Hi NNJ BP Members -
Can someone help me determine the cost of construction for a major renovation in Northern NJ. Obviously national averages do not work for this area. I realize a lot of factors are at play when arriving at this number, aiming for average cost per sf in NNJ in a nice neighborhood. Neighboring homes are in the $800k - 900k range.
Specifically looking for price per square foot to do an add a level on a single family cape in a middle/upper class suburb, pretty much from the foundation up, maybe salvage some of the first floor. Higher end finishes, open concept, 4 beds 3 baths colonial style.
Any help here would be appreciated.
@Stephen Earley , subject to the standard disclaimer when answering this question (i.e., "there are sooo many variables; cost per square foot is not a reliable metric..."), I typically use $150/sf as my "ballpark" estimate for purposes of quick, back-of-the-envelope, math to decide whether a particular project warrants more detailed consideration. That $150/sf is my number for new construction / addition / very significant rehab. I'm in Northern NJ.
Assuming Ridgewood, Wyckoff, FL, etc $150 is a great estimate. If you sub the work out yourself you can save a lot in that region as the GC's all charge top rates and cherry pick the high dollar jobs for obvious reasons.
@Stephen Earley , I agree with $150 sq/ft estimate when hiring a GC. From experience, i've learned to get specific details when it comes to line item budget. "What type/brand of fixtures does this get me?" "What is the cost of material vs. labor?"
Are you going GMP type contract or cost plus? Important when it can come down to staying on budget or costing you more...
If i can be a resource in any, please reach out!
If you post the existing size of the house this will help us better give you a ballpark number.