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What Does It Cost To Build In Santa Fe?

by Mark Springer, licensed contractor and associate broker

Have you ever wondered what it would cost to build a new home in or around Santa Fe? It would probably be helpful to know construction costs so that you could compare the escalating prices of existing homes to what it would cost to replace them.

New construction costs are higher than two years ago. The prices range from a low of $125.00 per square foot in an area like Eldorado to $450.00 per square foot in higher end developments like Las Companas. Of course you can spend more if you want finish work like the Sistine Chapel or Windsor Castle. Then add landscaping which could be $25,000 to $50,000.

Bear in mind before you start building there are soft costs. There are the expenses incurred to obtain a building permit, architectural and engineering costs, licensing fees and site preparation costs. What if the home is in the mountains or on a flat site with all existing improvements in place? Architects can charge as much as 8% of the cost of the home. To keep costs down there are Computer Aided Design programs. People that specialize in designing with these programs charge as little as $40 per hour or $1.00 per square foot for less complicated designs. All these figures are exclusive of land costs which start in the $40,000 to $50,000 range in affordable areas and can run up to $1,000,000 for a lot in an exclusive community.

Time is another factor you need to consider. From the time financing is obtained the smaller and less expensive frame homes can be completed in 5 months. But the larger higher end homes are probably going to take up to a year. Why?...Finish Work! That is a huge variable. Using various alternative building materials, custom tile and cabinets, stone and wood work can take significantly longer. Then there is the risk of building together with one's significant other. But that's another story altogether.

If a budget is important to you, let us help you through the process. There are ways to keep the cost down and create a beautiful and inspiring, as well as functional living space. And if cost is no object, definitely contact us.

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