The most common question that most people start with is “what will my project cost?”.
Often times this is followed with a per square foot estimate.
At New Avenue we find the “per square foot” estimates to be misleading and we never estimate based on per square foot costs.
Here is why: The cost of kitchens, bathrooms, are very expensive. While second stories and lofts are much less so.
A 35 square foot bathroom remodel cost $475 per square foot.
A 640 square foot guest house with a new kitchen, bathroom, and luxury finishes cost $550 per square foot.
A 900 square foot two story addition with a master suite and master bath cost $400 per square foot.
A 5,000 square foot custom luxury home cost $300 per square foot
A 300 square foot guest house costs $120,000 or $400 per square foot. Then we added a 200 square foot loft to almost no additional expense and that alone dropped the cost to $250 per square foot. If we count the loft we are $250 per square foot. This is just begging to be misunderstood.
We provide the full budgets for every completed project so you can view these costs as a menu that you work off of.
Per square foot costs are a only good for framing your goals:
If homes in your neighborhood sell for around $300 per square foot then it is not a good investment to spend $500 per square foot to build a new custom home. Unless of course, you plan to live there and enjoy it:)
If homes in your neighborhood sell for $600 per square foot and you are about to spend $500 per square foot, then you will see an immediate return on your investment.
If you have $300,000 to spend and projects run between $300 and $500 per square foot then don’t design a 2,000 square foot addition. Stick to 1,000 square feet maximum.