4 Tips to Help You Figure Out the Cost of Building a New House

If you are going to build a new home, you may be wondering how much it would cost you. This is a difficult question to answer as there are a lot of factors to take into account when figuring out the construction cost. Therefore, let’s take a look at 4 tips that can help you estimate the cost.

1. Determine Your Floor Plans

First of all, you should put together a floor plan. Some builders offer a lot of floor plans for their clients. Based on these plans, you can determine the quality, features, style and size you desire. This will help you lay out the base of the project.

Your next move is to look for the right builder. Make sure you work with an experienced builder. This is important for proper budget, timeline and execution of the build. With their assistance, you can calculate the cost to build a house.

2. Figure out the Costs Per Square Foot

It may not be realistic to figure out the exact construction cost, but you can get a ballpark idea. For this, you should get the total figure and then divide it by the number of square feet. Let’s take an example. Suppose your home measures 2,000 square feet, and the total cost of construction is $350,000. Now, you need to divide this amount by 2,000 to get a figure of $175.

3. Consider the features, Style, and Quality

The total cost of construction won’t depend upon the size only. You also need to consider the features, quality and style when making your calculations.

Style

Style determines the architecture of the building. If the available space is a square or rectangle, the construction cost will be less.

Quality

Quality depends upon the materials used for the construction. This may include a lot of choices, such as windows, doors, appliances, built-ins, cabinetry, shingles, insulation, paint and flooring, to name a few.

Features

Features include design factors like staircases, roof pitches, and vaulted ceilings. These additions are important and can have a great impact on the price tag of your new house.

4. Additional Construction Costs

While figuring out the cost, don’t forget to consider the primary expenses. Often, these are overlooked by many people. Given below are some of the most common ones.

Site Preparation

Site preparation involves clearing many trees and removing large rocks, for instance.

Permit Fees

Local restrictions, zoning laws and building costs should be obtained as well. Based on the area, know that these permits can cost a lot of money.

Time of Year

Time of year can also has an impact on the construction cost. When the cost of labor is high due to economic growth of low unemployment, the construction costs are higher. Therefore, you should consider this point when making your calculations.

Long story short, if you want to have an estimate of the total cost of your new house, we suggest that you follow these 4 tips. Hope this helps.

Four Advantages To Building New Homes

If buying a house is nerve-wracking, constructing one from the ground up can be downright stressful. Building new homes, however, offers the following four advantages.

Unlimited Customization

Many people would love to live in a home customized just for them. Most don’t even consider this option when contemplating a move because they assume it would be too expensive to build from scratch. According to the National Association of Home Builders (NAHB), the median new home price in 2013 was $268,900. That is not a high price for total customization and the sound knowledge that a residence is truly one’s own. It’s not uncommon to pay upwards of $300,000 for real estate that already has been built for someone else’s needs. Why pay for a house that is not built entirely to one’s own specifications when the same amount of money or less might be spent on the luxury of customization?

Greater Efficiency

Existing houses don’t just come with creaking floors and undesirable wallpaper; they come complete with drafty windows, energy-hungry appliances, and gas-guzzling furnaces. All of these issues contribute to one very inefficient residence. This lack of efficiency is bound to rob the homeowner’s wallet, whether it’s through the need to remodel or because of sky-high energy bills.

New homes guarantee greater efficiency. This is especially true if they are built in a neighborhood or community with a green initiative. Within such communities, preexisting plans for new homes entail energy-saving strategies. These plans may include solar panels and maximum insulation, for instance.

Better Resale Value

Though most home builders are not likely to sell their abodes anytime in their near future, it is worth noting that the resale value of new homes is higher than that of older ones. Each customized blueprint is unique, and each one has attractive features that cookie-cutter houses lack. This makes such new homes irresistible and more valuable to potential buyers. If circumstances change and selling the newly constructed place becomes necessary, then you’ll at least have the consolation of being able to ask for a high selling price.

A Healthier Alternative

Older houses are riddled with dangers to their owners’ health. Though potentially beautiful on the outside, these buildings often hide complications in their walls and beneath their floors. Pest infestations, mold, lead paint, and asbestos are just a few of the serious health risks that can be associated with older homes. Constructing a new place from the ground up can guarantee that none of these health hazards reside alongside the mortgage-paying inhabitants.

True pride comes with the construction of a brand-new, custom residence. As evidenced above, there are many residual benefits from the choice to build rather than to buy. Homeowners who take this route have the pride of knowing that their place of residence is truly their own.