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The Price to Build a Custom House

By NEW, Sarasota Homes, Uncategorized

Are you thinking of building instead of buying?

The price to build a house is the number one reason that more people don’t build a custom home. There’s no reason that you can’t have your dream home at an affordable price. Custom home building is an option for you. So, how much does it cost to build a house vs. buying one?

cost-to-build-custom-house-st-albert

Aside from materials and labour, the cost of which will change depending on your builder, there are a few main components that will affect the price of your custom build.

  1. Design and Furnishings. It isn’t only the actual construction that needs to be considered in the cost of your home. You’ll need to account for all interior touches such as paint, lighting, furniture, appliances, and more to furnish your home and make it your own. This is typically the fun part but it can definitely add up!
  2. Architecture and Finishes. The style of the home will also affect the total price to build a house since some styles are more complicated than others. For example, let’s consider a roof. If you choose a roof style with numerous gables rather than a single gable, and opt for a more expensive and more complicated roofing type, the cost of your roof will be much higher than if you chose a simplistic roof style with basic asphalt shingles. Now apply that logic to every element of your home. Things can add up really quickly if you opt for higher-end finishes and materials on your home.
  3. Location. The location of your build will have a big impact on the first costs you see in your custom build project. The price of the land will be determined by its size, proximity to the city and amenities, and whether or not you’re building on coveted land.

Custom homes can be quite the adventure. You’ll take a look at the best of what our industry has to offer and pick the builder that fits your style. When you’re thinking of building a custom home in St. Albert , the sky’s the limit! Here at Sarasota we make it our life’s work (literally) to get you into your custom dream home.

January 28, 2021

The Power of Investment Properties

By NEW

Investing in Your Home is The BEST Investment You Can Make!

If 2020 has taught us anything – it’s the importance of adapting to navigate through our ever-changing world! One way that we are seeing more and more people adapt in the real estate world is by investing in an income property.

This could be developing a legal basement suite in your own home, or having a separate home as a rental property (our Cobalt Beach townhomes are perfect for this!). Interest rates are at an all-time low right now (we’ve seen them as low as 1.53%) which makes now an incredible time to purchase a home! The additional income from a rental makes housing affordable for first-time homebuyers or as a great investment opportunity.

Let’s crunch some numbers…

We have a single-family home, 146 Joyal Way in Jensen Lakes, with a full legal basement suite (complete with separate entrance!) listed at $674,900. It’s right across the street from the lake, 2 schools, trails, and exceptional amenities including a movie theatre… the location is unbeatable! But what’s even more exceptional than the location is the COST of living there with a basement suite. Let’s take a look:

We call this set up the “mortgage helper!” If you were to purchase this home with the minimum 5% down, at an interest rate of 1.7% over 25 years… your monthly mortgage payment would be $2624.90. To a first time home buyer, this may seem intimidating, BUT with the full basement suite rented out at $1500 per month, that leaves just $1124.90 per month from your own pocket! It would be challenging to even find a condo to rent at that price, which means you could potentially collect even more rent per month! PLUS you are having someone pay down a wicked amount of equity for you!  And if you really wanted to “get crazy,” you could still save that monthly amount you would pay without the rental suite, and set it aside to pay down your mortgage a little faster! Who wants to live debt-free? We all do!

What a great investment! This is why we always try to educate our clients on the power of a rental property… it’s an amazing way to get ahead, especially when you take the time to actually work through the numbers. Having a rental property is way more beneficial than many people think!

If you would like to view either this home at 146 Joyal Way or our Cobalt Beach townhomes for yourself, visit us Monday – Thursday from 3-7PM and Saturdays + Sundays from 12-5PM or call us at 780-460-5996 to schedule a private showing.

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October 20, 2020

Why You Should Care About Cost Per Square Foot

By NEW

The time has come. You have decided it’s time to chase that dream and build your very own home. It’s okay if it is your first rodeo but we want you to feel confident, prepared and excited when entering the home building and design phase. While approaching the custom design process you may begin to feel overwhelmed, so we’re here to break down a common question first time home builders ask themselves; what does cost per square footage mean and why should I care?

“Cost per square foot is a formula used to break down the cost of your home into an easy to understand metric.”

Why it matters

The reason why this calculation matters is because home builders use this formula to determine the right amount of materials to calculate the total cost of building and designing your dream home. There is no set price per square foot because it completely depends on what kind of home you want, the location you want to build in, the finishes you choose and many other factors. This formula is a relatively simple way to determine how much a home builder and/or custom designer would cost.

Since all builders vary in what they include, it’s important to figure out what materials and parts are included and what the criteria is when determining that price. When you choose a home builder make sure you are both clear on what is defining that final number when calculated. This can include hardwood flooring, a finished basement, any high-end finishes, etc.

When entering the building process, it should be simple, clear, stress free and straight forward. Construction specifications should be laid out and transparent. If you have any questions, ask! It is important that you understand every aspect of the process not only so you end up with a custom home that matches your lifestyle, but also so you aren’t surprised by any hidden costs.

Questions to ask yourself

If you’re having difficulty choosing the right home builder, ask yourself these questions:

  • Do you feel confident the builder will deliver on the timeline they promised?
  • Are you confident that your new home will stay on budget?
  • What’s their reputation?
  • Do they build with quality in mind?
  • Do you know for sure what is actually included in the price of your home?
  • What is the process they used to get the cost per square foot?
  • What was included in the calculation?

The Sarasota Homes Experience

At Sarasota Homes, we are completely transparent and we work around your schedule and your budget without sacrificing quality. No hidden costs and no surprises. At Sarasota Homes, custom is our standard and we take pride in making your dreams become a reality.

Thinking of building? Think Sarasota Homes.

December 17, 2019

The Benefits of Investing in an Income Property

By NEW

Trying to think of ways to invest your money? Need a little bit more cash in your pockets? Have you considered income properties?

We realize that sounded like the beginning of a really bad infomercial. But if we’ve peaked your interest regardless of sounding like a Shamwow advertisement, you might be wondering what an income property is. An income property is a property bought, flipped or developed with the goal of gaining another source of income. An income can be earned by renting out the property or selling after the value has increased. There are many benefits besides making more money, so we thought we’d list the top ones.

1. You Get to Pull the Strings

Since you own the property, you get to make all the decisions when it comes to the type of property you invest in; who you choose to rent to, how much you will charge in rent and how you deal with the upkeep. Investing in an income property gives you the opportunity to control and manage your money and your investment the best way you see fit.

2. You Gain a Second Form of Income

Before you go daydreaming about jumping into all the piles of money you’ll be making, it’s important to understand how much you’ll be realistically pocketing. Your mortgage won’t be the only thing you’ll be paying for using the money you make on your income property.

It’s important to remember to put aside additional savings for maintenance and vacancy costs in case a pipe breaks or your rental property is left vacant for a period of time. That’s not to say you won’t be pocketing a fair chunk of change at the end of each month, but it is important to consider possible hiccups that could pop up in the future.

3. Huge Income

As an income property investor/rental property owner, you’re entitled to BIG tax deductions.

Mortgage interest, utilities, property taxes, property management fees just to name a few.

4. Long Term Gains

If it’s one benefit that you should take home from this blog it is the return you gain from holding onto a long-term income property. Your investment will create another form of regular income and hopefully increase in value, all while you’re paying off some form of housing debt.

Compared to other investments, you’re guaranteed to see a return on your income property given you make sound decisions during the process such as picking reliable tenants, continuing to maintain the property when needed and allocating your rental income responsibly. If you like what you see and are seriously considering investing in an income property, check out our homes in Jensen Lakes! Our showhomes, The Sandkey (146 Joyal Way) in particular, showcase ways you can see a return on an investment!

October 18, 2019
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