“I just got a quote from a builder for my 7000sf new house in long Island, New York. He quoted me $264/sf. Is this reasonable?
I’m sure it’s reasonable to him.
If you have read my “Cost to Build a House” you’ll realize it might be or it might not be reasonable to you, as the cost to build a house can vary tremendously.
What you can do is:
1. “Run” your house through the “Cost to Build” calculator found on my “Getting Started” page (# 5) using your zip code and the “Quality Class” for the various categories that you desire.
2. Get competitive bids from 3 other General Contractors (Builders).
3. Get (buy) an appraisal from a local fee appraiser. He or she will determine the market value of your house from your blueprints after it is built on the same lot you plan to build on. You can locate fee appraisers through local banks and/or real estate brokers or from web sites such as Appraisers Association of America.
Do all three. Don’t be in doubt about such an expensive purchase.