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Ask the Experts > Building vs Buying

I am currently weighing the option of buying a home verses building a new home. I am curious what the approximate cost of building a 2 bedroom, 1.5 bath house on a slab would be. I have heard mixed reviews that it is much more cost effective to purchase an older home and renovate then it is to build. I am not looking for anything fancy, just a basic open concept home with average finishes.

October 9, 2012 | Unregistered CommenterJenn

New versus existing is often a matter of location as well as price. As for your new home start with a budget of at least $150 per square foot plus land. This is a rough estimate and you should look at having plans drawn if this initial costing is within your budget.With plans you will be able to meet with builders and get a "turnkey" price.
Buying existing means you are buying something that may well require work.Make sure the house has "good bones",that is structurally sound,good wiring,good plumbing,good foundation. Before completing the purchase,have a reputable renovator inspect the house and give you a rough budget to repair or make the changes you want. I say rough estimate because when the renovation begins you will not know what will be found behind the walls. Good luck and check the NSHBA website for a list of renovation seminars happening this month across the Province. They are free.

October 10, 2012 | Unregistered CommenterPaul Pettipas

Building is almost impossible in Nova Scotia because the government puts it's fingers in every aspect of the home you will build and charges you monstrous amounts for it. True north strong and Taxed.

June 12, 2015 | Unregistered CommenterNS Resident.

When you say 150 a square foot, does that include the basement square footage?

Thank you

July 3, 2015 | Unregistered CommenterKyle

Kyle, unless you were going to fully finish your basement ,you would not count this space at $150 per sq /ft. The Building Code requires that you insulate the exterior walls of the basement .

July 3, 2015 | Unregistered CommenterPaul Pettipas