When doing something like this for the first time, I think it’s safe to say that your expectations for the amount of time the project will take and how much it will cost will creep toward longer and more expensive the deeper into it you get.
Take the budget category of “soft costs” for example. I like this term because it captures the malleable, ill-defined edges of a catch-all bin for all the costs you don’t yet fully understand. Things like design costs, engineering fees, rezoning application fees, permitting costs, miscellaneous city fees, site servicing fees, financing costs, and legal costs.
I learned from my latest call to the city that we should budget $25,000 – $30,000 to complete the small lot subdivision. This is only for servicing the lot (water, sewer), providing access (driveway and curb cut), and paying city fees. Yikes!
I laugh at the naïve me who a year ago estimated that the total cost to renovate our existing house would be about $100,000. Since that time, I’ve gotten a quote from a contractor who does interiors, plus a round estimate from our builder who will do the shell of the building (foundation, walls, windows, roof), and it’s looking more like $300,000 to do everything on our wish list.
I also marvel at the optimistic me of only 6 months ago, who thought we’d have our rezoning application submitted by February (which I’d already extended from a previous goal of ‘before Christmas’). The City of Victoria is special in the level of civic engagement it expects for all development projects. But especially so in a case like ours where we intend to continue living here once our project is complete, the amount of time we have invested to meet and listen to our neighbours is important and worthwhile. And it just takes time.
(Read this post to learn what our neighbours have said so far.)
The biggest choice we are currently facing is whether we will continue with our small lot proposal or switch to our Plan B, the attached duplex option (shown below).
Preliminary concept for attached duplex option. Rendering by Mark Ashby Architecture.
It’s not as simple a decision as what our neighbours will be most likely to support, although that is an important piece. Financial risk is another big one, as the costs and financing options are different for the two options. What will work best for our family long-term? What is most likely to make it all the way to Council approval and actually be realized?
I’ve been spending my time lately looking for answers to as many of these questions as I can – calling various city departments, calling lenders, calling people who have done this before. Then Matt and I will sit down and evaluate our options against a list of criteria which is starting to take shape:
- financing risk and financing costs
- total cost and return on investment
- maintaining/building positive relationships with our neighbours
- best fit with the site and its immediate surroundings
- lowest impact on the environment
- what will work best for us long-term
- likelihood of approval
Stay tuned and thanks for reading.
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