Building a home from the ground up is obviously an expensive project, but how much will it actually cost to build a new home in Victoria? If you’re curious about what builders, designers, and the city will charge you for your home, you’re not alone. There are so many people in the same boat as you, thinking about building their dream home but intimidated by figuring out the cost of the project.
But have no fear! Everything will be made perfectly clear down below so you can gain a better understanding of how much you can expect to pay overall for a new home, as well as everything that will influence the total cost of your build.
Cost Per Square Footage
It would be nice if there was a clear-cut answer to this question, but there is no easy number to give you about how much your home build will cost per square foot. Unfortunately, there dozens of factors that influence your cost per square footage. The average home can range from $200-$300 per square foot, but higher-end homes can cost up to $1000 per square foot.
If we only look at the estimated costs for square footage when suggesting a price for the build, clearly the larger the home, the more expensive the build. For example, if we look at the average price per square footage for a new home, $200-$300, and your home is 2,300 square feet, your home would cost between $460,000 and $690,000 to build. That’s not so bad, right? But that’s the lower end of the scale. What if you want a higher end home? If we estimate $700 per square foot for your luxury 2,300 square foot home, you’re looking at roughly $1.6 million.
Why such a huge range? Because it all depends on the materials and finishes you choose. Heated floors will cost significantly more than regular flooring, and marble countertops with cherry wood cabinets will be a lot pricier than the lower-end choices. While there are many ways to achieve that high-end finish in a more affordable way, some luxury elements will significantly raise the cost per square footage of your BC home.
Your builder also comes into play here and should be heavily involved in your budget before and during the build. While it might be tempting to choose the builder who promises a discount on your roof because he “knows a guy” and can get you a better deal, what that probably means is that he’s going to use lower-quality materials or hire a less-than-reputable roofing contractor to get the job done. This could apply to nearly any part of your home, and any perceived discount will probably end up costing you in the long when it needs to be entirely replaced in 3 years instead of 10. It is much more important to choose a builder that will help you stay realistic with your budget and guide you to make the right choices.
Factors that Influence the Cost of Your Victoria House
Let’s discuss this in the proper timeline, shall we?
- Building Site. Your chosen building site will greatly influence the total cost of your build. Not only does the actual size of the lot matter, but your location to the city or other valuable properties will raise the price. However, the topography, soil conditions, and bearing capacity of your site will also require consideration. A plot of land that is already divided and graded will probably only cost upfront. While it might seem better to purchase a random plot of land for cheaper, this might not be the case once a surveyor get’s out there and tells you the land is marshy or full of rock. You’ll also have to determine your water/sewer arrangements depending on whether your site is rural or urban.
- Architecture and Finishes. The style and type of your new home will greatly affect your building costs. For example, if your roof is designed to have multiple gables or your modern home features a lot of glass, your costs will increase. The same trend will apply to your chosen finished as well. Hardwood floors are more costly than carpeting, and luxury finishes in a bathroom or kitchen can cost thousands extra.
- Interior Design and Furnishings. It’s not only the actual structure of the home that will cost money. You need to account for lighting, paint colours, furniture, artwork, and more to furnish and finish your home. Some people forget to include the cost of outfitting a new custom home when they set their budget, so make sure you set some money aside for landscaping, appliances, furniture, window coverings, and all other decorative finishes.
Working with a design-and-build company helps simplify your costs, and your contract will help you manage your budget. For example, your contract will include:
- Material costs
- Labour costs
- Construction costs
- Equipment costs
- Permits and zoning fees
- Inspection and survey fees
- Design and architectural engineering fees
Seeing it all laid out this way might be overwhelming for some, but working with a company that includes all of this in their contract will save you from having to budget for everything independently. For instance, if you chose to manage the build yourself and hire independent people, you’d be looking at a lot more expenses such as:
- Design consultancy fees
- Engineering, architectural, and legal fees
- Permit fees
- Insurance coverage
- Appraisals and inspection fees
- Realty taxes, environmental testing, and land surveys
- Contractor fees
- Site cleanup fees
- Energy consumption fees
- And a whole lot more.
Most builders include many of these smaller fees in their overall charge to build your house. Working with a professional builder who already has insurance and handles the smaller costs for you will make planning your budget much easier.
