January 2, 2018 | Homeownership

When you want the absolute best in your home, there is no better option than luxury home remodeling or custom building. You can control the layout, finishes, and features of every room so that come move-in day, you’re living in your perfect home.

It sounds like a dream come true, doesn’t it? Here’s how you can better determine if luxury home remodeling or building a custom home is right for you.

What You Should Consider For Luxury Home Remodeling

Timeframe

If time is of the essence, luxury home remodeling is your best choice. The average home renovation takes between 4-8 months. A basic home build can take as little as 4-6 months, but custom home builds tend to take 10-16 months. This, of course, will depend on the builder you choose and the extent of the work done.

Convenience

There’s a chance that you can stay in your home during your remodel, depending on the extent of work. This can allow you to avoid the hassle of moving for weeks or months while the work is done – although you will have to deal with the noise and busyness that comes with a remodel.

Building a custom home from the ground up will cost you more of your time. You won’t have to live in a construction zone, but you will have to wait longer compared to a remodel. To make the most of your purchase and planning, go into it with a team of professionals on your side.

Needs

What is your end goal?

  • To sell and get a high return on your investment.
    Focus on the rooms where you can get the highest ROI, the kitchen and bathrooms, and add square footage if you can. Ensure the design of the home is updated and modern, but not too trendy to become outdated in a year’s time.
  • To create a home that will suit your family’s needs for years to come.
    Successfully plan for the long term by considering your future needs and how you can accommodate them. Can you add extra bedrooms, an addition (if possible), or more storage? Does the layout work? (Is it open concept enough for a growing family? Do you want fewer stairs for the later years?)

The Average Cost of a Custom Home

According to Sina Architectural Design, the average cost of a custom home in Toronto ranges from $200 – $300 per square foot. High-luxury homes tend to cost closer to $400 per square foot. Of course, these costs will be impacted by other factors such as location, finishes, and size.

Costs can also be broken down into two categories:

Hard Costs: Labor and materials included to complete the house, site utility costs, landscaping, contingency costs, overhead, and others (dependent on the project).

Soft Costs: Design, architecture, inspection, land and real estate costs, construction equipment/tools/rentals, project management, insurance, and others (dependent on the project).

How to Get Started

Skip buying a fixer-upper – you can build your dream home from the ground up. This property, located at 61 Roxborough Street West, is where you can make your real estate goals a reality. Here’s what it looks like now:

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Here’s just one rendering of what it could become:

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Property Details

  • Price: $4,999,900
  • Neighbourhood: Summerhill
  • Status: Permit-Approved and Underway
  • Square Footage: 3,673
  • Bedrooms: 4
  • Bathrooms: 5

Learn more about this property by seeing our listing here.

Have a question about this specific property? Want to find another one like it? Call us at 416-487-5131, email us at max@taycapproperties.com, or book an appointment here.