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Cost of New Home Construction VS. Resale

by ASCAYA on June 18, 2018
Cost of New Home Construction VS. Resale
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Q&A with Ascaya Sales Manager Darin Marques

With low construction rates building a new custom home is align with the current resale market.

The low construction rates are utterly appealing for new custom home buyers. Yet, it is a luxury that is resorted to the realm of time.

Timing is key in real estate and, of course, new construction is no different. Ascaya consultant Darin Marques delves into the benefits and comparisons of new construction vs resale for home buyers.

Here is a Q&A with Ascaya consultant Darin Marques to answer the most common questions from home buyers questions.

 

What is it going to cost to build a new custom home with current construction costs?

Marques: “On average the cost of building your new custom luxury home is estimated between $325 to $450/square foot.”

 

What does construction cost cover? My exteriors and interiors? Does this include landscaping? How about a resort style pool!?

A recurring question from potential custom home buyers is what exactly does construction costs cover. Marques answers, “yes!” to the above. A new custom home buyer can anticipate both their interior and exterior finishes in their construction budget.

What do these “finishes” include?

Marques: The finishes include anything from the exquisite flooring of your choice, countertops, wood trim and any other luxury interior architectural accents.

 

As for the price of an Ascaya lot?

Marques: “An average cost of a lot is $30 to $50 per square foot for approximately a half acre lot.”

 

What is it going to cost to remodel or update a resale home?

Marques: According to Marques buying a resale entails updates and oftentimes remodeling to create your desired home. Basic remodeling and updates on a resale home can cost you anywhere between $20 to $50 per square foot.

Contemporary and modern design is the current design trend making a resale not equivalently equipped as to building your own custom home.

“The frustration that we are hearing from clients is that they are looking at resale and they’re only finding mediterranean, they’re only finding tuscan,” explains Marques.

 

Why is it important to build new construction now?

Construction costs are rising. As construction increases the qualified workforce for a high end custom home is limited. Along with the demand of workforce the demand for construction materials is also rising.

According to Ascaya contractor, there has been a 25% increase on lumber since January.

 

What does this equate to in building an Ascaya Custom Home?

Marques: The cost of lumber can be anywhere from $500,000 to $800,000 to build an exclusive luxury home, explained Marques.

 

Timing the market for a custom home builder?

With exceptionally low cost and a steady rise in the realm of new construction the time to build with ease and align the profit margin of resale is in now.

 

Questions? Comments?

Ascaya Consultants are available to answer all your questions regarding building a new luxury custom home.

“We really act more from a consulting position. We are here to guide you through the process and help you make that decision. We can put you in place with some of our partners. Everyone from banking to general contractors to architects,” said Marques.
Learn more by contacting an Ascaya consultant at (702) 978-5800.

To see our virtual tours and Ascaya vlogs be sure to subscribe to our YouTube Channel and follow us on our social media outlets!

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