How much does it cost to build a house?

31 Dec

This is the main question after you have made a decision to get your own house built. Well, house can be built for less than $25,000 and it can cost you more than $500,000. It depends on many things: how big is your home, will you build it by yourself, choice of materials and building techniques etc. etc. etc…
An easy and fast way to get an idea about costings is comparison with new houses on sale in your local area. Look at newly constructed homes that are similar in size, style, quality, and features to the home you want. Take the price of the home, deduct the price of the land, and divide that amount by the square footage of the home.
For example, if the home is being sold for $200,000 and the land costs $30,000, then the construction cost is around $170,000. If the home is 2,000 square feet, then the cost per square foot is $85. Use several new homes in your area to get an approximate square footage price. After you have calculated an average square footage cost, you will multiply that cost by the finished square footage of your house plan to get a rough estimate.

More exact method would be calculating a construction budget item-by-item. Here’s a budget template to help you out.

The most expensive areas in a home are the bathrooms and the kitchen. The number of windows/doors and the size and quality of windows/doors can also affect the cost. Vaulted ceilings and high roof pitches can significantly increase the cost of a home.

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