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The Canadian Home Builders ’
Association is a non-profit organization
dedicated to education, professionalism, and Question: What is the cost of renovating versus new construction? Answer: One often hears a cost per square foot rate discussed when it comes to new construction. It is easy to take a number and think it applies to renovations, however many factors come into play such as: economy of scale, past renovations by different people over the years, removal and replacement, building code development and increasing consumer expectations. Renovations often cost two or three times more per square foot than new construction, partly due to economies of scale. A new house might be 3500 sq ft and a bathroom renovation 60 sq ft. Smaller projects offer less economy of scale. For a new house, one might hear a price of about $150/sq ft, but this is an overall average which includes halls, family rooms and bedrooms which have little finishing. In reality, the new construction bedroom might actually cost $50/sq ft and the kitchen $500/ sq ft. A 1920’s 50 sq ft bathroom renovation won’t be 50 sq ft @ $150/sq ft for a total of $7500, like the average for a new home. Even a new build bathroom costs more than that and nothing in the new home has to be modified or relocated. It is much more difficult, and therefore costly, to relocate your existing toilet from point A to B in a renovation, than to place a toilet directly at point B in a new build. As well, the typical new construction cost/sq ft that one might hear is often for a spec grade home where the builder tries to provide an acceptable cost effective standard for the general public. These houses must be very marketable and appeal to a wide range of tastes to ensure timely sales. Consumers looking for a renovation usually desire far more costly features and materials than those found in a typical spec home. The $150/sq ft spec house might include a $1500 spa tub in the ensuite, but not the $13,000 tub chosen by one of our clients; that kind of feature would be more in line with a $300/sq ft custom home. It’s like comparing apples to oranges. One can’t compare a newly built Chevrolet style of home on a cost/sq ft basis to a worn out 1970 Toyota, rebuilt and transformed into a new millennium Lexus. For further tips and information please visit our website: www.gemiller.ca or call us at 744-3038. G.E. Miller Builder & Contractor Inc. is the winner of 33 awards for excellence in craftsmanship and customer service. Professional home building and renovating is not a hobby. Protect your investment and hire a trained professional at www.chbavictoria.com. Look for "Ask a Home Building Professional" every Wednesday in the Times Colonist. |
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CHBA Victoria #1-3690 Carey Road, Victoria, BC,
V8Z 4C2 |
