Cost to Build a Home
Building a new home is the perfect opportunity to get exactly what you want in a home. However, it can be costly. Here is a breakdown of typical costs associated with building your own home.
Custom homes: $350,000 – $1.5 Million+
A custom construction allows you to build a home to meets your exact needs. However, they are costly, both in terms of money and time. To construct a custom home, you will need to hire a residential architect. Hiring such a professional can cost anywhere from five to fifteen percent of your construction costs. Generally, a custom home costs approximately $100 – $400 per square foot, but can vary based on location and materials used.
Modular and prefabricated homes: $50,000 – $300,000
Pre-built homes often cost approximately ten to twenty percent less than a custom-built home. There are two types of prebuild homes:
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Panel building
For this type of home, premade walls are fastened to the floor of the home. These panels are cheaper to transport than the materials for a modular building. Some builders may even install features such as sinks and toilets before installing the walls. This can speed construction time and reduce costs.
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Modular building
Modular homes are created in sections and then assembled on site. They offer additional design options to open crowded areas. However, most modular homes do not have the option of porches and garages. Many people opt for a combination of modular and panel buildings to get designs not available with solely a modular design.
Material and machine costs
The cost of your materials will vary based on the type and size of your home. The region of your home can also change the amount you are paying for materials. The professional you hire should be able to provide you with an estimate of how much your materials will cost.
Machine costs will depend on what your hired professional owns and what they need to rent. The size of the home and location will also affect the costs. If you are planning on building on rocky or unleveled land, that will require specialized machinery, which will increase costs. Typically, builders will use backhoes that have necessary attachments. These usually cost between $70 and $90 per hour.
Labor costs
As for much of your home, these costs will vary dependent on the size and complexity of your home. In general, a large custom-built home will have higher labor costs than modular homes. However, a typical cost breakdown is:
- Architect: $60 – $125 per hour
- Engineer: $100 – $150 per hour
- Land Surveyor: $300 – $700
Other labor costs associated with your home are as followed:
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Foundation: $4,000 – $12,000
This includes excavating, pouring, and backfilling.
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Framing: $1,500 – $6,500
Framing dictates the size and location of rooms. This includes the overall home frame, trusses, and general metal work.
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Exterior finishes: $40,000 – $60,000
This includes exterior walls, roofing, windows, and doors.
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Major system installation: $30,000 – $50,000
Major systems are plumbing, electrical, and the HVAC.
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Interior finishes: $85,000+
Interior finished include insulation, drywall, interior trim, lighting, appliances, paint, flooring, and plumbing fixtures.
Additional factors that affect costs
Numerous items can affect the final cost of your home. Such costs include:
- Number of stories of your home
- Shape of your home
- Type of roof
- Appliances
- Design features such as pools, outdoor kitchens, and decks
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