Building a house is a huge project, is everyone dream often compared with running your own business. In fact, building your home will be the biggest purchase you’ll ever make. Although this thought may seem quite scary, it usually does not prevent people from pursuing the dream of home ownership.
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When deciding building your own home is going to be the right path for you, naturally the main question on everyone’s mind is, “How much does it cost to build a home?”
However, a better question would be “How can I get a top quality home for less?” The most important thing in building a house is budget and based on your budget you can build the house of your wishes.
Most of the contractors can tell you how much to build a house costs you based on per square foot and any contractor can’t tell you the exact cost it requires to build a house. You need to know that, price per square foot can start from $60 or $80 per square foot, but it can go sky high from there.
There are Three Things that Drive Up the Cost of a Custom Home
1. The level of design refers to how difficult it is to build the house. If there’s a lot of engineering in it; if it has a lot of steel or engineered wood products or arched windows or if there are a lot of design and architectural features in a project, it greatly increases the cost of the project.
For example: Many contractors use a plain interior space, as the basis for calculating square footage, and then add 50% for elements such as cathedral ceilings.
2. The level of finishes and quality of materials also has an obvious impact on the price of the home.
For example: The difference between a $20,000 kitchen and $60,000 kitchen changes your square-footage cost considerably, and that’s just for the finishes such as granite or marble countertop, or custom wooden cabinets, etc.
Depending on your budget (the amount of credit your lender has determined you can afford), you may need to adjust your home’s plans according to these factors. Different finishes also create different labor costs. However, if you are a handyman you can try to save money by trying to finish a lot of the work yourself.
3. The location and the geography have a tremendous impact on the price of your future home. This is the largest cost and biggest factors in determining how much it will cost to build a house is determining the location and lot size.
Prices for land can vary so significantly and it is imperative to determine your location first, take into account the cost of land and how it will affect your overall plan, and then determine what size and style of house will be a feasible suit.
Also, keep in mind that building on a flat lot will cost a lot less than building a rocky, hilly or heavily forested area. If you have to haul in lots of dirt, do a lot of grading, clear trees, or blast through large rocks, then site preparations can become more expensive.
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How Much Does It Cost to Build a Home Overview
1. Price per square foot is not always the best way to determine how much a home is worth.
2. The most expensive areas in a home are usually the bathrooms and the kitchen.
3. The number of windows and the size and quality of windows can also affect the cost.
4. I have mentioned above that, vaulted, cathedral ceilings and high roof pitches can increase the cost of a home.
5. Make sure you know when you will be starting construction on your home. Because of inflation, the cost of building a home can increase as much as 6 % per year. As a result, if you’re not planning on building it for a year or more, you’ll need to factor inflation into your budget.
6. Two story homes cost less per square foot than a single story home, also the cost is impacted by the shape of future house. Of course, a house square in shape is cheaper than a home L shaped and other geometric shapes.
7. It’s most economical to build a home which is no deeper than 32 feet. If the depth exceeds 32 feet, then your roof trusses may need to be specially designed and will be more expensive.
8. The most developments and communities have rules that dictate what size and quality homes should be, with minimum and maximum expectation for construction. So, often a good way to answer the question “How much does it cost to build a home?” could best be answered, “how much did your neighbor pay for this?”
This is good also, to make sure your builder doesn’t overcharge you, you should find a home that is similar to the style and size of the home you want built in order to determine the cost per square foot. Only, you should subtract the price of the land from overall price.
9. When designing your home, it’s a good idea to stay 10 to 15 percent below your total budget. Because the final cost is usually more than the original estimate, you should be prepared to cover unexpected costs.
10. You should always look for hidden costs that will add to your final bill.