When looking at the cost of resale homes in Prince Edward County, some buyers are tempted to look at buying a lot and building a new home as a lower-cost alternative. New build does offer the opportunity to get a home that’s designed to fit your needs and taste, but it can also be more expensive –feature for feature– than buying a resale home
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For buyers coming from cities or suburban areas, there are costs for building a new house which are easy to overlook. For example, although costs can vary signficantly depending on the site, a rough guideline for putting in a well and septic system would be in the range of $20,000 to $30,000.
To get an independent estimate of construction costs, I spoke with local architect Scott Bailey, principal of Branch Architecture, and certified appraiser Dan Harvey, owner of Prince Edward County Appraisals. Their estimates for construction costs for a custom-built home with upgrades such as hardwood floors and tile, but excluding premium features like marble countertops ranged from $250 to $300 per square foot.