Both are entirely doable but it can be a real pain. Where is the condenser for the air conditioner? What type of water heater is it (electric, gas, oil)? What do you plan on having in that expanded finished room? Are you sure you can't just enclose them in a utility closet and still retain most of the functionality?
Additionally, to get a good idea about what you're looking at, I'd bring in a couple of people to give you estimates. That way you can ask detailed questions but you have to be careful not to tip them off that you're thinking of doing it yourself.
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