Additions in Raleigh Durham

[Ryan Groff]

I was wanting to see if anyone here regularly looked at properties through the eyes of potentially doing master suite additions to some of these small 2 bed 1 bath homes in hot neighborhoods. 

I started my investing in Fort Worth and a number of my flips were in older neighborhoods near downtown where I could add a master suite for about $105-$110 a square foot, and have the finished product selling for over $200 a square foot.

There seem to be plenty of small 600-800 sq ft bungalow style homes near downtown Raleigh and downtown Durham that would be perfect for this. If these homes were 3/2's and 1200-1600 sq ft they would be selling at over $250 a sq ft!

This is assuming that it makes more since to add than to tear down. If anyone has done this in the Triangle, how long has the permitting process taken, and what would you say the cost per square foot would be to add a 700 sq foot master suite with permits included?

[Timothy McKinney]

Hi Ryan, a 700 sqft master suite addition should run you about $90k. I don't pull permits is Raleigh very often, but I do in Durham frequently. In the past it has taken from two weeks to two months. But with the recent malware attack, I am unsure how long it is taking now. I know they are making great strides it getting things up and running again, but my understanding is that alot of information was lost. I have to reapply for two projects, because the information was lost.