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How Much Per Square Foot is Cost of Construction on Two-to-Four Unit Homes
Without the cost of land, do any of you know the cost of new construction on two-to-four unit multi-family buildings. It seems it is wiser to build a two-to-four unit multi-family home versus buying an existing two-to-four unit multi-family home.
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A fourplex multi-family building is a residentially zoned building with 4 separate living units. It’s typically 500 – 1,200 square feet, but can be larger depending on the capacity or number of rooms per unit. The average price for building an apartment is $270 per square foot, but it can also range between $70 – $330 per square foot depending on the type of construction and amenities. The land cost varies depending in the area, whether it is urban or rural and can vary from next to nothing to several hundred thousand dollars.
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In Chicago and suburbs cost to build a new construction single family home varies depending on the type of building, materials, and amenities. It costs <b style=”background-color: var(–bb-content-background-color); font-family: inherit; font-size: inherit; color: var(–bb-body-text-color);”>$212 per square foot to build a house in metro Chicago area and suburbs. However, home-building costs depend on several other factors. These include property type, construction area, labor costs, and material costs. Material costs have been rapidly rising due to skyrocketing inflation and demand for construction materials. Land costs depends widely. Therefore, to build a two thousand square feet home would cost $424,000 plus the cost of land.