How much will your Peterborough home or cottage cost?
You've decided to design and build a home. There's just one questions left - how much will it cost?
You’ve looked at resale homes and can’t find anything you like. You’ve looked at new homes from local builders but don’t like the idea of a bunch homes crammed together that look similar to one another. So you’ve decided designing and building a home is your best option. There’s just one more thing to figure out before you continue down the path of building a custom home - how much will it cost?
When you set out to design and build a home or cottage one of the first things you'll want to know is how much it will cost. You think "If I knew how much it would cost, I'd know whether or not I could afford the home I've been dreaming of.”
Don’t use Price per square foot
Do a quick search online and you'll find all kinds of pricing formulas. The most popular of which is price per square foot. If you want a 2,500 square foot home and it's estimated to cost $250 per square foot, your home will cost you $625,000 (2,500 x $250 = $625,000).
This price per square foot does not include land and other related costs. Price per square foot is not a method you’ll want to use when trying to make such a large financial decision. Especially in today's economy where some materials have quadrupled in price.
To determine the cost to build your new home or cottage, you’ll need to be crystal clear about your vision. It has to be much more detailed than “a two-storey, four bedroom and three bathroom home.”
You’ll need to drill down into the details. How high do you want the ceilings on each storey? Eight, nine or ten feet? Do you want vaulted ceilings? How big should the bedrooms be? Should they have walk-in closets and ensuite bathrooms? How should the bedrooms be situated? Do you want them all on the second floor? Would you like a main floor master bedroom? How many square feet do you really need? These are just a few of the many options you need to consider.
There are hundreds of decisions to be made. They don’t all need to be made up front, but lots of choices will need to be accounted for. If you really want an accurate cost for your project, you need to start with design.
Pricing begins with design
In order to get an accurate cost of your new home or cottage you need to design it. The design process will help reveal what you need to account for. Once you have that list, you can put a price on it.
Working with a home design company, or better yet, a home builder that provides in-house design services, will allow you to walk through the process of not only designing your home, but providing the cost to build it.
Designing a home isn’t free. Even if you find the perfect floor plan online, you’ll still need to purchase it. You should expect to pay a minimum of a few thousand dollars depending on the scope of your project. This is a small investment in the grand scheme of your endeavour- one that will enable you to make a more informed decision as you proceed.
The design process will provide you with much more than just the cost to build. You’ll learn about options available that you may not have been aware of, such as new building materials, new technologies, and ways to make your home or cottage more energy efficient. A great design company will guide you through the process ensuring you get exactly what you want.
- Don’t expect an accurate price if you haven’t drilled down details of what you want
- Never use the cost per square foot method, as there are too many variables to generate accurate pricing
- The only way to get an accurate cost of your project is to start with the design
If you’d like to start the design process and get an accurate cost to build your new home or cottage in Peterborough, Ontario or the surrounding areas, schedule a consultation. We can learn about and provide feedback for your vision and wants, to help you determine if we’re the right fit to bring your project to life.