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Mentor
My house is on the cape but $335/sq ft for a higher end home (3,850 sq ft). Separate from the build it was about $30k for architect, engineer, zoning/historic approvals.
A friend is renovating and expanding in Wellesley and she said she was higher than $335/sq ft but I’m not sure exactly how much.
Mentor
Are you talking about builders buying land and selling neighborhoods? Or are you talking about an individual property?
If an individual property, you have to be the builder to make money. You hiring a builder means you have to sell it for even more after they’re done building it for you
Agreed, so I wanted to understand what’s profitable for builder. How much are builder’s margins etc. and what’s the minimum amount of money you need to buy land and the build a new house. (individual property)
It really depends! My husband is a builder and I can tell you it varies wildly! There are no set answers for this.
So it's either you're the builder yourself OR you find a super rich buyer that's willing to spend. Otherwise, it will cause you more pain to do it than you would think. No one in this market will share their numbers.