For people willing to spend several million dollars for a home, custom building one rather than buying an existing property is the usual path to go. Building from scratch ensures that homeowners will get exactly what they want for their dream house, nothing more or less. Every part of that home will have your personal stamp as you will be calling the shots, from choosing the site to landscaping.
When you build a luxury home, you have the opportunity to apply your unique design and meet all your functionality requirements. You get the floor plan you desire and decide the materials you want to use. All you have to do is tell your architect/builder your specifications, prepare your money bag and you are ready for the project of the lifetime. But, exactly how much does it cost to build a luxury home? Read on to find out.
The Price of a Custom Luxury Home Design
Custom luxury homes come in all shapes and sizes. These unlimited options make them costly, not only in terms of money but also in time. Million-dollar custom homes will set you back exactly that, millions. Depending on the scale of the project, you are looking at a $350,000 to $2 million budget. Per square foot, expect to pay around $300 to $500.
With custom luxury home design, labor makes up roughly half of the build cost, around 40%. Hiring design professions can range between 5% to 15%. Custom builds require the expertise of a residential architect and they do not come cheap. Permits, materials, utility lines and site preparation make up the rest of the percentage of the total construction costs.
Of course, the idea of building a home tailor-fit to the owner’s taste outweighs the steep price. You get to construct a one-of-a-kind, upscale house where you have total control over the design, add more bedrooms, a porch, a garage or specialty rooms to suit your needs. You can even incorporate architectural styles you like and include the latest trends and technology.
Factors that Influence the Cost When You Build a Million Dollar Home
Now that you know how much it cost to build a luxury home, it is time to understand the factors that drive the cost of the project. Homebuilding will probably be the most costly investment you will make in your lifetime, so you want to make sure that you build it right the first time. The following are the elements that can influence cost when you build a luxury home.
Size and General Structure
One of the first decisions you make when planning your dream home is its size and general structure. This covers square footage, ceiling, and wall heights, as well as a number of stories and rooms. Depending on shape and complexity, your home’s exterior also impacts the total cost of construction. The bigger and more intricate your design, the more costly it will be.
Quality Finishes
There is always the danger of overspending when finding the right finishes for your luxury home, whether it be interior or exterior. The materials you choose will define your house’s style and personality, so you want to make everything presentable. Paradise Developments is an expert home builder in the GTA that provides new-build communities with luxurious finishing touches.
Location and Land Characteristics
Simply put, there are areas where building a home is more expensive or affordable. This is mainly due to the differences in prices of labor, materials, and permits. Land characteristics also have a huge impact on your budget. Remote areas without utility connections need setting up basic systems, like electricity and water, so construction tends to be more expensive.
Home Features Add-Ons
Additional home features are great, but they do ruck up your total bill. Whether it be adding porches or a basement, you can easily pay hundreds of thousands of dollars. Pools, in particular, are expensive since it involves manipulating the surrounding land. If you do not want to overspend, pay attention to these optional features as you build a million-dollar home.
Sustainable Elements
If you plan to build a green home, prepare to pay more. Houses with sustainable elements typically cost about 16% more expensive than those without. The good side of it all is that they will cost less to operate. For instance, putting up solar panels will cost you a fortune, but the free, abundant energy source you can get out of them trumps the expense of installation.
Other Considerations
Make It Cozy
For your custom luxury home design, always build for function. Homes should be a safe haven and a comfort zone for you and your family. They are meant to be lived in, so make it so. Design your home depending on how you plan to use it – whether it is for entertaining visitors or showcasing your precious art collection.
Adding entertainment facilities is the best way to make your home a family-friendly space. High -tech home theaters and media rooms have become must-have features for custom luxury houses. You can design a gourmet kitchen with top-of-the-line appliances or add pool and basketball or tennis courts and you are ready to open your doors to guests.
Be Safe and Secure
You must also factor in security and privacy in your home design. Most luxury houses are located in gated communities and protected by guards 24/7, but if this is not the case with you, you need to find a way to make your family secure. Have your property installed with security hardware such as motion detectors, alarm systems, and security cameras.
Plan for Resale
Lastly, consider your future plans regarding your luxury home. Will you ever sell it? If so, you must build with universal appeal in mind. Your potential buyers must also see their dream home in yours, so design a house that an average person can appreciate. An open floor plan is best when you have plans for resale since it has a sense of flow that appeals to home buyers.
You will be pleased to learn that investing in those energy-efficient building materials and appliances will serve you well come resale time. This is the same with your state-of-the-art kitchen. Premium appliances, high-end tile floors, and undermount sinks are attractive to home buyers and increase the value of your custom home.
