Building a home is not an affordable expense by any stretch of the imagination, and cost is the number one reason why more people don’t choose to build their own home. Even though homeowners end up paying significantly more for their homes thanks to mortgage interest rates over a couple decades, it’s the much more affordable option up-front. While paying a mortgage is often the only choice for regular hard-working people, you could save a lot of money by building a home yourself.
If you can stomach the large up-front cost to build a house in Victoria BC, you won’t have to worry about monthly mortgage or rental costs or unfortunate interest rates, plus you’ll be making an incredible investment for your future. If you’re curious about how much it actually costs to build a home, great! We’ll break down the various costs of building a home and discuss total costs depending on the type of home you’re interested in building.
Cost Per Square Footage
Calculating the cost per square footage isn’t an exact science as so many factors will change the numbers, but it is an excellent way of narrowing down your budget and getting a rough estimate of what you can expect your costs to be.
The average single-family home costs between $200 and $300 per square foot to build. This cost includes both the labour and the materials, as well as your builder fees usually. A more luxurious or high-end home can cost upwards of $700 per square foot, sometimes even more than $1000 per square foot. It all depends on the materials you use to finish your home. But what do these numbers actually mean? Let’s look at some examples.
For some perspective, the average square feet of a single-family home in Canada is roughly 1800 sq. ft. So, if you choose some nicer materials but don’t go all out, your cost per square footage might be $250. For this size of home, you’d be looking at roughly $450,000 to build your new home. Considering that the average cost to buy a house in Victoria BC is just shy of $600,000, that’s a pretty reasonable price tag.
If you were interested in a luxury home of the same size, your cost per square foot might be $600, so your home build would cost just under $1.1 million. Your home could either be more affordable or more expensive than these estimates depending on the decisions you make regarding your home’s aesthetic and functionality. For example, heated-floors or marble countertops will cost more than regular carpets and a cheap ceramic counter. Every decision you make will affect your cost per square footage, so choose those upgrades wisely.
How Your Builder Affects Your Costs
A builder has a lot of influence in your budget – and for good reason. They know how to properly estimate costs and can usually get a deal from their regular suppliers, which is great for you. They should always be heavily involved in your budget planning since they know how to help you set a realistic and reasonable budget that will give you the home of your dreams at a price point that works for you.
However, if a builder offers you a deal that seems too good to be true, or is significantly less than other bids you’ve received for the project, steer clear. A shady builder will draw you in with a low offer and use low-quality materials and shoddy craftsmanship to cut a bigger profit. These tactics will cost you in the long run, so make sure to do your homework on your builder. They should always be upfront with you regarding how your choices will affect your cost as well as the longevity of your home based on your lifestyle. They should never pressure you into any decision, only guide you in the right direction using their expertise in the industry.
Factors That Influence the Cost to Build a House in Victoria BC
- Build Site. Your plot of land will have a lot of say over the total cost of your build. The price of the location you choose for your home is not only based on its size, but its topography, its location with respect to city amenities and infrastructure, and whether or not it is considered coveted land (forest view, beachfront property, etc.).
- Land Quality. What most people overlook when choosing a location for their home is the land itself. The soil quality, topography, and bearing capacity of your build site will make your costs fluctuate since it can complicate or extend your home’s construction. For example, if you must clear trees or rocks from the site before you can prepare it for construction, that could add weeks to your schedule and several thousands to your overall costs.
- Architecture. The style of the home you design will greatly impact your costs since some styles are more complicated and require greater expertise or more time to finish. For example, if you choose a roof type with an expensive finish and multiple gables, that roof will cost much more than your average shingle roof. The materials you choose for your home will affect your labour and materials cost, as well as increase the amount of time it takes to finish, which always increases costs.
- Interior Design. It isn’t only the structure of your home that needs to be considered. Everything from cabinetry to paint to appliances to lighting fixtures will affect your budget. Higher-end furnishings can increase your total costs by tens of thousands of dollars, so you must make all of these decisions beforehand so you know you can afford everything you’ve chosen for your home.
