The prospect of building your own custom home is very exciting. By choosing a custom home builder, you are able to create and design your home according to your current and future needs. You have the ability to dictate the size of your kitchen, garage, living areas, and so much more. The possibilities are endless.
Of course, building a new home does have costs that you must consider, so that you can be better prepared to move forward during the design and construction phases with ease. Here are some things to remember when calculating and preparing for the costs of your new home.
Custom Home Building Costs Can Vary
According to HomeAdvisor, custom homeowners reported an average cost of $299,473 for a new home. However, this is a broad average across the nation. Prospective custom homeowners can expect somewhere between $180,000 and $440,000 depending on a variety of options and different factors. Typically, a custom home will cost more than building a modular home, mostly because of the custom design involved and the many available options.
Working with a home builder or developer can actually help you save on costs, particularly if the builder already has many customizable plans for you to choose from and property available to purchase. If you are located near the area, you can find custom home builders pittsburgh who can design your home specificly for your needs. Again, these costs can vary depending on what the builder has to offer as well as location costs. I have heard that bright homes can provide a high quality, low-cost service for their clients!
Property
One of the first costs you must account for is the purchase of the property where you plan to build. Whether you purchase property from your custom home builder, inherited property, or plan to buy in a specific area, you must account for property costs, which will vary depending on your state, city, and area.
Custom or Modular?
How will you build your new home? Will you create a custom design from scratch? Modify a modular new home? Or work through a developer or home builder? Are you thinking ahead to the future where you may want more space? Sometimes people go for modular homes because it’s cheaper but they end up wanting to expand their home by installing a second story addition but their home won’t be able to support the weight. Check out What To Think About When Planning A Second Story Addition to find out more. Your choice of new home construction will determine the costs involved. Weigh your options and get estimates, some of which can be attained online.
Design
Many prospective buyers fail to budget for the planning and designing phases of custom home construction. Design costs can add up, especially if you have many custom requests. It’s important you establish a hard budget prior to planning so you know what you can afford. You also need to think about how much the interior will cost too. Are you wanting just the standard rooms or are you going to turn your home high-tech with ultra 4k projectors for a theatre room?
Insurance
You’ll want to protect your investment, especially during construction. Do your research ahead of time on what construction insurance will cost you.
Permits
Arranging for the proper permits can be overwhelming, but many home builders can help you through this process. Nevertheless, be sure you know what permits you need and how much they will cost you. This may also include pre-construction inspections.
Construction
Work with your home builder to determine what construction costs you should expect. This should include any excavation, site prep, roofing, electrical, plumbing, and more.
Appliances
One of the benefits of building a new home is starting fresh with new appliances. No doubt there will be many appliances you’ll purchase to complement and fit the design of your new home: oven, dishwasher, refrigerator, washer, dryer, furnace, etc. Make sure you’ve carefully selected your new appliances based on the budget you’ve already created.
Home Inspection
Once your home is completed, it must be inspected to certify that the construction meets required standards for occupancy. Find out how much your home inspection will cost ahead of time so that you are well prepared. The cost will be based on the quality of the inspection as well as the size of your home, but expect to pay somewhere between $400 to $600.
Landscaping
Of course, landscaping can be saved for a later time, but if you’re planning on having a yard in place when you move in, then make sure landscaping costs fit into your budget.
These are just some of the costs you can expect and plan for when building a custom home. It can be overwhelming, but there also cost benefits to building a new home. For example, new homes are made to be energy-efficient, especially when combined with brand new appliances designed to work better while costing you less. Energy bills for new homes are typically lower than when moving into an older home. Plus, you have the assurance that everything should be working just fine. Buying an existing home can bring unexpected costs, such as failing appliances, remodeling requirements, failing sprinkler systems, poor plumbing or electrical, and so much more.
If you’re looking for the best custom home builder in Chattanooga, TN, then be sure to visit McCoy Homes. Our builders and design team have years of experience constructing custom homes to meet your needs. We’ll walk you through every step of the building process to ensure you have a pleasant experience.
—
SOURCES:
http://www.homeadvisor.com/cost/architects-and-engineers/build-a-house/
http://www.newhomesource.com/resourcecenter/articles/how-much-does-it-cost-to-build-a-house
