Building a custom home in Toronto means you get a luxurious home with everything you could want in it. It means avoiding timely and costly renovations or moving. Building a custom home also means that you get the individual attention of a custom home builder that will work with you and for you at every step of the way from conception to completion.
Cost is the number one question and concern people have in regards to building a custom home, especially in the hot market of Toronto. The cost will depend on a number of factors such as size, materials, features, and locations. But here is some information to give you a rough estimate of how much a custom home build will cost.
The cost of building a custom home is expressed in “price per square foot” estimates. If you talk about price to anyone in the housing market this is how they will talk. For example, if a home is 4000 sq.ft. and costs $800,000 it would be $200 per square foot. These prices don’t include things like designer fees, building permits, or construction costs.
In the building of a custom home, your home builder will typically break the costs down into two categories, hard costs, and soft costs. Hard costs are fixed such as trade contracts. Then there are soft costs, which are made up of additional costs that can be more flexible. Your home builder should provide you a list that explains what is included in the hard and soft costs of the project.
In addition to size, there are other things that will impact how much your home costs. Materials are a big one. Custom home builders suggest using quality materials but there is still a big price range in that. Part of building a custom home is setting and going over a budget with your builder so they will be able to best suggest what quality materials to get that fit within your budget.
The style of the home will also impact the cost. A home with more floors will cost more. Whether a home has a finished basement or attic will also influence the cost. Upgrades, like higher end cabinets, plumbing, and electrical fixtures will also raise the price.
Then there are green features. Energy efficient windows, solar panels, and water filtration systems all make your home eco-friendly and green. They will also increase the price of the home. However, it’s important to remember that while there are more upfront cost with green homes they will save you more money in the long run.
The average price of a home in Toronto will range from $100 to $150 per sq.ft. These prices can double when shifting to custom homes. The price ranges anywhere from $200 to $300 per sq.ft. Homes that are extremely high end, luxurious or customized can even reach $400 per sq.ft.
Building a custom home in Toronto will cost money. The great thing about building your own home though is that you get to design it however you want with features that you need and fit you and your family. A good custom home builder will work with you to set a budget and stay within it.