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This video is from 2 years ago. The cost to build a custom home has changed especially after the COVID period. Resale value depends on the market in the area where a home is located. That’s why it is important to carefully analyze a neighbourhood’s potential before spending $3.5 million on construction.
Hello Olena, I bought a house in willowdale, near finch between yonge and Bathurst. It’s an old bungalow, lot size is 65 x 125. On my street there is a mixed of rebuild mansions worth between 3.5 to 5 million and old bungalows like mine. I am currently renting out the entire basement and lives upstairs, and I plan to rebuild in 3-5 years. Either a single mansion or split the land and build two identical detached. My question is which method will yield me most profit ? And approx costs for each method. From my understand, the mansion can’t be too expensive but if the rebuild sells for 5 million, then buyer might use that money to buy at mid town . Thank you for your time
Hello Jay, The answer to your question requires a deeper analysis and more information. I shall give you here some general directions to how I would look at it if I had to work for my clients or for my family. First of all, in your area there are a few streets, where building a big luxury family home will be appreciated the most. So I would find out the most expensive sale in the last 12 months and compare the lots, locations, and other features. The knowledge of the value of the end product would give me the idea about my budget, expenses and the projected profit. As far as I know, semi-detached homes in Willowdale are not too common. So I would go with the tentative estimate on building expenses and projected value of 2 properties. Keep in mind that a severance of a lot requires additional time and investments. In the current market both type of the properties have shortage of supply and if construction is done with a rational thought and properties meet buyers expectations, your listings could be sold in no time in this market.
Спасибо, Ринат. Наверное не смогу посоветовать такие источники. Стоимость строительства очень часто меняется в Торонто. Я думаю, что такие расчёты не будут актуальны продолжительное время. В своей профессии, когда я консультирую своих клиентов, я приблизительно могу сказать сколько целесообразно потратить в зависимости от района в Торонто.
@@torontorealestatebroker that is very high price so approx 1 milllion to build a simple 2200 sqft house does not add up .. does your price include cost of land ?
@@mudasir989 it is high. I agree. It’s not my price. I’m in a different business. I asked a few builders who do it on a daily basis. And no, this price doesn’t include land. It is a construction cost for a house with a basement and two floors above grade.
