We are asked almost daily, “How much does it cost to build a lake house per square foot?” Customers ask Realtors, who in turn ask developers and builders this seemingly most important of questions. Unfortunately, their answer frequently fails to satisfy, because they say, “It depends.” Then it is followed up with a range of values—typically $185 to $275 per foot for a top-of-the-line lake house. That answer begs the next question: “Why so much with a range so broad?” So, let’s try to answer those questions.
Lake homes have extra amenities
Most people compare the price of a lake home with the price of their very attractive "city home," which cost lots of money to build. We observe that most city homes don’t have some of the extra amenities a good lake home has. For instance, lake homes come with a pier and a seawall. For a lot with 150 feet of waterfront, those two items can easily add $45,000 to the price of the project. For a 2,500-square-foot house that is an $18.00-per-foot additional expense.
Equally important is that lake homes usually have expansive outdoor living spaces. In many cases, this space cost nearly as much to build as the interior space. Let’s consider an 800-square-foot covered porch. That could easily cost $80,000 to build. Spread across the same 2,500-foot space, that can add $32.00 per foot of cost. One might say that they have nice outdoor space in their “city” home, but not likely as much—especially since many lake homes have walk-out basements and two levels of outdoor space. So far, we have added $50.00 per foot for a lake home.
Fine touches add price and pizazz!
When arriving at your city home, you are likely greeted with an impressive street-side façade. Rightly so because you work hard, and your home should be warm and welcoming. Lake homes have that lovely street side façade as well, but that is just the back of the house. The front of the house is the lake side, and it is frequently even more attractive than that of a city home. Add the expense of those windows which allow you, the owner, to soak up the view, and it begins to add up.
Then there are the interior features and finishes. Wood walls, floors and ceilings do cost a good bit more than carpet and sheetrock—ut those are the types of décor finishes most people expect in a lake home. Add to that large wood beams, natural stone, vaulted ceilings and rustic wood cabinetry, and the price per foot continues to grow. Experience shows that lake homes have the same bathroom finishes and kitchen features of most city homes, yet a properly-designed and well-built lake home has a special feel and vibe very different than your typical city home.
Size does matter
So far, we have covered items that add to the overall expense. But that doesn’t totally answer the question of the broad range in price per foot. It also comes down to the size and scale of the house. So let’s consider this; a lake home has a pier, a seawall, a watertoy storage area, a large outdoor living area, two front façades, a kitchen-and-a-half, outdoor grilling porch, custom kitchen, four bedrooms and four and a half baths. Those are all givens in just about any lake home in one of our neighborhoods. Let’s call them fixed costs. It might be possible to get all of those features for around $200 per square foot in a 4,000-square-foot (heated and cooled) living space. But those same features would be desired in a 3,000-square-foot house where the price per foot might be as high as $225 per square foot.
The larger house, because there is 1,000 square feet of additional space across which to spread those same fixed features, can be cheaper to build. In this example, the 1,000 squre feet of space costs an additional $125,000 or $125 per square foot. So, when looking at price per foot, the overall size does matter.
Making sense of the matter
So, one could look at the price per foot this way; a bedroom or living room may cost about $125 per foot. But, a whole lake house is likely to cost about $225 per foot. And most believe it’s darn well worth it too, considering how often we hear that a bad day at the lake is better than a great day at work.
We invite our lake family to look around at some of the new projects we have underway. We think you will find that we pack in as many features and as much pizazz as you could hope for in a lake home. With decades of lake experience, the team at Russell Lands On Lake Martin will help you get maximum value for all of your well-earned dollars. Our sales executives specialize in helping you find the right lake place to fit your needs and your budget. Call them at 256.215.7011 to learn more today.
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