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Build a Condominium Cost

How much does it cost to build a condominium?

What does it cost to build a single, high-end condominium? There are a huge number of variables in such a question. For one thing, condos come as older buildings which have been rehabilitated, as two-story homes, and in buildings holding only one or two units each. For the purpose of this discussion we will look at a standard condominium containing two single-family dwellings of two stories each. This is the style frequently identified as a Townhouse as well. According to real estate statistics, the size of the average condo as described above is 1200 square feet which assumes a "footprint" of approximately 20'x30' per unit. The building of single condominium complex would never be a "DIY" project and usually requires a knowledgeable contractor, an architect, a team of subcontractors, and cooperative owner to get the job done in a calendar year.

For the building of a condominium complex of two units, the typical costs include:

  • With "lux"-range materials, a normal foundation with full basement, efficient doors and windows, all appliances, and "turnkey" finishing would run at an average of $102,000 to $240,000 per unit to complete. This does not include acquisition of the land, however.
  • The above figures place this construction at an $85 and $200 per square foot cost, though national average stands at $125 for most contractors. This pricing structure assumes that carpenters, masons and excavators charge an average of $70 per hour, electricians between $65 to $85 per hour, painters between $20 and $35 per hour and plumbers between $45 and $65 per hour.
  • This sort of building, however, would not come in at a simple cost of $85 per square foot due simply to the excessive amount of construction required on the interior. A two-story unit of wooden construction with two condominiums would run roughly $484,500 in total costs. This excludes land acquisition and site improvements like parking, gardens and play areas. Materials would cost around $238,000, labor would cost roughly $238,200, machine costs would stand at roughly $8,300 and the contractor would take in over $67,000 for the project.

Cost breakout

What is included:

  • The basic structure of this building would be best if left in an uncomplicated "four square" design. Most owners rely on both an architect and a contractor, and the architect will require approximately 10 - 17% of the total building budget;
    • An architect will:
      • Determine the scope of the project and establish a preliminary budget;
      • Draft list of proposed work, budget, and outline of plans;
      • Create the schematic design and draft floor plans with elevation drawings. Then work with any structural engineers and meet with planning agencies to verify any requirements;
      • Finalize drawings and incorporate all details about materials and finishes, any fixtures or equipment, and all systems in the structure;
      • Serve as the overall manager and review the plans with any required local agencies while also obtaining necessary permits;
      • Serve in an advisory capacity to select contractor and help the client through the bid review process as well;
      • Complete construction documents;
      • Administer the construction, ensure that contractor's requests for payments are accurate and that all "final" details are corrected or finished by the contractor; and
      • Based on figures given the architect on this project would receive from $48,500 to $82,400 for their services.
    • A contractor will:
      • Provide the services and materials required for the entire job;
      • Hire subcontractors according to need;
      • Suggest plans and ideas to owner to help them meet goals;
      • Deliver final cleanup of entire home;
      • Pull all permits for work and utility installation; and
      • For doing all of the day to day management of the project the average contractor earns around $85 per square foot. They might also "mark up" supplies and services as well. For example, on the average home construction described here the average contractor would account for roughly $66,600 in markup and indirect fees.
    • A general bungalow construction project will cover:
      • Bath fixtures
      • Built In Appliances
      • Cabinets
      • Carpeting
      • Countertops
      • Doors
      • Excavation
      • Exterior Finish
      • Exterior Trim
      • Final Cleanup
      • Finish Carpentry
      • Finish Hardware
      • Flooring
      • Foundation, Piers, Flatwork
      • Heating and Cooling Systems
      • Insulation
      • Insurance
      • Interior Wall Finish
      • Lighting Fixtures
      • Painting
      • Permits & Utilities
      • Plans & Specs
      • Plumbing Fixtures
      • Plumbing Rough-in and Connection
      • Roofing, Flashing, Fascia
      • Rough Carpentry
      • Rough Hardware
      • Unit Heating and Cooling
      • Windows
      • Wiring
      • and more
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