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cost per square foot for a new home in Durham NC
Hi Everyone, I am wondering if anyone can give me a rough estimate on how much it would cost per square foot to build a new house (land not included) in Durham North Carolina?
@Andrew Brewer I know this is possibly irrelevant but maybe it will be a good idea to compare what prices are state-to-state, but in NJ if you want something with nice finishes... $150/sqft... if you want something with "ehhh" finishes then you can probably get down to like 100-125/sqft depending obviously on how much work you give your guys and what kind of relationship you have with them. I know how much I can beat my guys down, price-wise, so I know what kind of numbers I am, working with before even starting the project.
Hi @Andrew Brewer - that's a tough question to answer. As the first responder mentioned, the price per square foot will depend on finishes selected for the house. If you're building in a Class A neighborhood, you're looking at $140-160/sq. ft. If you're building in a B Class neighborhood, you're looking at $115-145/sq.ft. In a C class neighborhood, you'd be looking at $100-120/sq. ft.
If this is something you're looking at doing let me know if I can help, we've got a couple new home builders associated with our brokerage I could connect you with. Durham Building Company / Garmin Homes
@Mateusz Prawdzik @Eric
@Eric Weireter undefined
not looking for luxury, looking for around a 1500 sq ft home that is suitable for renting in the W Cornwallis/Chapel Hill Rd neighborhood. I am not from the area so i'm not sure if that is a B or C class neighborhood, but a family member has a house there that she wants to turn into a rental. The problem is that the existing home was not maintained and has major issues (foundation, sagging floors, mold, possibly a new roof and new electrical) so I'm trying to get a ballpark for what it would cost to bring the existing house up to rental quality vs what it would cost to just bulldoze it and build new, or if its even worth touching at all considering the value of the property.
@Andrew Brewer - I recently represented some buyers who purchased in that neighborhood. I recommend connecting with @Timothy McKinney... he does a lot of rehabs in Durham and this sounds to be right up his alley. I believe his email is listed in his profile.
@Eric Weireter awesome, thank you
@Andrew Brewer - no problem. Just let me know if I can be of further assistance.
Even if the roof is falling in it's probably still cheaper to just repair it, all the infrastructure, utilities, surveys, permits, soil studies etc cost a fortune. They would make you run new everything. You get grandfathered in on a lot of things if you leave it in place. IMHO unless you are a home builder you will probably lose money trying to custom build.
Plus people will pay extra for quirky, older homes in that area.
Off topic, @Eric Weireter, do you have experience with Garman Homes? I adore the house they built that I drove by accidentally. But then I looked it up and it was a $725K house (sigh). I can't seem to find a builder that will quote me anything less than $200 a sq foot around here or even look at my plan without a hefty deposit.
This was the house
@Andrew Brewer You are definitely going to benefit more from just doing repairs and calling it a day... Not only is taking the whole house to the studs going to run you more money but more time as well. This isn't even talking about knocking it down and make a new house... With the work that I have been doing (new construction, addition, full Gut, Renovation) my costs are roughly $170/sqft (depending on finishes, this was a really nice finish look) $120/sqft , $80/sqft, $70/sqft... in that order. This also varies on what kind of addition you are talking about... Just a second floor addition, or a new slab foundation + framing up addition. In the construction game, everything comes into play...
@Jamie S. THe reason why you aren't getting anything less that $200/sqft is because the builder has to deal with the headache is making money off everything that he does. IF you the builder was doing it for himself... he can easily get the prices I stated above... These are NJ prices, I am not talking about prices else where but I am almost sure that if the builder is good enough, his prices are just as good or better.