Thumbnail Construction Budgeting

Among the first questions I get asked during an initial project interview is “What’s this going to cost?”.  My response of course is to find out the following -before answering:

How big?

How quickly?

What level of finish?

Where is it located?

What is it being used for?

Who is building it?

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Each of these questions has an impact on cost and delivery of the project.  When we don’t get the answers, we are forced into this dialog of “Just gimme a ballpark feel for the budget”  ok so here goes:

We multiply the size of the project in square feet times a rough dollars per square foot to obtain an order of magnitude/ballpark figure:

  • -New construction residential wood frame for single family homes varies between $250-350 psf. (bathrooms and kitchens are 20-40% additional)
  • -Heavily residential renovation  (gutted)  areas that include moving walls, new mechanical, new electrical, new finishes runs about $150-200 psf.
  • -Office space interiors , i.e. tenant fitout with medium level of fixtures, finish and equipment we budget around $75-150 psf.  (Yes it’s a big Ballpark)
  • -One story commercial building $250 sf for core and shell (meaning that the space is raw and awaiting tenant improvements-see above)
  • -Some site improvements include new asphalt for driveways or parking include:  figure $6/psf including decent gravel base and curbs.
  • -Regrading averages very widely due to site characteristics,  but at a minimum of $5000-10,000 for site work for an medium sized addition in Westchester County NY which would include 2 medium drywells for drainage.

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So start with some graph paper,  count up those squares and start doing the math!or better yet give me  a call and let’s talk 914 980 5532 ask for Steve