What is possible to build in the GTA for $1M?
Hello,
New account here to not doxx myself.
I am starting to look into potentially building a house (very early on), and I have a few plots in mind and a few meetings booked with a few lenders/banks to figure out what is possible for me to do but in the meantime I have some questions and I'd love to see what the more experienced fold have to say.
The first thing is in the title. Assuming I have the land covered. With $1M (construction loan intended) what is possible to build?
The lots are fairly small. 25-35 wide, 100-120 deep.
I think somewhere between 2K and 2.5K sqft would suffice, for a 3 bed, 2.5 bath above ground dwelling. Ideally I'd want a 4bed, 3.5 bath.
In terms of finishes, there are a few things that I'd like to have, but I would not be looking for luxury. Actual hard wood flooring, granite counter, solid doors, 10ft ceilings.
Is it realistic at all? if not, what would be a more realistic estimate? And what about 1M + drawings and permits?
Also, how do you estimate the value of the lot before submitting an offer?
And one additional question, how much cash flow is needed roughly? is $100K enough-ish or we are talking about 150-200K? I would NOT be my own GC. I'd either hire one, or a builder, btw.
I know the questions are fairly vague but I don't have a ton of details jut yet. Still trying to get my bearings.
Thanks in advance.