Buying a house is often the investment of a lifetime and it’s essential to be well prepared. With the current property boom we’re all experiencing, for some people, building is a reasonable decision, and the advantages are plenty: choice of land, layout, energy efficiency, modern systems and amenities, and more. All these points can seem enticing, but they also come at a cost! A successful , satisfying project is therefore highly dependent on a well-established budget.

 

1. Buying the land

To make a wise choice, make sure the location matches your present and future needs. Generally speaking, the cost of your land will represent 25% to 30% of your total building budget.

Don't forget that several other costs will be involved in making your land buildable and viable. These include important connections:

• Water and sewage — from $1000
• Electricity — from $300 for less than 100 ft to an electrical connection
• Gas — if applicable — from 300 as a basic fee

There’s also the surveying of your land, for which you can budget around $2000 and more .

Depending on the area you’ve chosen, you may also want to evaluate soil and water quality. Expect to pay between $800 and $2000 for this geological survey.

If your lot is not serviced by a water and sewer system, you'll also need to set aside a minimum amount of between $25,000 to $35,000 to install a well and septic tank.

 

2. House plans and design

When opting for a new construction, know that you’ll need to call on an architect or a technologist. They specialize in creating the detailed plans for the design of your future home. The architect's fees represent 5% to 15% of the construction costs. This includes support from beginning to end, throughout all the steps. However, if you decide instead to do business with a technologist, you can plan minimally for $1500 to $3000.

 

3. The construction

This is where your project starts to take shape and it’s also where most of your budget will go. Naturally, depending on the quality you choose, materials have a major impact on the cost of construction. To give you an idea, here are ball park figures for what you can expect:

• Lower bracket: from $150 per sq. ft.
• Middle range: from $175 to $225 per sq. ft.
• High-end: from $275 per sq. ft.

 

And finally, there are other expenditures you’ll want to keep in mind...

• City permit — more or less $250
• Property transfer (Welcome tax) varies according to the property value
• Notary — $1200 to $1600
• Landscaping — More or less 10 % of the property value
• GST and QST on materials and services

 

For a successful construction project, each of the parties involved must be selected with care. If this type of project has been on your mind for a while, please don’t hesitate to reach out. Building is what we do and we’re eager to help build your new home.