If you want a special home but wonder how much it will cost to build a luxury home, you may be pleasantly surprised by our research. While most luxury homes cost seven figures, usually one to five million, there is nothing in the definition of luxury home that specifically states that a luxury home must cost a lot of money, but at the same time it is implied. There is nothing in the definition of a luxury home that defines size either, and small or even tiny luxury homes have become very chic.
The average price ranges are generally between $200 and $1000 per square foot, but this does not tell the whole story, as a mater of fact these numbers are quite deceptive of the truth. In fact many of the $1000 per square foot houses still do not fit the true definition of Luxury homes. They are just costly homes, not luxury homes. We will look at the real defining elements of a ‘luxury home’ and figure out how much it would cost to build it based on the definition.
How Much Will it Cost to Build a Luxury Home: Defining Elements
How Much Will it Cost to Build a Luxury Home: The Lot
A luxury home must have a picturesque lot, with at least one breathtaking view, in a fabulous location. Beachfront, lakefront and riverside properties generally qualify, as do mountain side and mountain top homes, but the neighboring cities and their venues and attractions are also part of the picture. Homes in resort areas, and exciting cities definitely qualify, but so might homes near national forests and parks of various kinds, as long as it is a popular attraction. A lot of that caliber will cost well over $100,000 and possibly as much as $3 million for an oceanfront lot unless you happened to inherit the lot. This cost is not part of the cost per square foot, but the lot is one of the most important elements of a luxury home.
How Much Will it Cost to Build a Luxury Home: The Architect
A luxury home must be of truly unique architecture, and have architectural significance. It must be easily recognizable from other homes. In order to be build a real luxury home you will need to hire an architect of great skill and some reputation to design it especially for you. The work of a notable architect of this skill level could cost from $100,000 to $750,000. One might be able to save money by choosing a lesser known and perhaps new architect.
How Much Will it Cost to Build a Luxury Home: Preconstruction Subtotal
So far we’ve racked up a price range of between $200,000 and $3,750,000. That is quite a range, especially since so far all we have is a vacant lot and a floor plan. As you can see prices vary too much to estimate without specifics.
How Much Will it Cost to Build a Luxury Home: Cost of Construction
Cost of construction for a luxury home is generally between $200 and $1000 per square foot. The size of luxury homes varies a great deal, from the trendy 750 square foot mini mansion to the traditional 5000 to 7000 square foot luxury mansion. That means the construction cost could be between $150,000 and $7 million. Again we see that the price of a luxury home can vary considerably.
How Much Will it Cost to Build a Luxury Home: Luxury Price Range
Size, location and level of luxury are major variables that impact the price. While many of these variables may be beyond your control, other factors reflect your choice. With a price range of $350,000 for a mini mansion which would be dependant on finding a bargain on a mountainside or lakefront lot, to $10,750,000 for a beachfront castle.
If you want to save some money and still get a luxury home, you can but it will require a bit of shopping. Occasionally there are unexpected bargains on valuable lots. A resort town hit by the recession, full of declining hotels could be a likely place to bargain shop for lots. Choosing a young promising architect with no reputation yet, could save you a bundle, though it may be a bit of a gamble that your architect will ever be famous, or that the resort will ever recover.
While your luxury home should feature detailed wood moldings, and fireplace trim, it is possible that you may be able to find these items from a salvaged material dealer. Antique salvaged materials can save you a bundle while providing quality usually not seen in today’s market. There are plenty of ways to save and if you are clever and lucky you may be able to save a lot of money. How much it will cost to build a luxury home depends greatly on your choices and your ability to shop wisely.