) to the second floor over the garage
• Existing area not being touched (508 sqft) that is not part of the square foot number.
Note that the existing area is being demolished down to the wood studs and the new master suite addition is a 2nd floor addition and does not require foundation work. This is important to keep in mind because foundation work can bump up your square foot number by $2-$14, depending on how much is involved. The cost per square foot number for this project came in at $192 (this number includes the contractor’s profit and overhead).Just to be clear, this total includes all aspects of construction and all new mechanicals (HVAC/Boiler/Hot Water Heater/PVC Exterior/Maibec Cedar Siding/Andersen 400 Windows/Paint/Etc) except the following:
• Permits
• Tile material for twobathrooms
• Purchase ofplumbing fixtures (toilet, sink, tub)
• Kitchen Cabinets
Just to make the project “all-in”,we’ll put rough allowance numbers to the items above. If we allow$7sqft for tile (approximately 1083 sqft = $7,581), $10,000 for all plumbing fixtures,$50,000 for kitchen cabinets and appliances and $4,000 for permits the “all-in” number is about $211 per square foot.
WHAT VARIABLESDO I NEED TO CONSIDER?
There are certain variables to consider when renovating your home that can affect this price per square foot number. Adding a new kitchenis a big variable. A new kitchen can make the price per square foot go up or down (depending on what you choose). Locationis another. Have you ever heard of the saying “build to your area?” Here on Long Island, you can find houses that are $300,000, $10 million, and everything in between. Consider where you live and how long you want to stay. What do the houses sell for today and what is the value added when you decide to move? And finally, the materials you choose. The square foot price for an addition to a $10 million-dollar house may be higher than the square foot price for a $300,000 home, but not always. Why? High end materials and the skilled labor to install them can add a lot to any renovation.
CONCLUSION.
Several factors affect the bottom line. There is a big range when it comes to averages for renovations. National averages are typically between $75-$185 per sqftbut Long Island tends to be more like $150-$250per sqft which is muchhigher, as expected due toour higher cost of living when compared to the nation. Materials and labor cost more, too. It’s important to understand where the numbers come from. Space that will be renovated and added must also be includedin the square footage cost. If you plan on re-doing your kitchen and you choose expensive cabinets, counters, and appliances, you just added a chunk of money to the cost. Consider where you live and how long you want to stay. And finally, what materials you choose. And when questions arise, choose a contractor who will be transparent and helpful from the start!
