How to calculate square footage pricing

Measuring your areas to determine your initial square foot price - Versa Homes, Lower Mainland BC.

Measuring your areas to determine your initial square foot price - Versa Homes, Lower Mainland BC.`

Now that you've read our pricing blog, and you understand the potential price of your next project, here's a few ways to quickly get a rough idea on your budgets.

If you haven't started and have no drawings, but need a quick budget

Start by deciding what size custom home build you would like or how big the renovation area will be. Once you've decided, head back to our pricing blog and choose the rough price option that's similar to your project. For example, if you are building a home, by looking at our pricing blog you know that the cost of constructing a quality home starts at $200 a square foot. So, let's say you want to build a 4000 square foot home? Take the 4000 sqft x $200 to get your initial budget of $800,000 to start with. It's that simple. Of course, if you would like to build a custom home, high end home, or a luxury home, the price will increase.

If you have drawings

You have already visited your architect. You have designed a home that fits your needs with them and your home builder. Now that you have drawings, look at the "site info" notes (usually located on the first page of architectural plans, see picture below). You can add all square footage areas and multiply it by the price you think it will be, like the example above of $200 square foot to start.

Tip: Consult your home builder for a reasonable square foot price to start with. This can change with interior design, material selection and location of your home.

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Remember, every job has different challenges

Always remember that all jobs are not the same and they all have different scopes. Don't compare your friend's build price with yours, there are too many factors: from finishes, to quality, to site conditions and more.

Ask your builder to give you a fixed price contract at the beginning. This may take a while, but this helps you understand your cost upfront and you won't get any surprises.

You can also choose a cost plus contract and ask for an initial budget, but this type of agreement may put more responsibility on you for extra unknown cost.

Read more about "Fixed price contracts or cost plus contracts: Which one should you choose?"