All excitement aside, building a new home can be a rather daunting experience. Typically, combining all the fittings and features you want into your ideal house, while doing it on a budget can be far from simple.
If you are building your perfect home or an investment property, what determines the decision-making process and the ultimate outcome is the COST. Nonetheless, while the costs may vary from house to house, your distinct approach to the process of building it can make a considerable difference.
That said, what are the actual costs associated with building and financing your home? Let’s break it down…
How much does it cost to build a house?
While there is no correct standard figure on how much it costs to complete a house building project, the minimum average cost of building a home usually ranges from $125 to $150 per square foot. Nevertheless, the total cost of every home building endeavor is dependent on various distinct factors, some of which include:
- Land: While calculating the overall home building costs, the worksite plays a significant role in the final figure. Usually, with property, you may incur lot preparation expenses depending on the nature of the land. Is it sloping or flat? How will you tailor it to suit your home’s design and plan? All these factors add to the lot preparation fees and hence, the overall cost to build a house.
- Government Regulation: Typically, before you start your construction process, you must satisfy all the appropriate house regulations. Usually, this can include permits, fees, and inspections all which cost a substantial amount of money to fulfill.
- House Specifications: Finally, the specifics of your house also contribute to the total house building costs. Your unique house specifications add to an array of expenses which you must prepare for including utility fees, material costs, and labor costs, among others making it impossible to estimate a one-size-fits-all house building figure.
A Cost-Effective Approach to House Building
Undoubtedly, house building can be a rather costly affair. Nonetheless, if you are planning to build your ideal home, but you are working on a budget, various home building companies can offer you a reprieve. Besides their expertise, they also provide exclusive programs such as the remarkable Home Trade-in program by Experience Homes.
Basically, with this program, Experience Homes trades your existing home for a new home! We buy your current home on the same day you buy a new construction home from Experience Homes. Your existing house equity can also serve as your initial down payment.
Advantages of Home Trade-In Program
- No realtor fees
- No house showings
- Never two mortgages
- No stress to be out by a specific time
Although it can be quite an expensive endeavor, home building can nonetheless be significantly rewarding. With the right mindset backed up by the proper procedures and the right professionals to guide and assist you through it, you might find these home building-associated costs to be abundantly worthwhile.