If you’re thinking about having your dream home built for you, it can be helpful to have a better understanding of some of the associated costs, which will help you create a realistic budget.
Outlined below are 5 of the biggest expenses when building your own home:
- Framing
As the most expensive part of building your own home, it’s not always easy to make an accurate prediction as to how much the framing will cost, but there are some general factors that can help give you a better idea:
- The size of your home – naturally, the bigger the home, the more it will cost to frame
- Type of framing – as the most popular and cost-effective option, conventional stick framing is often chosen over timber framing
- Materials and labor – lumber costs can vary but typically make up a significant portion of the overall cost of a home. Labor may not factor quite so much, but still needs to be budgeted for.
- The foundation
There are two main factors determining the cost of a home’s foundation, as detailed below:
- Your home’s location – the cost of local materials and laborers can have a huge impact on the overall cost of your new home’s foundation, and in some areas, contractors will build the same type of foundation. Should you opt for a foundation that your chosen contractor isn’t skilled in building, you will doubtless see an increase in the estimate.
- The type of foundation – slab foundation is the easiest and cheapest foundation type, while perimeter and full basement foundations need more materials, and the cost of labor is higher.
It’s important to use a local contractor with the relevant experience and skills to build your home’s foundation, and as it’s such an important aspect of any home, it pays to get it right first time.
- Plumbing
Having the plumbing installed is always one of the most complicated parts of building a new home, and should only ever be carried out by a trained and qualified plumber. There are 3 factors that can affect the cost of plumbing:
- The number of stories – houses with two stories will always cost more
- Excavation work – heavy machinery and special skills are required for excavation work, and if your new home needs a lot of excavating work, this can bump the cost up.
- Materials – pipes and fittings can vary in size and type, having an impact on the price of plumbing
- Roofing
How big the roof is and what material it’s made from will have a significant impact on the overall cost of your new home, and if you’re looking to save money, asphalt shingles are a popular choice.
- Flooring
The size of your new home and the type of material you choose for the flooring, can have a dramatic impact upon cost. Some of the most common flooring materials are listed below:
- Carpeting
- Hardwood
- Tile
- Bamboo
- Laminate
- Vinyl and linoleum
How to keep your budget on track
Your chosen contractor can play a huge role in helping you to keep costs down and within your budget when having a new home built, and it’s important to choose one that you trust and can have a good working relationship with. They should choose the materials that match your budget while still meeting your needs, and provided you communicate well with each other, you should be able to keep your new home well within the confines of your budget.
To take the first steps to building your new home, research local contractors in your area.