Building a condo is a big decision. It’s not just about buying the condo, it’s about making a commitment to stay in that area for years to come. No matter what happens with your life, you’re going to be living there for quite some time. If you’re looking for a condo that has all of the necessary amenities, you may want to consider getting one that has an attached garage. A garage can be used for more than just parking your car—you can use it as storage space or even as an extra room.
When you’re building a condo in an urban area like [city name], there are many different types of materials that can be used. You may find yourself torn between steel and concrete, which both have their own pros and cons. Steel is cheaper than concrete but tends to corrode quicker; concrete is more expensive but lasts longer and doesn’t require repairs as frequently as steel does.
If you’re building a condo on top of another structure (such as an old house), make sure that it’s up-to-code with current safety standards before signing any contracts. The cost of building a condo is dependent on numerous factors. The most important factor is the location, as land prices vary greatly across different regions. Building materials and labour costs are also major influences on the final price tag. In this article, we’ll look at the cost of building a condo in Toronto using 2018 values to help you get an idea of what it might cost you to build your own dream home.
Material Costs
Material costs can vary widely depending on the quality of materials used, but it’s important to remember that you can save money by choosing less expensive materials. Most building supply stores and contractors will offer a range of options based on your budget, from high-quality wood and stone to less expensive alternatives.
Wholesalers also offer specialty products for builders, such as roofing shingles at discounted prices.
Labour Costs
Labour costs vary by region, job type and the size of your project. For example, in British Columbia labour accounts for an average of 25% of total costs on a condo project. This means that if you are paying $100 per square foot to build, $25 will go towards paying all your labourers.
If we break it down further, general construction workers charge anywhere between $20-30 per hour while tradespeople such as electricians or plumbers can make anywhere from $40-$80 per hour.
Land Purchase Cost
Land purchase costs are typically a one-time cost and do not need to be included as part of the ongoing operating expenses of the building. Therefore, they can be included in the total cost estimate. Land costs are often a significant part of a condo project’s overall cost; they can be as much as 25% or more of the total price tag.
Development Charges
The development charges are usually paid to the municipality by the developer, but can be passed on to the buyer. There is a base fee and a per square foot rate that is multiplied by the square footage of your lot. This cost is typically paid once when you buy your property (it’s included in the closing costs on your mortgage).
Architectural Fees
Architectural fees are a percentage of the total cost of the home and are usually between 2% and 5%. The more expensive the home, the higher architectural fees will be.
Architectural fees can include:
- design costs, such as preparing drawings or models;
- construction administration, which includes managing various contractors who are building your condo;
- architectural work required for public agencies during development approval processes.
Site Preparation
- Site Preparation
Land clearing, site grading and excavation for the foundation.
- Pavement and curbing.
- Sewer and water connections.
Excavation & Foundation Costs
Excavation and foundation costs are the most expensive part of building a house. They include:
- Excavation costs
- Foundation costs
- Boring costs (to create holes for underground utilities) and drilling (for below-ground utilities).
Structure Steel Costs
Structure steel is the main structural component in a building, usually made from steel. A strong and durable material, structure steel is used for columns, beams and girders. The type of structure steel depends on the needs of the building. For example:
- Plain carbon steel: This is the most common type of structure steel used in commercial buildings because it’s affordable and easy to work with.
- Carbon-molybdenum stainless steels: These types of steels are more expensive but have a high strength-to-weight ratio which makes them ideal for buildings that need extra strength due to wind loads or seismic activity.
The cost of buying structure steel depends on how much you need as well as what kind of material mix your project calls for–and whether you’re buying new or recycled materials (recycled materials tend to be cheaper).
Concrete Costs
Concrete is the most expensive material in a condo building. The cost of concrete can add up quickly, especially if you’re building a tall building with many floors. To save on concrete costs, consider using pre-cast panels or concrete blocks instead of poured-in-place concrete.
Concrete also requires extra time to install since it needs to cure before being finished as well as curing after installation so that it won’t crack while drying out or shrink when exposed to moisture from rain or flooding during construction.
Framing (Interior& Exterior) Costs
The cost of framing will vary depending on the size of the building, whether it is a new build or an addition to an existing building. The cost also depends upon what type of frame is required, such as steel-reinforced concrete or wood.
The cost of framing (interior & exterior) can range from $200 per square metre for a residential house to $300 per square metre for an apartment complex with underground parking and amenities such as gyms and swimming pools.
For example: A one storey home with a garage would cost between $3000-$5000 to frame while a two-storey home might cost anywhere from $4000-$6000 depending on how much work needs doing inside (i.e., if there’s plumbing or electrical work).
Doors, Windows, Trimwork & Cabinetry
Custom-made doors, windows, trimwork, and cabinetry are all parts of the building that can be custom made. These options allow you to get the exact look you want for your condo. You can choose from a variety of materials and finishes such as:
- Wood: Pine, Oak, and Maple are some common woods used in cabinetry. Also, consider using Bamboo which is sustainable and beautiful.
- Metal: Chrome or Stainless Steel will both give you an elegant look at a reasonable price point.
- Glass: Clear glass lets in light but still gives privacy while frosted or patterned glass provides privacy while still allowing some light through the window into your condo.
Drywall Insulation Costs
Drywall insulation is a great way to save money on heating and cooling costs. Drywall is installed between studs in wood framing, but it’s not always necessary to fill every space with drywall. If you have enough insulation (like spray foam), you don’t need anything more than drywall.
It’s important to get the right amount of insulation for your home. The Department of Energy recommends R-19 for ceilings, R-15 for walls, and R-11 for floors for energy efficiency purposes—but if you live in an area where winters are extremely cold (like Minnesota), you may want to bump those numbers up a bit higher.
If your condo isn’t already insulated by default because its design does not allow for proper insulation techniques like spray foam installation or blown-in cellulose insulation, then adding more after it has been built will cost more money than just installing new drywall would have required in the first place.
Interior Finishes Costs
- Flooring – $4,000 to $5,000 per unit
- Wall covering – $1,500 to $2,500 per unit
- Countertops – $600 to $800 per unit
- Cabinets – $1,200 to $1,500 per unit (ceramic tile and laminate) or about twice as much for solid surface countertops; with a top-of-the-line granite slab costing an additional $10 to 20 each square foot installed. Solid surface cabinets are slightly cheaper than wood cabinets but will cost around the same amount of money when you factor in labor costs. With wood cabinets you’ll have more options in terms of style and color but they require more maintenance and upkeep because they’re not sealed like solid surface counters. Solid surfacing also reduces the risk of water damage but if something happens like a leaky pipe etc then they need replacing quicker than wood so it’s something else to consider when deciding what kind of material would work best for your home project.
- Appliances vary widely depending on brand name/model type such as dishwashers ($250-$400), ranges ($1000-$1500), refrigerators ($900-$2500), microwaves ($150-$300), washer/dryers ($600), etc so shop around before buying any appliances from one place only because prices can vary immensely depending on where you go.
Electrical Work Costs
Electrical work costs can be underestimated when building a condo. Electrical work is a big part of building a condo, and it is not just about wiring. Electrical work can include installing breakers for the electrical panel, installing outlets and light switches, installing lighting fixtures (such as recessed lights), adding electrical outlets in the garage or basement, installing baseboard heaters, running new power lines from your meter box to your house or unit(s), replacing all existing appliances with new ones (like furnaces or water heaters) and more.
Electrician vs Contractor
Ultimately it’s up to you who you want to hire: an electrician or contractor? Electricians will typically charge by the job whereas contractors tend to charge by the hour which makes sense because they may have multiple jobs going on at once so they may not spend all day working in one location like an electrician could do if he was hired directly by you instead of through another company who also gets paid hourly wages like his employees do regardless whether they do any actual work themselves during their scheduled hours each week (and billing clients based on those hours).
HVAC, Humidity and Lighting Costs
Condo construction costs include all the upfront expenses, from paying for a plot of land and hiring an architect to hiring construction workers and buying materials. These costs can vary widely depending on factors such as location, size and building materials. The total cost will also depend on whether you hire your own contractor or use a developer’s preferred builder to do the work.
If you choose to go with your own contractor, there are several areas where you may be able to save money by doing some of the work yourself:
- HVAC (heating, ventilation and air conditioning) installation
- Humidity control equipment (dehumidifiers, humidifiers)
- Lighting fixtures
Plumbing Costs
For the most part, building a condo is a lot like building a house. That being said, there are a few differences that make it more complex than your average home build. One of these differences is plumbing.
The costs for plumbing in your condo will depend on the number of fixtures you have and the quality of those fixtures. If things like faucets and tubs are included in your condo’s standard amenities package (more on this later), then these costs should be minimal or nonexistent. However, if you want to add something fancy like an antique clawfoot bathtub or radiant heating system to your bathroom…then it’ll cost more money.
Plumbing fixtures tend to be one of the most expensive parts of any project because they’re so integral to daily life: showers need hot water; toilets need flushing power; faucets need cold water coming out at them all day long…and that doesn’t even begin touching on how important valves are. So don’t go cheap here–save up what extra cash you can before starting construction so everything runs smoothly when it comes time for installation.
Conclusion
The cost to build a condo is one of the many variables that you have to consider when building or buying a new home. It can be difficult to know how much will be required for construction, but there are several ways in which this can be calculated. The first step is to find out what type of construction will take place on the plot of land where your property is located. Most towns require certain standards for construction, so it’s important that you understand these regulations before making any decisions about building costs.
Once you have this information, contact someone who specializes in condo development and ask them about their pricing structure. They’ll send over an estimate detailing exactly how much each part of the project will cost based on square footage or units (flat). This information should give you enough insight into whether or not it’s worth investing in such a large project.
