Estimating New Home Construction Costs: 5 Helpful Tips

Estimating New Home Construction Costs: 5 Helpful Tipsby adminon.Estimating New Home Construction Costs: 5 Helpful TipsIf you’re someone who’s preparing to build a new house from the ground up, then there is a lot that you have to think about. You need to consider how large you want your house to be. You need to consider the kind of features that you’d like it to have. You also need to […]

If you’re someone who’s preparing to build a new house from the ground up, then there is a lot that you have to think about. You need to consider how large you want your house to be. You need to consider the kind of features that you’d like it to have. You also need to consider how much your contractor (and sub-contractors) will be charging you.

Although this all might initially seem a bit overwhelming, the good news is that there are several things that you can do that will help you to get a pretty estimate of your new construction costs beforehand. If you’re interested in knowing what five of those things are, please keep reading:

Know your floor plan. If you’ve ever lived in an apartment before, then you know that different floor plans are different rent prices. The same thing applies to the floor plans of a house. The good news is that there is a variety of different ones to choose from. That’s why it’s really important for you to sit down with an architect so that you can decide which one will best suit your lifestyle and also your budget.

Know your contractor. There are a lot of people who have horror stories of their experiences with unqualified or unprofessional contractors. In order to find the best one for you, first look for a general contractor who comes up on referral. If you run into a challenge finding one, the next thing that you should do is interview 3-5 different professionals. Make sure to ask for their portfolio along with a few of their references. Also, don’t be shy about letting them know that you’re considering others to work with. It will start a bidding war and chances are, you’ll get some discounted offers from more than a one of them.

Know your cost of construction (per square foot). Something else that you should do in order to estimate the construction costs of your new home is to look into how much it will be to build your place, per square foot. You can do this by first taking the total estimate that your builder offered you and then divide it by the number of square feet inside of your home. Say for instance that your house is going to be around 2,000 square feet and your builder believes that it’s going to cost you somewhere around $300,000 to complete it. By dividing $300,000 by 2,000, the cost per square feet is going to be approximately $150.

Know your intended features. Thankfully, when it comes to building a new home, you don’t have to worry about purchasing building equipment or looking for cranes for sale. That is usually the contractor’s job; however, something else that you do need to factor into your construction costs are all of the features that you plan to have. This can include anything from energy efficient appliances to solar roofing.

Know your additional fees. Something else that you shouldn’t overlook are additional fees that come with building a new house. These would include the cost of site preparation, the cost of permits and also the cost of labor based on the time of year that you choose to build (as a tip, contractors tend to be cheaper during the winter season). If you take all of these things into account, you should be able to get a pretty good estimate of what your new home construction will cost. Good luck!

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