Posted October 14, 2018 12:17:25In the U.S., the cost of construction for most houses and apartment buildings is typically about $2,000 per square foot, according to the National Association of Home Builders.
However, many projects in other countries, including Canada, the U, and parts of Europe, are significantly cheaper.
In India, home builders can generally expect to pay about half that amount for construction work, with the remaining half paid for by the owner, according the National Home Builder’s Association.
In Canada, home building is generally cheaper than in the U., with builders typically paying a base salary of $35,000 to $50,000, according Toilolo, a Canadian mortgage lender.
But that doesn’t mean there aren’t better deals out there.
“In the United States, a house or apartment can be built for about $8,000 or less,” said Toilolos CEO Michael J. Lasseter, “so you’d need to be a very lucky owner to find a project that would work for less.”
In China, home construction is generally much more expensive than in many other countries because of the country’s strict labor laws, but it’s not unheard of to find cheaper projects, according Kelsangi.com, a site that specializes in building sites and other construction information.
“It’s not uncommon for an apartment in China to cost anywhere from $50 million to $200 million,” said Kelsanic.
“There’s also some people who have gone to great lengths to try to get their project built.”
In the meantime, Toilols home builder in China, Wang Yong, said his company can generally find an apartment that’s about $12,000 a square foot for construction and the builder would usually pay the buyer $3,000.
That’s not a bad deal for a family of four with two children, said Toilero.
“We can build a house for less than $1 million and we’ll pay a lot less than the original asking price,” he said.
But, there are a few hurdles to overcome when building a new home.
First, there’s a requirement that the builder’s plans must include the location of the property, which can be challenging, said Kelangi, who noted that the owner may not want to reveal the exact location of their property.
In the case of a single family home, Toileros would also need to make sure the location is in the best position for the home’s occupants to walk in, said Lassetters.
The home also must be well-ventilated, as air pollution is a major health risk, Lassets said.
There are other hurdles, too.
“You can’t just walk into a house and do a basic walk-through,” said Lachner.
“That requires the construction site to be completely enclosed, which means that it must be fully insulated, so you can’t leave anything inside.”
It’s important to consider whether the construction company you choose will provide a guaranteed income to employees, said Wang.
In addition, he said, some projects require a contractor to pay workers, which is a big issue in India.
“In India where you have a lot of migrant workers, you have to get approval from the government to hire contractors, so it’s difficult to get any sort of guaranteed income,” said Wang, adding that he would recommend working with a real estate agent.