For the purpose of this discussion we will look at a standard duplex containing four dwellings 900 square feet each. This translates to more than 4000 square feet of construction, and assumes a "footprint" of approximately 30'x60' for the building.
The Typical Costs for the building of a duplex complex of four units would include:
- With mid-range materials, a normal foundation with full and finished basement, efficient doors and windows, all appliances, and ""turnkey"" finishing the structure would require an average of $138,500 per unit to complete. This does not include acquisition of the building lot or site.
- The above figures place this construction at a $126 per square foot cost, though national averages stand between $85 to $125. This pricing structure assumes that carpenters, masons and excavators charge an average of $70 per hour, electricians between $65 to $85 per hour, plumbers between $45 and $65 per hour, and painters between $20 and $35 per hour.
- This sort of building, however, would not come in at the lower cost of $85 per square foot due simply to the excessive amount of construction required. A two-story unit of wooden and masonry construction with four duplex units would run roughly $552,000 in total costs. This excludes land acquisition and site improvements like parking, gardens, and play areas or any demolition work. Materials would cost around $273,000, labor would cost roughly $268,700, machine costs would stand at roughly $9,800, and the contractor would take in over $79,100 for the project.
Web Reference: http://USAConstructionLoans.com
You should have an idea of what you want your home to be like, so your search for a home begins with those requirements in mind. After all, if it's your biggest investment, it should be perfect--or as close to it as you can get.The cost of building a custom home depends on size, quality, materials, features and location. Depending on your budget (the amount of credit your lender has determined you can afford), you may need to adjust your home's plans according to these factors. According to the expert of well known firm in London i.e. http://www.plazaestates.co.uk/about/new-developments , the median cost for building a home can change substantially depending on the size and location of the house, and how well the housing market is doing in general.
Let's say, just for example, that you find a standard 1/8 acre lot in the Miami area that is a mile from the ocean. You pay 100,000 for the lot. Then you start building. If you go two storeys, instead of one, you may save a bit on the cost.
Before you do anything at all, talk to a local architect, unless you already have building plans and specifications for Florida. Miami has building codes that are very stringent. If you don't obtain permits for your building and you don't meet those codes, you will not be able to get a certificate of occupancy for your property.
Also, you will want to speak to several contractors, because each will have a different vision and price range in order to meet that vision.
From what I have encountered, you're probably looking at $75 per square foot at a minimum for a relatively inexpensive residence: slab, plywood floors up stairs and carpet everywhere except the kitchen and baths; builder's special cabinets and formica counters. minimum grade appliances. standard windows and doors; panel shutters may be an additional expense.
If you move up in quality, in order to create a living space that people will truly get excited about renting, you're probably looking at $125/ foot or more.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions