One of the questions I get most frequently from people contacting us about new jobs is, what will it cost to build my new home / addition / kitchen, etc.? It’s an understandable first question – you need to know what things are going to cost so that you can determine what you can afford – but answering the question without knowing what exactly you’d like to build and what your existing site conditions are, is difficult for any contractor.
With the current economic environment, it is nearly impossible to predict and lock in prices. In fact, according to the National Association of Homebuilders, building materials prices increased 20.4%, year-over-year for 2021-2022, and have risen 31.3% since January 2020. And the average cost of lumbar tripled between September 2021 and January 2022.
That being said, I do want to offer you some guidance to help you with your project planning.
New Homes / Whole House Renovations
At Sterling Homes, historically, a good guideline for what it will cost to build a new home from the ground up (meaning excluding the cost of land because that can and will vary from town to town) is $300-$350/square foot. This is typical for the types of projects we have been working on. To get a sense of what that includes, have a look at our portfolio and the finishes in these homes so you see what you get for that price point.
You can lower that price per square foot somewhat by choosing more economical finishes, but one thing we won’t compromise on are the high-quality materials that go into every house we build (click here to read more on that). And of course, you can easily increase the price per square foot by selecting top-of-the-line, luxury finishes!
Other advice in today's environment... it's best to reserve some of your budget for contingencies. Currently, lumber yards will only hold price quotes for approximately 2 week, so decisions need to be made more quickly than in the past.
Kitchen and Bath Remodels
Kitchens and baths are two of the most expensive rooms to renovate – so the per foot price quoted above does not apply (that price is a blend of all the space in the house – the less expensive bedrooms for example mixed with the more expensive spaces). However, there are some published benchmarks which are informative. Remodeling News Magazine puts out a Cost vs. Value report each year where they benchmark the average cost for certain remodeling projects. The specs of the projects are detailed so you can see what each entails. As compiled in the Remodeling 2022 Cost vs. Value Report, the average cost of remodeling a kitchen or bath in the Greater Boston area (inside 495) is:
* Midrange Major Kitchen Remodel: $93,810
Update an outmoded 200-square-foot kitchen with a functional layout of 30 linear feet of semi-custom wood cabinets, including a 3-by-5-foot island; laminate countertops; and standard double tub stainless-steel sink with standard single-lever faucet. Include energy-efficient range, ventilation system, built-in microwave, dishwasher, garbage disposal, and custom lighting. Add new resilient flooring. Finish with painted walls, trim, and ceiling.
* Upscale Major Kitchen Remodel: $180,271
Update outmoded 200-square-foot kitchen with 30 linear feet of top-of-the-line custom white cabinets with built-in sliding shelves and other interior accessories. Include stone countertops with imported ceramic- or glass-tile backsplash; built-in refrigerator, commercial grade cooktop and vent hood, wall oven, and built-in microwave unit. Install high-end undermount sink with designer faucets and water filtration system. Add new general and task lighting, including low-voltage undercabinet lights. Install tile or similar flooring that looks like wood.
* Midrange Bathroom Remodel: $35,085
Update an existing 5-by-7-foot bathroom. Replace all fixtures to include 30-by-60-inch porcelain-on-steel tub with 4-by-4-inch ceramic tile surround; new single-lever temperature and pressure-balanced shower control; standard white toilet; solid-surface vanity counter with integral sink; recessed medicine cabinet with light; ceramic tile floor; vinyl wallpaper.
* Upscale Bathroom Remodel: $101,355
Expand an existing 35-square-foot bathroom to 100 square feet within existing house footprint. Relocate all fixtures. Include 42-by-42-inch neo-angle shower with ceramic tile walls with accent strip, recessed shower caddy, body-spray fixtures, and frameless glass enclosure. Include a freestanding soaker tub with high-end faucets; stone countertop with two sinks; two mirrored medicine cabinets with lighting; a compartmentalized commode area with one-piece toilet; and a humidistat-controlled exhaust fan. Use all color fixtures. Use larger matching ceramic tiles on the floor, laid on the diagonal with ceramic tile base molding. Add general and spot lighting including waterproof shower fixture. Cabinetry shall include a custom drawer base and wall cabinets for a built-in look. Extend HVAC system, and include electric in-floor heating.
If you have a project you’d like a quote on, now is a great time to get into our schedule. I’d be happy to walk you through the cost of any of the projects you see on our site to help you with your planning. Please give me a call at 978.579.9833 - I’d love to hear about your project.
© 2022 Hanley Wood Media Inc. Complete data from the Remodeling 2022 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.