I'm looking for some input on estimating building costs. There is an opportunity in my neighborhood to buy a 1/2 acre for 200K with great views. It comes with water, power, septic, a fence and grading already installed. The only thing left would be to improve access and put up a house. The eventual plan would be to put up two homes but for the time being I'm focused on the economics of just one.
Building costs is the question. I have been struggling to get a reasonable quote- I have two ballpark figures from 2 local contractors that range from 120K to 300K for a 9X18 meter 3br 2ba with no specifics. Since I'm not in the US, and there are no building codes (at all) the regular multiplier of 100 to 200$ per square foot should be over estimations. Particularly since labor is inexpensive.. thought materials are .. more dear.
I need to make some informed estimated about the cost of construction before moving forward with the project -pulling the trigger on the land, getting the blue prints made up etc- and getting a real solid quote.
Question, how would a newbie like me go about estimating the cost of construction? I'm aiming for a 18X9 meter (1743 sq feet) concrete footing, block walls with lots of window (louvers), open plan living space, tile flooring, vaulted ceiling, large deck (900sq feet partly shaded by extended eves) ... can someone point me to a source? Its a long shot- I know it's all local.
The estimated rent on this house would be 3000 to 3500 depending on the finish and fixtures.