Most people looking forward to building a custom home can’t help but wonder how much the endeavor will cost. Truth be told, this is a hard question and the best answer is, and always will be, “it depends”. You see, there are quite a number of factors that need to be considered when it comes to calculating the construction costs of a new home. With that said, this article that will offer you a framework to help you wrap your mind around this.
Site Prepping
The better part of potential home owners will already have bought a lot before building a new home. Proximity to amenities, waterfront views, privacy, among others are some of the typical features that people look for before settling for a site. This is definitely a step in the right direction, but never overlook the need to figure out what it will cost to connect services as well as prepare the site. Turning a blind eye to this crucial aspect will definitely be the beginning of budget inflation.
Municipal zoning and environmental remediation are some of the site preparation expenditures that you have to keep in mind. Do you have an underground oil tank? What about a contingency fund for asbestos removal in already built structures? Will you be subject to any water, streamside or tree covenants? Is the site in a Tsunami zone or a flood plain? Such aspects play a major role when it comes to servicing and prepping the site.
It’s along the same lines that connecting municipal services such as electricity, sewer, water and gas can cost a pretty penny – particularly in areas on rocky ground. A time-tested way to keep price shock at bay is conducting a feasibility analysis before buying any given lot. By so doing, you’ll have a clear picture of what you’re up against before building commences.
Size
As you’ve probably guessed, the size of your home is directly related to the total custom home construction cost. In general, the bigger the construction project, the higher the price – this, however, does not necessarily mean that the cost per square foot will increase.
For instance, if you plan to construct a 3,000 square foot house at a cost of $300 per square foot, the sum total will be $900,000. In the event that you request for an extra 400 square feet during the design process, the cost will go higher by $120,000.
Note that size isn’t everything when it comes to custom home construction. Specifications that we will take a look at below play a major role in determining cost per square foot. For example, building a bigger home with only the basics will save you a tad more as compared to a smaller custom house built to luxury standards.
Specifications
Structure, systems and finishes are the three things to think about when it comes to specifications. These are factors that have what it takes to cause enormous price swings.
- Structure: Structure considerations involve material size and quality as stated by the developer when building the shell of the house. You’ll shell out more for custom and large structural material. What is more, construction material for an energy efficient or net-zero home comes with a costlier price tag – this will, however, save your hard earned money down the line.
- Systems: These are items that people don’t see or touch on a daily basis, but they’re key drivers in terms of functionality and comfort while at home. You’ll agree that installation of systems such as thermal walls, geo thermal, home technology, and HVAC (Heating, Ventilation, and Cooling) come at an extra cost.
- Finishes: The cost of building a custom home is highly dependent on the use of basic or luxury finishes – all other factors remaining constant. Finishes encompass items that offer visual appeal, a perfect example being cabinetry where the basic option will at times cost a fraction of their top-notch counterparts. There are numerous items – windows, surfaces, appliances, fixtures, etc. – in this category that you must never overlook.
What Next?
To be frank, the cost of a Parksville-Qualicum home depends on various factors. Keeping the above discussed in mind will ensure that you’re financially ready before construction starts.