Shopping for a new home based on existing inventory can be hit or miss: One house might have many features a buyer loves but be in the wrong neighborhood, while a home in the neighborhood the buyer loves may be more ramshackle than expected. House prices vary wildly based on which part of the country the market is in, which part of the state, and sometimes even the side of the street a home is on. Building your own house allows you to customize every detail and control the budget, as long as you’ve budgeted for the occasional unexpected surprise. In addition, building your house lets you deeply understand the inner workings of the place in which you spend most of your life. Check Cost to build a patio too here.
This means, of course, that there are many components to learn about when pricing a potential build. We’ve broken down the different elements that go into building a house to help you understand how to afford a newly constructed home that best suits your style and budget.
How to Calculate How Much It Costs to Build a House and patio
There are many variables when estimating the cost to build a house. Each category of construction and finish will be available in a range from economy to luxury, so the actual cost and budget for each category is dependent on the builder’s preferences.
While you can choose to serve as your own contractor, new construction building is a minefield of permits and ordinances and a grand dance of coordination. Unless you’re planning for this to be your full-time job for the length of the build, the next step is to consider interviewing several general contractors and hiring one to shepherd your project through from start to finish. Although you might be committed to building the house yourself, a good contractor should be able to show you how they can save you money and alert you to potential pitfalls. Hiring a general contractor will account for 10 percent to 20 percent of your total project cost, but it may save you from committing expensive errors. Once you’ve established that, the contractor should be able to help you with specific estimates.
To calculate how much it costs to build a house, start by choosing and adding up the following:
To calculate the cost, you’ll need to know the size and footprint of the house. If you’re working with an architect, plan as much as possible before seeking estimates for materials and services. Last-minute adjustments can add significantly to the price. Calculate the square footage of the house and the dimensions of the footprint—for reference, the average cost to build a new home is $150 per square foot, but in high-end markets that number can soar, so seek multiple estimates as you choose your materials.
Get estimates for how much it will cost to clear the property and prepare the site, including tree removal, excavation and grading, soil testing, and connection to city utilities.
If your house will need a foundation, get several estimates for the excavation, soil removal, and material and labor costs to pour the foundation.
Using the square footage and diagrams of the room division plans, a contractor will be able to help you estimate the cost of framing materials and labor.