Hey there! In my experience (as a freelance developmental fiction editor with friends in the same profession), developmental is actually the cheapest option–I think you may have made a decimal point error 🙂 The going rate in my corner of the edit-verse is around $0.008/word, not $0.08, which means a 70,000-word edit will be $560 or so. It’s possible this is different across genres, though! Just wanted to drop a note so any aspiring budget-minded fiction writers out there can take heart .
The romantic myth of an author sitting alone in their room and emerging with a finished book is just that: a myth. Writing is a tough skill to master. Good books are the product of talent, craft, revision and more revision. Like all creative arts, writing requires critique from knowledgeable professionals who can make suggestions and provide direction from a perspective most writers can’t obtain on their own. From developmental editing — with advice on story and structure — to copy editing and proofreading, working with a range of book editors is absolutely crucial when writing a book. But where can you find the professionals with the right experience in your genre to take your story to the next level?
It’s always sensible to follow due diligence in submitting your first draft of your book to an editor by making as fool-proof a copy as possible for you because first, it is your own creation, and secondly, a horrid draft sent your editor can end up frustrating both you and him or her. Make your own corrections to the extent you can, so that will make the job of your editor that much lighter and the end result would be a lot more effective.