I'm considering adding a second story to my house, about 1,200 square feet. The new layout would include a master bedroom with a four-piece bath and two walk-in closets, three smaller bedrooms, and another three-piece bathroom. Additionally, I want to remodel the first floor by converting three small bedrooms into more living space and an office (without touching the existing bathrooms or kitchen). For the finishes, we'd prefer nicer materials, but nothing too extravagant like Carrera marble tiles. I'm trying to gauge costs since I'm also weighing the option of moving to a larger home, which has its own complications given our current mortgage situation. I've had a few contractors come to look at the project, but they're hesitant to provide quotes without architectural designs, and the estimates vary wildly from $300k to $800k. Any insights or recent experiences with similar projects would be really helpful!
3 Answers
I recently caught an episode of an HGTV show where they added a 1,000 sq ft second story for $375k, but those homeowners might have gotten a special deal. You could also try figuring out costs by using your local housing market's square footage value. If you take about 25% more to cover extras like stairs and permits and maybe 10% for updates to current codes, it could give you a rough idea. Just keep an eye on any extra costs for furnishings and necessary structural changes.
It's tough to give you an estimate without proper plans, but generally, adding a second story can be a big job. I’d say budget around $500 per square foot, so your initial estimate of $500k sounds about right. Just keep in mind that the general contractors really need a solid scope of work to provide real estimates. Honestly, for a project this complex, you might consider selling and moving instead to avoid potential unforeseen issues and cost overruns.
To budget for your project, look into the cost per square foot in your area. Take your estimated renovation size and multiply it by the local square footage value. Don't forget to factor in costs for opening up the main floor, which might require adding beams if load-bearing walls are involved. Lastly, consider if your property allows for building an outbuilding, which could be a cheaper alternative for office space.