The cost to build a low-rise condo building averages $560,000 to $11.25 million. Its appearance and what you can do to the exterior are usually dictated by the condo association. Unlike condos in a shared space, you have maintenance costs and responsibilities for your condo’s exterior. These are usually small homes, measuring less than 1,000 sq.ft. The units are usually built as a group and governed by the same condo association. A detached condo does not share walls with another unit. The average cost to build a single detached condo is $112,000 to $225,000. In general, detached condos are the smallest and cheapest to build, while high rises are the largest and most expensive. The average cost varies by the condo building type because of the differing number of units. Most costs are averages for that building to account for amenities and the number of units. Like with square footage costs, shared spaces can have different costs than individual units. The larger a condo building, the higher the total costs to build. Like apartment buildings, you may have a small detached or high-rise unit in an urban area with more than 200 units and luxury amenities. Like any multi-family building, condo buildings can be built in different types. Lower-end condos cost less to build, and higher-end buildings cost more, but most fall in this range. The average cost range for condo building construction is $112,000 to $225,000 per unit. This pricing structure makes it easier to compare the costs of a 10-unit building with a 20 or 100-unit building because square footage varies based on the units’ sizes and building size. Like apartments and other multi-family dwellings, condos can sometimes be given costs on a per-unit or square-foot basis. Units may have higher costs per square foot than shared areas, creating a range within each building. Your costs per square foot vary depending on the total amount of shared areas and units. These costs are for constructing the entire building, not individual units. These costs are for the construction and do not account for land acquisition, parking, or soft costs associated with listing and selling the finished units. This creates a cost range per square foot from $180 to $400. Costs also vary depending on the unit type, amenities, and building type. Costs fluctuate due to the location, with urban areas costing more than suburban locations. The cost of condo construction varies tremendously by the unit. Invalid zip code Condo Construction Cost per Square Foot Or, a multi-family building can be constructed with the intent to sell the units individually as condos. An existing building can “go condo,” where the residents purchase the units they currently rent. The association uses these funds to handle the shared spaces, such as the roof, stairs, exterior, shared fitness areas, concierge, or other amenities the building may have. The unit owner also pays into a shared condo association fund. Whoever owns the condo unit is responsible for everything inside. The most common scenario is to own the unit you live in, but you can also purchase more units and rent them out. Unlike an apartment building, where the entire building and all the units inside of it are owned by one person, a condo is owned by many people. A condominium is a multi-family building where each family has a dedicated space. Cost to Build a Condo Building Condo Construction CostĪ condominium building may resemble an apartment building. The high cost is $18 million for an upscale condominium complex with 100 units and shared amenities in an upcoming urban area. This project’s low cost is $450,000 for a 2-unit condo home in a suburban area. The national average cost range to build a condominium building is $1.5 to $4.5 million, with most people paying $3 million for a mid-range 20-unit building with a shared lobby and amenities. Like apartment buildings, condo buildings come in many sizes and types with a range of associated costs. This can help meet the needs of a growing housing crisis while giving people more options on where to live. As the need for more affordable housing grows, many builders may build condos, which can be more affordable to purchase and maintain than a traditional single-family home. In a condominium, each unit is individually owned, but the exterior, hallways, and other areas are shared spaces with shared costs. Written by .Ĭondominiums offer flexibility between owning a single-family home and maintaining the entire property and renting a unit in a larger building. Reviewed by Adam Graham remodeling expert.
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