For many homeowners and homebuyers deciding to build their own home, an investment property or even renovate their home is a difficult decision to make. As experienced Calgary Custom Home Builders, at Sunset Homes, we know that cost influences the building experience. But even if you are building your forever home, it is important to take into account the future value of your home.
Cost of Building a Custom Home Vs. Home Value
Most homeowners focus on cost instead of home value, but it is essential to understand the difference between what building your new home is going to cost you versus the overall value of your new home in relation to the marker and similar properties. The criteria that influence your building cost are not the same as the factors to determine your property value.
On the one hand, the cost of building a custom home depends on two primary factors. First, the costs that entail anything related to labour and materials used to build your home, also known as the hard costs. And second, the costs related to design such as architectural drawings, obtaining demolition, development and building permits or any other permits required to build your custom home, as well as accounting for other key pieces such as your project management and any engineering needed for your project. These are also called soft costs. Both the soft costs and hard costs of a Calgary infill custom home can be calculated per square feet, and that will provide your custom home overall cost per square feet.
The criteria to determine your new custom home value is different. One of the main factors that experts in the real estate industry keep emphasizing is location. A great location will be an essential selling point for your custom home if you are an investor or if in the future your needs change and you decide to upsize or downsize.
But not only location is essential, but also the size of your home is important, the square footage dedicated to living areas, and the size of your lot and its characteristics too. The quality of your build and the building materials used by your Calgary custom home builder will also influence your home value, durability, and maintenance cost to you and future owners.
How Design Can Impact Your Home Value
When talking specifically about custom homes, you can add value to your home in specific custom features. For example, deciding on a floor plan that offers flexible living spaces, such as the open concept can increase your home value as you will be able to maximize the use of space at home. Another important upgrade to consider when planning the design of your new custom home is finishing your basement, as this is considered the most common way to add usable square footage or living spaces to your home.
You can think outside the box and design your basement as a multi-purpose room and even include a home office and target those future homebuyers who appreciate additional living spaces. Furthermore, you can adapt your custom home floor plan for aging at home. An example would be adding another master suite on the main floor, and you can even include a walk-in shower in one of your bathrooms.
Adding outdoor living spaces and landscaping also increases the value of your custom home. There are plenty of ideas you could consider for your new home design, such as adding a well-designed deck or patio in which you can barbeque and entertain guests. Furthermore, if you are planning to sell your home, having a well-designed garden can attract many homebuyers.
Even More Ideas to Add Value to Your Custom Home Design
One of the essential areas that can increase your home value is your kitchen. Nowadays having the ideal kitchen design can be a significant factor to sell your home. The ideal kitchen would be a place in which you can entertain guests, spend quality family time, and which style is inviting and adds uniqueness to your custom home. In modern custom homes, the kitchen is part of an open concept and has customized cabinetry with plenty of storage space.
Ready to build your custom home in Calgary? Contact Sunset Homes today. We will prepare a free quote and provide you with more information to add value to your new custom home according to your needs and wishes.
Too Long Didn’t Read (TLDR)
From the beginning of the design stage, you can plan your home to have features that increase your resale value, from maximizing the use of space to selecting durable and efficient materials. Ask your Calgary inner city home builder for guidance to increase your custom home value.