Custom homes give you the opportunity to build a space suited to your design and functionality requirements. Details such as cupboard height, flooring materials, faucets, and more individualize your home to suit your needs. While it’s exciting to venture into new builds, the luring question lies: how much does it cost to build a custom home?
Cost of Building a Custom Home
While these estimates are available to guide you through your home building experience, it’s important to note that every home is different. Therefore, it’s always best to reach out to your custom home builder to receive a tailored quote on your project.
On average, the cost of building a custom home in 2021 falls anywhere between $200 to $500+ per square foot. This is a wide range, however, it’s highly dependent on the level of luxury, size, and location of your home. Average custom homes cost $200 to $300 per square foot, with more luxury homes costing upwards of $400-$500.
With that said, let’s jump into what determines the cost of your custom home.
Factors Affecting Custom Cost
There are hundreds of factors affecting the cost of your build, but here are a few main ones you can prepare (and budget) for:
- The shell of the house. This includes walls, windows, doors, roofing, pretty much everything that goes into the raw skeletal build of your home. Typically accounting for about one-third of the total cost, you can expect to pay upwards of $175,000 for this portion of the build.
- The interior finishes. Fixings such as cabinets, flooring, countertops, lighting, paint, etc. can make up another third of your estimated cost. Upwards of $100,000, your interior finishes can be more or less depending on the size and aesthetic you’re hoping to achieve.
- Kitchen and bathrooms tend to be the most expensive rooms to build. They require detailed planning, finishes such as countertops and cabinets, and extensive plumbing. Prices will vary depending on the design and size, therefore, when looking to save money, limit the number of spare bathrooms you’re building.
- Heating, plumbing, and electrical. Dare say the least interesting but highly crucial portion of new builds lies in the mechanical details. Ensuring that you have proper planning and installation of electrical, plumbing, and heating can account for upwards of 10% of your total cost. While it’s not the first thing you’ll see in your new home, you’ll be happy when it’s there.
- Design. Custom builds require extensive planning. When deciding to go custom, you open a world of opportunity. Collaborating with your architect and interior designer can be an incredibly fun process creating a period full of innovation and imagination. The price varies per project. Our Kamloops builders at Interior Elite Contracting offer these services to ensure you’re getting the home of your dreams.
- Land. When choosing the building site of your custom home, price will depend on the landscape and location. Is it rural or urban? Where is it in relation to natural and man-made amenities? Flat pieces of land are usually ready for builds, however, if the site needs to be blasted due to a rocky and uneven surface, this could tack on some extra expenses. Furthermore, the cost of the land itself is an added expense you’ll want to budget for.
- Location. This ties into the state of the land but is worth mentioning further. As you know, real estate prices differ greatly depending on where you live. The cost of a custom home in Vancouver is going to be much greater than a home in Calgary or Winnipeg, for example. If the cost of living is high, this will be reflected in your overall price point.
- Square footage. As mentioned above, the size of your home is a huge determiner of total cost. The greater the square footage, the heftier the cost. As custom builds are dollar per square footage, an average 3,000 square foot home could cost between $650,000 to $850,000, not including the cost of the land.
Building Your Custom Home
With Interior Elite Contracting, you’re choosing a team you trust. We will assist with every step of the process, from planning to finishing, to deliver the complete package. Trustworthy and transparent, you can work with a team that prioritizes building your dream home within your budget. Get a quote today from our Kamloops home builders at Interior Elite Contracting.