The cost of building a new home
The question I am most asked is “what is the average cost of building a new home”. The way I generally explain this is to use the analogy of purchasing a new car. To me, its similar to walking into a new car dealership that sells a range of vehicle brands and asking the dealer what the price of a new car is. In order to provide a meaningful response, the dealer would ask a few questions such as, are you looking for a SUV or sports model, do you have a preference for German, Japanese or any other brand and what are the minimum features that the vehicle should have. Without this information, it would be difficult, if not impossible, for the dealer to provide you with a meaningful response.
Similarly, when it comes to building a new home, there are a few basics which need to be taken into account before being able to answer the question. The location is important as the architectural guidelines in security estates could impact costs, the existing landscape of the property could affect the excavation and engineering costs and then the purpose of the property could affect the level of finishes and the related costs. For example, building a beach house could be less extravagant than building a family home. There are many other factors, so be careful not to base a decision to build or not to build the next time someone tells you that they paid a certain amount per square meter to build their home. You may end up discovering that the other person purchased a lesser known brand sedan whereas you were wanting to purchase an established brand name sports model vehicle.