Building a new home is an exciting time, letting create the space you have always dreamed of living in. But how much does a new home cost?
There are many things to consider when building a new home including hard costs such as materials and soft costs like engineers and architects. There are also many things known as variable costs that can change the price of a home-based on supply and demand and how much you are willing to invest.
You have likely heard that the average cost of a home in the GTA is now just over $1 million. This number may seem overwhelming if you don’t understand the full scope of what it includes.
Nicks Developments can guide you through the entire building process providing expert and professional advice that will let you create the home you have always wanted while staying within your budget. That’s why homeowners in Oakville, Toronto, and Mississauga, and across the GTA trust Nicks Developments with their home building project.
Soft Costs For A New Custom Home Build
A home is more than just bricks and mortar. There are many steps before the shovel goes into the ground. Before construction begins, you will be expected to conduct a survey, do a zoning review, and provide an environmental report to ensure that the location of your home is up to local building standards.
All these steps are called soft costs and should be included in your budget when you are planning your new home.
The next step in pre-construction is putting together design plans and renderings that will help you visualize the completed home. This will require the consultation of architectural designers who will develop a rendering of the exterior of your home. Next, interior designers will bring together the details and finishes you want with an interior design rendering.
This is a fun and exciting part of bringing your vision to life allowing you to make changes and adjustments to improve the functionality of your home with the click of a mouse.
Once you have decided on a plan, structural and mechanical engineers work out the construction elements to ensure your home meets all guidelines and building codes. They also ensure that all the technical specifications are in line.
Finally, it’s time to decide on landscaping, which will require an arborist report. This will outline the right trees and landscape based on your climate and will ensure no invasive species are being used in your design.
The total of your soft costs should run between $30,000 and $50,000.
Custom Home Construction Hard Costs
Costs associated with the physical construction of your home are the hard costs. These include any demolition and excavation at the start of your project.
Now it’s time to get building. The cost of custom home construction varies based on the size and style of the home you choose to build. Based on the average home size of 3,000 square feet, you can expect to pay:
- $220 per square feet for a low end or modest home.
- $250 per square for a classic two-story home.
- $275 per square foot for a modern/more upscale home.
- $300 for a luxury custom home build outside the City of Toronto (Vaughan, Markham, Richmond Hill area).
If you are looking to build a log or timber frame home such as a cottage or guest house, you can expect to pay $270 per square foot.
Other Custom Home Expenses
When budgeting for your new home, it’s important to remember all the interior design elements like appliances and bathroom fixtures. Most homeowners can expect to pay $18,000 to $50,000 depending on the level of luxury you want to add to your project.
Nick’s Developments can help you find the right appliances and fixtures for your home that fit into the design and style you want to achieve without going over your budget.
Always remember to factor in any building and permit fees that may be required by your municipality. Homeowners may also be expected to pay:
- Land Transfer Tax
- Disconnection and reconnection fees for hydro, water, and sewer
- Landscaping fees to remove any trees that may interfere with construction or safety
- Final inspection fees
- Real Estate and Legal Fees
Remember, cost of goods are always changing and as such, you should allow for an increase or decrease in the cost of your project of approximately 10 percent. Nick’s Developments are committed to keeping our clients informed about any changes or adjustments to their custom home build project so there are never any surprises.