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actual cost to build a hOME in 2018

11/10/2018

56 Comments

 
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​This is a question we get a lot from our clients on a daily basis. In 2018 it seems that prices for basic commodities are through the roof and sadly it’s the same in the construction sector. We don’t want to make our readers despondent, we just want to equip you with the actual cost associated with building your home. We hope this article can give an insight and better prepare you for the realities of building your home.
So, we have outlined all potential cost associated with building your home. To make it easier our case study describes building a three bedroom single story home (1400 sq. ft.) on one lot of land (5000 sq. ft.). See here for an example of some of our model homes. 

​1. LAND

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​The first step is acquiring your plot of land which usually is 5000 sq. ft. In recent times, according to the location and topography the cost can range between $75- $120 per square foot. To translate that into figures it will be:
5000 sq. ft. x $75   = $ 375,000.00
5000 sq. ft. x $120= $ 600,000.00
In addition to the principle cost of the land, you must also take into consideration all purchase related cost, such as Real Estate Broker fees, Legal fees, Valuation reports, Insurances and Handling fees. You should cater 15%-20% of the purchase price for these overhead costs.
                                                $375,000 x 20% = $75,000.00
                                                $375,000 + $75,000 = $ 450,000.00

2. ARCHITECTURAL DRAWINGS

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As mentioned in our blog post, 5 Steps to Home Ownership, architectural drawings is one of the most important aspects of building your home. These drawings are the manual for your contractor to follow to ensure you get the home you actually desire.
According to Trinidad and Tobago Institute of Architects (TTIA), “Architects’ fees can be based on a percentage of the total construction cost or time expended, or can be a lump sum.”  Architects’ usual fees are normally 6%- 8% of your construction cost.
As architectural designers in KK Construction and Designs Ltd. we calculate our cost per square footage of your home with prices ranging from $7.00 - $ 9.00 for residential designs and from $ 10.00 - $16.00 for commercial designs.
Using our case study:
                                                 1400 sq. ft. x $9.00 = $12,600.00
This fee covers all drawings necessary for construction, such as,
  • Architectural drawings plans
  • Electrical and Plumbing plans
  • Structural plans
  • All prints necessary for submission to the relevant Authorities
If you require further administrative services from your designer during the construction of the home, an additional fee must be considered.

3. CONSTRUCTION

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​The contractor you choose to execute construction as well as the finishes you select would determine that final cost of construction. However there is a range that you can work with according to the size of your home.
Please note that the cost of construction varies drastically between Trinidad and Tobago. For Trinidad the costs range from $500 - $600 per sq. ft.  Alternatively, for Tobago the costs range from $700-$800 per sq. ft.
Using our case study:
                For Trinidad:     1400 sq. ft. x $500 = $700,000.00
                For Tobago:       1400 sq. ft. x $700 = $ 980,000.00
This cost should include all materials, labour and management costs associated with the construction of your home. Please note however that these are estimated cost and it solely depends on the clients’ tastes and final selections. You can check out our construction calculator to compare other construction methods.
Now it’s time for the grand total:
                                                                                       TRINIDAD                                   TOBAGO
  1. Land Cost                                         = $   450,000.00                          $   450,000.00
  2. Architectural Designs              = $      12,600.00                            $      12,600.00
  3. Construction Cost                     = $   700,000.00                            $   980,000.00
  4. Estimated Total                           = $1,162,600.00                           $1,442,600.00
 
As a standard rule of thumb always dedicate 10% -15% as contingency cost. The reality of the construction process is that there are always unforeseen items or surprises that arise during the process. Our advice is to keep a cool head and be prepared as much as possible financially to accommodate the unpredictable.
We certainly hope that this article was helpful if you plan to build your home soon. As we always stress preparation is key!
Leave any questions in the comment box below. We surely look forward to hearing from you!
Join our mailing list to stay inspired!
56 Comments
Denelle
26/10/2018 03:10:18 pm

Thank you for this information! Very helpful

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KK Construction and Design Ltd.
30/10/2018 10:46:16 am

Your welcomed! We hope that this helps you in the future.

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Sulan Alexander
28/2/2020 12:11:40 pm

Thank you for this. I always felt like these things are unknown on our island. I love me some HGTV and I get that feel from your company. Looking into more of your blog. Very informative

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Delisha Maharaj
25/4/2019 10:31:02 am

Very well written piece and for once I agree with all of your costings. You should repost this very few months. Well done.

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KK Construction and Design Ltd.
26/4/2019 12:38:03 pm

Thank you so much for your kind comment! We really try to inform as many of our potential clients to better help them with their building process.

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Deo Rambaran
6/9/2019 12:04:06 am

What will be the average cost of building a three bedroom upper floor there is a building need to build on top of present structure thanks

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Dave H
10/7/2019 03:54:02 pm

Is this $TT , ie the cost per sf to build ?

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KK Construction and Designs Ltd
11/7/2019 03:07:26 pm

Yes this is Trinidad and Tobago dollars

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RC
28/8/2019 07:16:36 pm

Excellent article!

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Julie
10/12/2019 04:43:27 am

In what timeframe can a two storey house of 5,000 square feet take to build?

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KK Construction and Designs Ltd
18/12/2019 06:14:33 pm

The time frame for a 5000 sqft house really depends on the intricacy of the design. However you can roughly estimate between 6- 8 months give or take but we will need to review the design to make a more accurate time frame

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Tash R Baksh
7/1/2020 06:33:49 pm

I would like a rough idea how much per square foot it would be to build a house around 700 square feet please on Main Road, Longdenville, Chaguanas?

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KK Construction and Designs Ltd
14/1/2020 07:15:45 pm

The square footage cost for construction is roughly $500-$550.

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Marie
11/1/2020 12:14:59 pm

Good morning, I appreciate the valuable information above. Can you provide any updates for the average cost in today's market (2020) if (1) you already own the land and want to construct a basic 2 bedroom/1 bathroom? (maybe 750sq ft) and (2) what are the comparable cost for wood vs wall construction? Thanks for your time

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Tash R Baksh
11/1/2020 12:49:16 pm

I would prefer wall construction please. The size is more like 620 square feet of living space. What would be the rebuild square foot price please?
Thank you.

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Martin
14/1/2020 07:28:13 pm

Cost of foundation 1500sqf,brick up and roof only

KK Construction and Designs Ltd
15/1/2020 12:24:52 pm

Thank you for your comment. The prices for 2020 has been relatively the same as 2018, for construction only in Trinidad you can gauge between $500-$550 and for Tobago $600-$700 per square footage. The cost depends on your taste and finishes selected.

Steel Framed construction is usually 5-8% cheaper than traditional block and mortar construction.

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Prince
18/2/2020 04:10:02 pm

Good information

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Grey
27/2/2020 07:19:04 pm

What is average cost for land in east Trinidad in Las Lomas area

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shaun
9/3/2020 08:21:04 pm

How much does a 24×36 Foundation cost to construct ?

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KK Construction and Designs Ltd
20/5/2020 09:23:56 am

The cost would depend upon the slop of the land, soil type and other factors, so giving a cost would be premature without this information. If you have drawings of the foundation and a cadastral of the land you can send the info to kkconst.design@gmail.com so we can review.

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Daren Williams
6/5/2020 04:24:34 pm

Great information, my question is are there other hidden fees, stamp, legal, etc that are not mentioned above. Also does the per sqft figure hold for a 2 or 3 storey building?

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KK Construction and Designs Ltd
20/5/2020 09:28:49 am

The "hidden fees" as you described it would be encapsulated in the extra 15-20% you should cater for in the purchase of the land.

For the 2 or 3 storey you would have to calculate the square footage of each level, then multiply that by the sq.ft. price.

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Ashley
15/5/2020 08:29:05 am

This article is super helpful. Thank you and I hope there continues to be more articles to inform potential homeowners.

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KK Construction and Designs Ltd
20/5/2020 09:29:34 am

Thank you for your kind words. We will keep them coming!

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vanessa
19/5/2020 07:07:02 pm

Good day ,will i be able to get an quote on how much it will cost , to get a house plan.

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KK Construction and Designs Ltd
20/5/2020 09:31:30 am

Hi. Yes. Please send your contact information to kkconst.design@gmail.com so we can contact you.

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Cyanna
27/5/2020 08:59:37 pm

Extremely helpful information and well explained. Thank you!

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Cheryl Shirley
17/6/2020 10:05:48 pm

Thank you for the information. Is the cost in TT dollars or US dollars?

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Cheryl Shirley
17/6/2020 10:11:17 pm

As I was scrolling through the comments I saw that someone else asked the same question. So I got my answer. Thank you

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Irma
9/7/2020 02:41:16 pm

What are the best materials to use when building a house close to the beach (NE coast)? And what would be the average cost per square foot for such a building?

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KK Construction & Designs Ltd
16/7/2020 05:51:49 pm

Construction in a coastal environment should be resistant to flood and wind damage, wind driven rain and corrosion due to sea blast.
Therefore materials such as hot-dip galvanized steel or stainless steel, UPVC components, or treated timber can be used. The average cost per square foot for that building would vary based on the combination of materials used.

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nicek link
10/7/2020 09:57:03 pm

How much does a 32×24 Foundation cost to construct ?

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KK Construction & Designs Ltd
16/7/2020 04:42:52 pm

Foundation costs vary based on terrain, no. of levels of the building, soil type, etc. If you have a foundation drawing for your property, you can send us via email and we will respond with an average costing.

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Carlos George
17/7/2020 06:05:27 pm

Can you advise why there is such a big disparity in the construction cost per square foot for Tobago compared to Trinidad.

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KK Construction and Designs Ltd
21/8/2020 12:21:54 pm

The cost of living in Tobago is generally higher than that of Trinidad. The material costs differs tremendously in Tobago therefore we have to account for that, as well as transportation fees for products that cannot be sourced in Tobago.

Reply
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