How Much Does it Cost to Build a House?
Perhaps having your own home is the biggest investment and most expensive purchase one could ever have. It’s just proper that we plan and prepare for it well. But the major question that most of us want to be answered would probably be how much does it cost to build a house? What are the important factors that we have to consider before we decide on building our own house?
First and foremost before you can build a house, there should be a lot or location. Other predetermining factors are the material or the make of the house, the features and the size of the house that you want to build. The cost for building a median house in the US nowadays range from $181,300 to around $200,000. But as stated earlier, this may still vary, keep in mind that other external factors such as the economic and housing market stability may have a bearing in your cost estimation. For example in the 2007 survey made by the National Association of Home Builders, the average cost of house construction at that time was $65.57 per sq. ft., excluding the cost of the land or the lot of course. Experts claim that due to the ongoing economic crisis, it is less expensive to build a house at present.
Let’s start with cost estimation. Builders say that your allotted budget should be 25% for the land cost and the remaining 75% should be allotted for the building cost. Having that significant tip, you can now start contacting local builders. Most of them will usually provide you with a rough estimate of building cost per square foot. But we can’t rely on their approximation right away. If you have everything laid out like the size of the house you want, the features of the house, number of rooms, what type of flooring, the shape, additional rooms, the types of doors, windows, even the faucets that you would want installed etc., they can make an estimate that might be close to the real cost of the house. Then again, it is not 100 percent guaranteed. Besides, you have to at least allot about 10% of your budget for contingency in case there will be some changes or if there will be unanticipated problems that will occur. Also remember that even the littlest detail in the design of your home can make a big disparity in the pricing or the costing. So everything must be deliberated on before making the final blueprint.
The bottom line is, you should be well-prepared before deciding on building your house. As mentioned earlier, this is your biggest investment and purchase that’s why careful planning should be done. You might not have enough funds to create the house of your dreams but at least with proper preparation and consideration, you can at least build one that is close enough to your ultimate goal. Rest assured that at the end of it all, once your house is finally built, you can now say it’s a home sweet home, because it’s your own.
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- How Much Does It Cost to Build a Garage?
- How Much Does It Cost to Build a Pool?
- How much does it cost to Furnish your House?
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