Building your own home can be a very exciting project to take on – it can also be very stressful and expensive if you are not fully prepared for it. Knowing your costs up front and budgeting more than you expect is a good place to start. However, if you know that you won’t have time to go to the job site every day, to oversee the contractors and to ensure that the work is going according to plan, then it is best to hire a good project manager to help you out.
There are two kinds of costs involved with the construction of a house – the hard costs and the soft costs. The hard costs are the prices given to you by the contractors for their work, the cost of the materials, land, etc… The soft costs include legal fees, architect or engineering fees, building application fees, soil testing, etc… While most people know about the hard costs, the soft costs can easily tack on an extra $20,000 to the price of your new build. The soft costs are very similar to the closing costs associated with a resale home purchase.
Another aspect you need to include in your costs will be the cost of preparing your land to be built on. If it isn’t cleared you will need to clear it, then add a septic tank or pay to have it hooked up to the local sewer/water supply. You will also need to pay to have it hooked up to the local electrical grid.
You can find a good building costs calculator over here //bit.ly/199wCAK.
Architect or Prefab
Knowing your costs can only be done if you have a plan from which to build. There are two options when it comes to a plan – buying a prefab home where the plan is already included in the housing kit or hiring an architect. An architect will be able to help you design the house of your dreams and will also, in the majority of cases, be able to provide you with the cost estimates for the project as well. Larger architectural firms will also act as the project manager for you. If you go with the prefab option, then they will give you the choice of building it yourself or having them build it for you.
Building your own home will require the proper documentation at the local and municipal level so that you don’t get fined subsequently. You can read more about Toronto building permits over here //bit.ly/199vxc3.
Finding the right contractors for your project is also crucial to ensuring that costs remain on target and the project moves along as scheduled. It is important to find reputable contractors who will be present for the entirety of the project and not sub-contract the work out to someone else. You can find a list of contractors at the Ontario Contractors website at www.ontariocontractors.com.
Building your own home can be a terrific experience as long as you are financially and mentally prepared for it.