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Frequently when homeowners are in the research process to decide whether to build a custom home or to buy a move in ready home, one of the essential factors that contribute to their decision is their budget or the cost of the home. Although defining the cost of your home since the very beginning is the best strategy to buy or build a home, considering your home value is also essential. That means that as experienced Edmonton custom home builders, we consider it essential to establish the difference between what building a new custom home can cost you versus the overall value of a new custom home in relation to the market and similar properties. The criteria to determine your custom home building cost is different from the criteria used to determine your custom home value.

What is the Difference between the Cost of a Home and its Home Value?

To determine the cost of building a custom home in Edmonton, we need to take into account two factors. First, the costs of anything related to labour and material. Second, the costs associated with design, permits, project management, and engineering for your custom project to learn more details. Check out our blog series about the hard cost and building materials.

Determining Custom Home Value

Location is one of the main factors in determining your custom home's value in the real estate industry, experts emphasize its importance. A great community or a great location will be an essential selling point if you are building a custom home as an investor. If you are building your forever home, we suggest that you still keep in mind that you might want to upsize or downsize in the future.

How the Quality of Building Materials can Add Value to Your Edmonton Custom Home

Aside from the emphasis on location, there are many more details to consider when determining your custom home's value. For example, the size of your home is essential, the square footage dedicated to living areas is essential, and the size of your lot and its characteristics too. When you decide to build a custom home, you can choose high-quality building materials and, of course, get guidance from your builder to select the materials that add the most value to your new custom home. The quality of your build and the building materials will also influence your home durability and maintenance cost in the future.

How Design Can Impact Your Home Value

Incorporating an open concept space can increase value because it maximizes the use of space. Also, adding another master suite on the main floor, and including a walk-in shower in one of your bathrooms can enhance your aging in place features and attract buyers as well.

Why Developing Your Basement Can Add Value to Your Edmonton Custom Home

Developing your basement adds a significant amount of living area to your Edmonton custom home. It can attract homebuyers if you are building an investment property. And if you plan to live in your new custom home, there are plenty of options for specialty spaces such as a rec-room, home gym, home office, among others.

Ready to build your new custom home with us?  Contact Edmonton Custom Home Builders!

We will prepare a free summary budget for your new custom home building or renovation and provide you with more information about our custom homes in Edmonton and the Fort Saskatchewan area!

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Too Long Didn’t Read (TLDR)

If you are thinking of building a custom home, consider the location, quality of your building materials, use of space, square footage and developing your basement to add more value to your new custom home.