Square foot cost of addition? $300/sqft?????
HELP! I feel like I'm being taken. After a very expensive, very time consuming, yet very successful and beautiful renovation to our 100 year old house (all new bathroom/plumbing, new kitchen, new electrical throughout, etc.), we are finally moved in and ready to start the addition on the back side of the house (which won't be as disruptive as the other more extensive renovations).
Our contractor has worked with us on a "cost plus" basis for the renovation on the current structure to date, using a 26% add on to his costs. I think this is high, but he has been good and generally very reliable (FYI, we are located in Southeastern VA, in NOrfolk). As we'd been warned, the costs and the time were double our original expectations...however, with such an old house, I suppose we should have expected as such.
Now onto phase 2. For the addition (1000 sq. ft, 2-story addition, no plumbing...family room on 1st floor, master bedroom on 2nd floor...brick 1st floor exterior, shingle 2nd floor exterior, Lamarite slate replacement roofing shingles, hard wood floors, high end moldings, gas fireplaces in each room, coffered ceiling on 1st floor, trayed ceiling on 2nd floor, inset balcony on 2nd floor), we've asked for a "fixed bid," as we thought this part of the project was more distinct and manageable. Our expectation was that this would come in somewhere b/w $150-$250/sq. foot.
However, we rec'd a quote for $447K!!! Now, this also includes several other items: connecting the main house to the existing garage with a 95sq.ft. non-insulated connector; a 200 sq. ft. blue stone patio (not covered); and, adding a bathtub to the current finished master bath.
Backing out these other items, AND, considering we've already purchased all of the windows, we're looking at b/w $300 and $350/sq. ft. for the addition.
These seems astronomical...are we crazy to consider this????? (The current house is 5K sq.ft. in an upscale neighborhood of old houses in the downtown area; great land, on 3 city lots w/ a full garage (rare in downtown).)
Tell me if I'm out of my mind here...I feel terrible with this cost.