Whenever we get into a chat regarding this house, 2 topics always come up: cost and schedule. It's comical as we used to bombard Arthur & Wilma with them at the start of the project. Our friends hits us with the same questions and then we ask our friends about their projects. It's like a circular chain that has no clear answer.
Here's what we've learned from these conversation. There is no definitive number, there is only the range of where the final number will land depending on a long list of factors. For cost, the yard stick is price/sq ft. Generally speaking, the larger the home the better the economy of scale; as the overall cost is being divided by more square footage.
Total cost includes construction costs and soft costs. Often times construction cost is confused with total costs. Soft cost is non construction costs that are necessary; it includes builder fees, permits, design, misc engineering certifications, etc. It can be upwards of $50/ sq ft. No small change!
Construction cost depends greatly on the size and structural design of the house; which dictates the construction material to be used and complexity of the build. For our house, the R2000 specification would add cost but it is offset by the open concept and simple design. Finishing materials significantly influence cost. An appliance package can range from less than $5000 to over $50,000. A kitchen faucet is anywhere between $79 to $2500.
A builder of a subdivision would be able to swing volume deals that can drive the cost down to a range of $90 to $120/sq ft. For individual home owners, we can definitely expect to allocate a much bigger budget. A friend who plans to manage his own project expects his total cost to be between $150 to $175/sq ft. Using a builder that builds higher end of the mid range homes will likely be within $200 to $225/sq ft. We've seen a 3500 sq ft house with a budget of $400/sq ft. Sky is the limit here!
Ours we believe will be within the range of $250 to $275/sq ft. The best way to manage the overall budget post permit is to validate actual cost versus initial estimate for each stage of the build. Overrun in the early stages can only be offset by less expensive finishing once it gets going. It's advantageous to pick an alternate choice of finishings just in case! Once all the finishings are ordered, the only manoeuvre would be to trim from the landscaping and dip deeper into the funds...
Now that we're partially into the project, Arthur & Wilma no longer get the "how much will the house cost?" question from us anymore. Instead, we ask how much a specific quote for a particular item, like the roof, is going to be and watch the spend vs initial estimates like a hawk!
The answer to the schedule question of "When can we move in?" is also a range as it is greatly influence by house size & design, weather condition during the early stages and availability of trades and material for all stages. These factors combined can add 2 to 3 months to a project easy! A small project like ours probably is 6 to 9 months depending on how lucky we are!
All will reveal itself at the end of the projects.... if they hit the lower end, we'll be breathing a big sigh of relief!
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