In a modern world filled with modern technology, it’s never been more desirable to build a modern home that pushes the boundaries of design and functionality. In recent years, there has been a major uptick in the number of modern-design homes popping up across North America, and for good reason. In addition to their stunning looks, these homes offer a fresh take on the home experience, creating environments that were previously unavailable and spaces previously only dreamed about.
Now, for all of the incredible benefits that accompany a modern home, there is certainly a non-insignificant price tag associated. In this article, we’re going to explore what makes modern homes cost what they do, and what type of pricing you can expect to see if and when you decide to build one of your own.
Modern Home Factors to Consider
Modern homes bear no major differences in material types and labor needs from a standard, traditional home. The difference is that they require specialized versions of otherwise regular material, and specialized labor to ensure that it’s all developed and installed correctly. Below are some more details on the cost factors that must be considered when considering a modern home build:
The sleek, modern appearance of modern homes requires that every surface serves a purpose, resulting in fewer walls and blockers than more traditional home styles. Modern homes are often known for their open, expansive floor plans, and building structurally rigid homes while ensuring to mitigate the number of walls throughout can certainly pose its fair share of risks.
Thankfully, expert modern home builders and architects have solved many of the challenges that once plagued this space, and now make use of special material items – such as glass walls and steel beams – to ensure that the home is as safe as possible.
Specialty Contractors, Designers, and Architects
Modern homes are beautiful because of their unique design and incredible attention to detail. To ensure that your home is being built without error, you’ll require the support of expert contractors who are capable of executing precise work. From custom metal edging to exposed surfaces to glass walls and doors, the smallest of mistakes can result in the entire experience of a modern room or home feeling off.
Custom Home Elements
Modern homes are meant to look nothing like traditional homes, and as such, they’ll often require custom building elements to ensure that they maintain this unique appearance. In most instances, the custom elements include windows, doors, and various internal and external finishes. Although modern homes are becoming more popular, you should still expect to pay a premium for these less-available items needed to complete the experience.
Modern homes are known for their clean, sharp lines and incredible attention to detail. Since very little is hidden behind trim, molding, and baseboards, it’s important that all elements – from the floors to the ceiling – be installed correctly. This attention to detail, although incredibly important to a beautiful finished product, is very labor-intensive. It’s important to ensure that there are elements of character throughout the home, such as natural blemishes in stone and wood, but installation and construction errors are not to be tolerated.
When planning for and pricing out a modern home build, it’s important to leave plenty of budget room and time for the meticulous construction that will be required to complete the job correctly. As a rule of thumb, expect it to take 25% longer to construct a modern home than it would take to construct a traditional one.
Cost Estimates for A Modern Home
As discussed above, modern homes are not going to be particularly cheap. That said, they are incredibly worthwhile projects, and if you’re able to make the investment in one, both you and your family will be far better off because of it. To give you an idea of what the actual costs associated with building a modern home are, let’s explore a few options:
Purchasing a home is very similar in nature to the purchase of a vehicle – the reality being that there will be major cost differences between a Honda, a Mercedes Benz, and a Ferrari, and for good reasons. Sure, each of the options will work as a tool for getting you from one location to the next, but their performance abilities, finishes, accessories, and value over time will vary widely, and as such, they’ll be priced accordingly.
As of early this year, custom modern home costs throughout the Greater Toronto Area range anywhere from $250 per square foot to upwards of $400 per square foot, with a good majority of competitor contractors and developers pricing their bids in the $300-350 per square foot range.
What’s important to note is that different styles of modern homes will be accompanied by different price estimates, as the more premium you go in features and finishes, the more money you’ll need to expect to pay.
Compact modern home designs with a balance of mid to high-end finishes will allow for prices to sit near the lower end of the estimated range; while more grandiose home plans with luxury finishes will almost certainly move the development cost to the higher end of the range. It’s also important to remember that there are various costs associated with development that may not be immediately obvious in the price per square foot consideration, such as land costs, transfer taxes, any licensing and permits required, alongside others.
This is an area that your custom home builder will be able to assist with, as it’s critically important to consider all aspects of the build before getting started.
What’s Included in A Modern Home Cost Estimate?
You’ll often hear developers price modern and custom builds using a price per square foot estimate, but what does that really mean? For most homes, both modern and traditional, the price per square foot is a cost that considers all of the building materials and labor required to build the complete home based on each square foot of work required.
As an example, if you’re deciding between a 1,500 and 2,000 square foot home, and have been given a modern home build estimate of $300 per square foot, you can anticipate spending – for the complete build, move-in ready – either $450,000 or 600,000. Now, it’s important to remember that this cost only considers the price to actually build the home, and does not include the cost of purchasing or preparing the land for development.
A common term you’ll hear is ‘heated square footage’, which means that the price per foot only accounts for the areas being built that are inside of the home – omitting any garages, decks, or other items. For most new builds, the developing company will simply include the price of these items in the total per square footage estimate, but it’s important to clarify before finalizing a deal.
Lastly, you’ll want to engage in conversation with an architect early in the process, as there are build considerations that must be taken into account while going through the initial planning process. This includes items such as deciding between a large single-story or multi-story build, and how the differences in roofing, foundation, and development requirements will affect the price.
Prior to jumping into a custom modern home build, it’s important to consider the effort and budget required to successfully complete a project. Although there is much involved, the process will be made far more enjoyable with the support of an experienced modern home development team.
Nicks Developments is a custom home builder in Toronto and surrounding areas for the better part of 15 years. With over 50 completed projects, 8 builder awards, and upwards of 100 incredibly happy clients, we’ve built a reputation for being a custom home builder that you can rely on for the development of your dream home. From initial planning to late-stage development, we’ll work with you each step of the way to ensure that your modern home is being built exactly the way you had envisioned it. To learn more about our team, building process, or to discuss an upcoming project, contact us today!