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Imagine if you just spent $2,000 on a set of house plans that you couldn’t use to build.
If you’re thinking about building a new home, and you don’t know where to start, you’re gonna wanna hear this. On today’s video, We’re gonna talk about the cost to build a new home and the most important factors that drive that cost.
It blows me away to see how many homesites we come across where there’s a big clearing with a driveway, but no house, or a completely abandoned concrete foundation. When it turns out the county had already issued a site assessment for that lot - illustrating a 100 year flood plain and setbacks from a critically protected watershed. Or the owner had enough money to build a house, but not the extra 50K it would cost to clear the lot, build a driveway and cross a creek to get to the house site.
That’s crazy! Why is this happening?
More often than not, people find some misleading information on the internet about the cost to build a home, and then start to plan around that fictional cost. There’s a never-ending debate in the building industry about the best way to summarize the cost of a home. You might have heard someone say, “We built our home for $150/sq ft,” or “I heard the average cost of a new home was $100/sq ft.” I wanna help you understand the major components of building a new home so you can ask your contractor the right questions, and make sure you know exactly what you’ll be getting for the cost presented to you.
If you can ask your builder how much they expect each of these things will cost, you’ll be well on your way to designing a home that you can afford to build.
It’s really important to take the time up front to lay out all the costs involved from start to finish
Let’s start with the first and most important: HEATED SQUARE FOOTAGE.
This is the area of your home that is conditioned with Heat and Air Conditioning. Your liveable square footage. These are all the indoor spaces like the Kitchen, Bathrooms, Bedrooms, closets, and any other space that is within your insulated building envelope.
The bigger you build, the cheaper each square foot will be. For 1000-1300 sq ft custom homes, we budget $220+/sq ft. For 3000 sq ft homes and larger, we typically budget $150-200/sq ft of heated area. You might be thinking:” WOW! That’s a big range” And you’re right. Those are big ranges. The actual cost will vary based on the scope and level of finishes that we ultimately determine during the design development phase. For example, We build air tight homes with lots of custom detailing and high end finishes - and so our cost per square foot is higher than your average builder. But at the same time, we are very hands-on. We do the work ourselves and typically cost much less than your typical high-end builder that hires out most of the work to expensive specialists that drive up the cost.
Moving on to #2: DECKS.
Decks are simply a wood frame and floor system outside your home that usually rests on a simple concrete pier foundation. We budget about $20-30/sf for decks, depending on the type of decking boards, how high it is above the ground, installation details, things like that.
#3 COVERED PORCHES:
Covered Porches are some of the most coveted space in a home. They provide a sheltered transition to the outdoors and are a great place to hang out with friends and family when the weather is nice. We usually budget $50-75/sq ft for covered porches.
#4 GARAGES:
The average cost for an attached garage on a custom home is $75-100/sq ft.
#5 SITE WORK:
The Site Work is the biggest variable when you’re building a home, especially on rural land with no infrastructure.
if you’re developing a vacant lot on rural land that has no water, sewer, or power infrastructure, its gonna be critical to explore what those costs will ADD to your building project. Clearing a wooded lot for your house site, installing a driveway, crossing a creek, installing a septic system and drilling a well for water are all typical costs for developing rural land.
During this critical COST PLANNING phase of the Pre-Construction process, we determine your goals for the design and ASSESS THE SITE for all of those infrastructure costs like building a driveway, clearing, grading, well and septic.
PERMITTING is one of the FIRST and MOST critical steps.
If you are in fact building a new home on a rural lot, you’ll need approval from the Planning Department to make sure the land is zoned as residential. you need to observe certain setbacks from.
Once you get through the Planning Department, your next step will likely be the Health Department, who will inspect your land for suitable soils to install a septic system to dispose of your human and water waste.
The biggest fluctuation and uncertainty nowadays is the volatility of lumber and material costs. building costs can be estimated accurately based on UNITS like square footage, lineal feet, cubic yards, etc.
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