Building And Renovations Cost Per Square Foot?

[native_Houstonian]

Just kicking around the idea of purchasing a vacant lot and building a home or possibly moving a Heights bungalow onto a lot and renovating.

Is there a general rule of thumb one should figure when it comes to building a new home as far as price per square foot?

What about the possibility of moving a 1920's bungalow onto the property and renovating? What could I expect for costs? (Besides moving the home to the lot).

Just dreaming.....

[musicman]

not sure if a valid figure could be given since the price of materials will vary greatly depending on how you want the remodel to go.

[TAK]

this would be nice to know... if anyone has this type of info and can give a +/-15% estimate on either of AVERAGE ---- ABOVE AVERAGE ---- LUXURY new builds...

[Leon]

this would be nice to know... if anyone has this type of info and can give a +/-15% estimate on either of AVERAGE ---- ABOVE AVERAGE ---- LUXURY new builds...

+/- 15% requires a very detailed estimate since there are so many unknowns about an old structure (does it have to have new plumbing, electrical, wastewater, does the foundation have to be repaired/replaced, are you looking to move structural walls, do you need new flooring etc etc etc). However, if you do your homework, renovations can clearly be economic if:

- you keep labour costs under control (either DIY or bid the job properly)

- house is fundamentally sound (does not matter that it has ugly carpet on top of hardwoods)

- house is expandable from a 2/1 to, say a 3/2 (this is a function of floor plan)

- the property you buy goes at land value or close to it

As far as new build, I would anticipate something in the order of $150-200/ft for something worth living in (i.e. not the typical trashboxes built in Houston these days

I do know a few people making good $$ on renovations in the Heights. They buy, renovate (no general contractors, partly DIY), then sell. So the potential is there.