We need a fingers crossed emogi.
My guess is you're going to discover it's more than your first house cost you. Our first house in Edmonton (650 sq. ft.) back in 1973 cost my mother $19,800 to buy. She used inheritance to do that and then rented it to us at just below market rate while we went to school and at that time I believe minimum wage was $1.35/hour. Years later we bought it from her for $55K and then in 1992 sold it for $88K when we moved to The Netherlands.
I'm going to guess your new shop will cost more than our house sold for in 1992.
We're not expecting any issues with the development permit as we've (the architect and I) have been communicating with the planning dept asking questions to make sure that we're aligned with the Byzantine (inside voice
) regs
If we get the development permit, the building permit is basically paperwork.
The biggest unknown is the cost to build.
We have one data point from a build near us by the same builder.
A 23x26 two-story garage build attached to a small bungalow came out at $525K
Some big differences between our build:
- Had to keep the house livable during the build. Our's is a tear down.
- Had to remove and remediate an oil tank so geotechnical firm required. Don't anticipate anything like this.
- They used Hardiplank shingle siding which is more expensive to buy and more labour to install than Hardiplank lap siding we are using
- They sided the entire garage and the house
- Work also done inside the existing house - roughed in a bathroom, reframed some windows, concrete work and framing.
- Reroofed the entire house to match
- Twice the number of windows in the garage and suite
- Vaulted ceilings and skylights
- Concrete driveway which we aren't doing
- Very challenging site access
Now I have to deal with demo costs and hydro to run power to the new building and then to the house.
So we are oping to come in around $350K-$380K
2023 BC building costs for new homes in Victoria seems to run about $350 sq ft. We have ~705 finished sq ft up so that's about $250K
@jcdammeyer Yup... when I moved to Victoria I sold a 3.1 acre property with a 3000 sq ft custom built house with a detached oversize double garage. My mortgage in Victoria was the selling price of the house I bought here.