How much does it cost to build a condominium?
What does it cost to build a single, high-end condominium? There are a huge number of variables in such a question. For one thing, condos come as older buildings which have been rehabilitated, as two-story homes, and in buildings holding only one or two units each. For the purpose of this discussion we will look at a standard condominium containing two single-family dwellings of two stories each. This is the style frequently identified as a Townhouse as well. According to real estate statistics, the size of the average condo as described above is 1200 square feet which assumes a “footprint” of approximately 20’x30′ per unit. The building of single condominium complex would never be a “DIY” project and usually requires a knowledgeable contractor, an architect, a team of subcontractors, and cooperative owner to get the job done in a calendar year.
For the building of a condominium complex of two units, the typical costs include:
- With “lux”-range materials, a normal foundation with full basement, efficient doors and windows, all appliances, and “turnkey” finishing would run at an average of $102,000 to $240,000 per unit to complete. This does not include acquisition of the land, however.
- The above figures place this construction at an $85 and $200 per square foot cost, though national average stands at $125 for most contractors. This pricing structure assumes that carpenters, masons and excavators charge an average of $70 per hour, electricians between $65 to $85 per hour, painters between $20 and $35 per hour andplumbers between $45 and $65 per hour.
- This sort of building, however, would not come in at a simple cost of $85 per square foot due simply to the excessive amount of construction required on the interior. A two-story unit of wooden construction with two condominiums would run roughly $484,500 in total costs. This excludes land acquisition and site improvements like parking, gardens and play areas. Materials would cost around $238,000, labor would cost roughly $238,200, machine costs would stand at roughly $8,300 and the contractor would take in over $67,000 for the project.
What is included:
- The basic structure of this building would be best if left in an uncomplicated “four square” design. Most owners rely on both an architect and a contractor, and the architect will require approximately 10 – 17% of the total building budget;
- An architect will:
- Determine the scope of the project and establish a preliminary budget;
- Draft list of proposed work, budget, and outline of plans;
- Create the schematic design and draft floor plans with elevation drawings. Then work with any structural engineers and meet with planning agencies to verify any requirements;
- Finalize drawings and incorporate all details about materials and finishes, any fixtures or equipment, and all systems in the structure;
- Serve as the overall manager and review the plans with any required local agencies while also obtaining necessary permits;
- Serve in an advisory capacity to select contractor and help the client through the bid review process as well;
- Complete construction documents;
- Administer the construction, ensure that contractor’s requests for payments are accurate and that all “final” details are corrected or finished by the contractor; and
- Based on figures given the architect on this project would receive from $48,500 to $82,400 for their services.
- A contractor will:
- Provide the services and materials required for the entire job;
- Hire subcontractors according to need;
- Suggest plans and ideas to owner to help them meet goals;
- Deliver final cleanup of entire home;
- Pull all permits for work and utility installation; and
- For doing all of the day to day management of the project the average contractor earns around $85 per square foot. They might also “mark up” supplies and services as well. For example, on the average home construction described here the average contractor would account for roughly $66,600 in markup and indirect fees.
- A general bungalow construction project will cover:
- Bath fixtures
- Built In Appliances
- Exterior Finish
- Exterior Trim
- Final Cleanup
- Finish Carpentry
- Finish Hardware
- Foundation, Piers, Flatwork
- Heating and Cooling Systems
- Interior Wall Finish
- Lighting Fixtures
- Permits & Utilities
- Plans & Specs
- Plumbing Fixtures
- Plumbing Rough-in and Connection
- Roofing, Flashing, Fascia
- Rough Carpentry
- Rough Hardware
- Unit Heating and Cooling
- and more
How much does it cost to build a condominium in my city?
Cost to build a condominium varies greatly by region (and even by zipcode).
$102,000 – $240,000