The idea of building a house from scratch can be an exciting thought. Everything about your new space will have your own personal touch on it, and you get to be in control of it all. With that being said, the cost associated with building a home can be quite steep. You may want to take the easy route and make some home improvements to an existing space. But for those of you that are up to the challenge, both financially and mentally, building a house can be one of the most rewarding things you will ever experience.
Here are some tips on how much it will cost and what’s involved if you’re planning on building a house from scratch.
The first thing you should ask is where do you want your home to be? You need to find land, and land isn’t cheap. You may be thinking, why don’t I just buy an existing home and skip all this. Don’t forget why you are doing this and that existing homes come with their own problems.
Land prices vary between the quality of the land, location, size and current market conditions. It’s easy to already step out of your budget when picking where your new home is going to be built. Always consider the sewage system when choosing the land as this could increase your costs if you go the rural route.
Your New Neighbourhood
Speaking of location, where you build is important to understand when it comes to the value of your house. Don’t even think about building a $1 million-plus home in a neighbourhood where the average price garners $400,000 in resale value. This will lower the value of your new home.
To build a house in Vancouver, for example, it will run you about $180 to $350 per square foot. This price could also increase depending on the finishes and where you choose to build. The average cost to build a house is between $200,000-$350,000 for a modest 1,000 plus square foot home.
Who Do You Hire?
Architects, engineers, designers and contractors are the ones who are actually building your home and you need to budget for all of them. Your dream home isn’t going to build itself and you need experts. Contractors can help you project manage the entire endeavour while the architect will help you design the home. The engineer helps with mechanical and structural portions of your project and of course, the designers help with the inside. Going through the various building stages is both important and stressful and need to be well managed by an expert so don’t skip out on project management talent.
Before you start any of this, you need to ask yourself if this is worth it for you. If a completely custom home is what you want to live in every day, then cost shouldn’t stop you. However, if you’re concerned about price, then perhaps this isn’t the best route.
If you think building your home from scratch is right for you, I can help guide through the intricate steps and make sure you come out happy at the best price possible. Contact me today and let’s start talking about making your dream home a reality.