To understand the cost to add an addition to your Long Island home, it is necessary to have a good idea of exactly what comprises an estimate that is presented to you by contractors. Essentially, home addition cost estimates consist of two visible elements: materials and labor. The part of any estimate that you don’t usually see is the contractor’s profit, the contractors overhead costs and the allowance the contractor adds for the “unknown”. These costs usually get added to labor and materials to give you a total estimates.
For a general idea of the kind of money we are talking about here, most contractors are looking to make 10% to 25% of profit on both materials and labor. Whether the profit margin lies at the lower or higher end of the scale rests solely in the hands of each individual contractor.
Understanding Long Island home addition costs is really fairly simple. Once you accept the fact that there is always going to be an unknown element (the contractor’s profit), all you need to do is be prepared to create a budget and try to find a contractor who can provide you with a bid that meets your needs. It is important to understand that home addition cost estimates are not precise figures. While it is true that contractors should be very close in the estimates that they provide to you, there are extenuating circumstances that can arise during the course of a project. Unless something drastic occurs, however, any additional costs should be minimal if you have hired a competent contractor.
If you are considering remodeling part of your home, then understanding home addition costs is naturally important to you. When looking over a contractor’s bid, be sure that you pay close attention to the various materials that he or she is proposing to use. While you certainly do not want inferior materials being used to remodel your home, you also might not want the most expensive materials on the market. A great way to try to stay within your budget is to carefully pick and choose which materials you want to spend more on, and then go with less expensive materials on the other things. This will help to ensure that your home addition project gets completed with quality products that should stand the test of time.