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August 4, 2009
Adding a New Floor?
Adding a new floor to a brick house (20 X40)? Here’s the deal: we bought a 3-unit, 3-floor brick house and are wondering if it would be (financially) wise to add up a new floor for extra income ( we would rent 2 units instead of 1) and have the upper duplex for ourselves. Each rental goes for $1300 on the market (in East Williamsburg). One contractor I’ve contacted told me it would cost me around 150K to add the floor (which mean I would have to make a loan for it...). Is the estimate realistic? Would it add significant value to my house? Am I ready to deal with DOB hassle? Does it really worth it?On the other hand I like the idea of a new customized floorplan for our 3 bedrooms- maybe a shower?- and a nice glass/ slate external structure (in my dreams) added to a rather boring looking house…
Thank you for helping me getting through this dilemma! Elido
Comments
Architect here. Let's see, 20' x 40' = 800 square feet. I've typically been getting $200 per foot or slightly lower for new construction, so $150k is right on target.
Compare that with $150 per foot for gut renovation or $120k per floor, and you can quickly see what the (very rough) cost savings would be.
Of course, bear in mind that adding a floor does not mean you won't have to renovate the floor below. Even if you're just slapping another identical floor on top, there will no doubt still be some renovation to the floor below it.
Will it add value? Absolutely. The question is whether the market will withstand the cost increase. In your case, in East Billyburg, I would say yes. A four story, two or three family in that area should have no problem selling or renting in a healthy market, assuming you keep the building long enough for the market to stabilize.
As for the DOB, if you're in an area where the zoning allows you to do what you want, then it's just a matter of making sure the building is up to code, up making it so as part of the renovation. Dealing with the DOB can be a real hassle when you're trying to do something out of the ordinary, but in my experience, they really are not that bad when you're doing everything by the book. (famous last words)
On the other hand, it would a more fun to help you build the home of your dreams...
If you're serious about the project, give us a call. I can come out with a contractor and give you an estimate that would include all design, DOB and construction costs.
Jim Hill, RA, LEED AP
Urban Pioneering Architecture
(646) 309-7259
Posted by: JimHill at August 4, 2009 10:45 AM
Check on zillow for recent sales in your area, and you can get an estimate of the value per square foot for the increase. If places are selling for $300ft2, and you added, 800ft2, then you are looking at an added value of $240,000.
Posted by: Stuart at August 4, 2009 7:56 PM
Thanks for the input. Whether we go for an extra floor or not I will contact you anyway, Jim, for further advice/estimate on the reconfiguration/remodeling of the house.
Posted by: vivante at August 6, 2009 12:06 PM
vivante,
Thank you. I look forward to hearing from you.
Jim
Posted by: JimHill at August 6, 2009 5:41 PM
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