There comes a time in everyone’s life when they have to leave behind the home their parents built, and move out into the world. As the circle of life progresses, it’s now your turn to get yourself a home and raise a beautiful family.
However, as you now realize, there’s a lot that goes into getting that home. The first, and most important decision you will have to make, will be whether you want to buy a house and build it into a home, or build your nest from scratch, and you’ve made the right choice.
Building a home is a noble venture, however, there’s a lot that goes into determining how much the custom home will cost. Here are some of the factors.
Building a house seems like a very wonderful venture. However, there are a lot of steps involved from breaking ground, to kicking back on an Adirondack chair to admire your finished work. Here are some of the requirements and their costs.
- Site work: Before the building goes up, you will need various permits and inspection certificates. These include building permits, water and sewer inspections, and impact assessments. All these costs significant amounts, and may even require additional labor to accomplish.
- The foundation: This includes excavation, laying the foundation, concrete, retaining walls and other related works.
- Framing: Your house needs a plan if the rooms are going to be in the right place. That’s the function of framing to determine the size, layout and locations of associated rooms.
Other costs you’ll encounter will be associated with work such as exterior and interior finishes, installation of systems, and the final touches.
The above-mentioned costs assume that you will do all the work yourself, on a plot of land that you already own. However, that isn’t usually the case. You will need to purchase the plot that you want to construct on, and even hire contractors to handle the work for you.
You may also not have the money on hand to build, and will need help from financial institutions to build your house. This will also cost you something to get done.
Building a house is not like going to the local Walmart and buying a fixed amount of a product that you need. In the cases of tiles, you may need a certain number, but you’ll also need to purchase at least 15% more. This is to help cover losses from transportation damages, or even tiles breaking during installation.
Also, the design of the house will greatly influence the cost of the project. An elaborate roof is much more difficult to put up, and will require extra labor, or longer labor hours to get to where you want it to be. Also, it will require extra material that can cost you a handsome amount.
The finishes you select for your home will also determine the cost you will pay. If you choose to go for sidings, you don’t expect vinyl and wood sidings to cost the same as PVC.
Depending on how many rooms you are looking to build, the cost of building a house can range anywhere from $250,000 to $500,000.