Costs of Building a New Inner City Home in Calgary from Scratch
Are you planning on building a new infill home from the ground up? If so, such an endeavour is exciting to the say the least, but first, it’s crucial you understand the costs involved to that you can budget your finances accordingly and feel secure in the investment you’ve made when possibly reselling at a later date.
Going hand-in-hand with understanding these costs is working with an experienced inner city real estate agent in Calgary, someone who will provide you with all the information needed to make the best decisions and help you get the most value for your dollar.
After you have found the right agent, then you should really begin to examine the costs involved in building an infill from scratch. They can be broken down into two different categories: the home itself and the lot it is built on.
Land Costs
The cost of developmental land will vary depending on the community. Some inner city neighbourhoods may be more expensive than others, it basically depends on the current market and demand for the area. See reviews and home listings for all Calgary Inner City Communities now.
If you would like more information on land costs in any part of Calgary, contact me today and I will be happy to provide you with all the details.
Home Costs
The cost of developing a property is dependent on the approach you choose to take with the infill builder. They typically will offer either a fixed price or
cost-plus contracting options; each have their own pro’s and con’s explained briefly below. Choosing a fixed price will transfer a majority of the responsibilities associated with cost to the infill builder. This option is good for those who have little flexibility in their budget and prefer to have the project managed for them; however, the builder will charge the customer for assuming such a role.
On the other hand, a cost-plus contract option has the potential to result in a lower total cost for the properties development, but can also result in increased cost as the home owner assumes responsibility for unforeseen challenges or difficulties throughout the construction process.
The level of construction difficulty is another factor that could see the total cost increase. An example would be smaller lots may be more encumbering than larger ones to build on simply because of the space provided which may need special equipment to safely build. Anything special usually comes at a price!
Highly customized infills can also lead to increased costs for specialized engineering and design, level of finishing quality and materials used, appliances, and other custom features the home may have.
If you aren’t sure which contracting option is best for you, call me anytime or message me below and I would be happy to assist you in accomplishing your real estate goals.
More Inner City Guides
Be sure to check out our Complete Calgary Inner City Infill Buyers Guide today for several articles on everything from neighbourhoods and noise to location and landscaping.
What is the difference between Attached and Detached Infills? Find out now.
Questions about Calgary Infills?
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