I’m looking for a little advice on building in Broward county, Florida.
I’m interested in building either two separate 4 unit 2/2’s or a commercial build of one 8 unit with 2/2’s. I’m told doing a single building is much more cost effective. I’m not looking to build luxury units but also not the cheapest look. Is there any way I can get around 100-125 per square foot for a build like this? If I hire a GC to do the whole project it definitely would be easier on me but maybe the most cost effective way is to work with a GC and and fit all of the pieces together myself? This would be my first build.
@Jason Etheridge it’s definitely cheaper to build one building and you will save money hiring a GC to do the whole thing turn key. It will cost you more and take you twice as long trying to do any of the work yourself unless you are in the business and have the resources to self perform. Even then from a time perspective it’s better to turn key the project with a professional. Also the lender will not allow you to self perform unless you are a licensed GC.
Costs will vary depending on a number of factors including ty en site itself. The best thing to do is talk to local GC’s that do this type of work and get some averages of what their current and recent projects are costing.
I wouldn’t do it without a GC, would definitely use one for oversight and try to work out a flat fee. Trying to find a way for this to make sense in this market down here but I’ve gotten some ridiculous quotes.
South Florida building codes make it 15-20% more expensive than a lot of other parts of the country.
Once you get detailed plans and specs you should be able to nail down costs a little better. You do not want a flat fee contract you want turn key GMP contract. That will incentivize the builders to get in and get out.
Make sure you do not. approach the conversation with trying to squeeze as much out the of the builder as you can. That will cost you in the long run.
Costs are what they are and if your going to play at this level you need to understand those costs, hedge it with cheap interest rates and hire a professional that will get it done quickly and efficiently.
I gotcha there. I’m not trying to squeeze everything I can out of a builder, turn key is definitely the right approach for a job well done.
I guess it’s just got to be if the numbers make sense. I was hoping to get away with a budget of 1-1.2 million for 8 units at 975/sq. ft. each but I’m not sure that’s doable down here
@Jason Etheridge costs in broward are really high right now. Have you calculated the soft cost? County impact fees per unit? City impact fees per unit Utility infrastructure fee per unit, fire suppression whole building, closing cost, permit fee, engineering stamp fees, fire walls before you buy a single brick. Not to mention land costs.
That said there’s fantastic demand in broward.
Yeah I didn’t really think about all of that being extras. I’m speaking with a few contractors and will see about all of those things as well. Thanks for the tip!
Didn’t think it would be as expensive to build and could actually save some money by building but I guess that works with much much larger projects. Savings will probably be longer run here but I’m not sure if it will be worth it to invest in this area anymore.
@Jason Etheridge What sized lot are you looking for? Would you be interested in counties more north of Broward