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Developers plan subdivisions and offer a range of floorplans to select from. Developers build many houses at once, so houses typically cost less each than a custom home, and they’re likely to be completed faster too. The material cost to build a house yourself is typically around $50 per square foot. For a 2,000-square-foot home, you could expect to pay about $100,000 for materials alone.
Cost of House Plans
Costs will likely be front and center when you’re deciding between building a home or buying an existing one. Think about the value of living in a home custom-built to your needs and desires. Use our table to estimate how much it’ll cost to build your home based on the price of $150 per square foot.
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Brick was once considered a building material on its own, and brick houses have a solid feel and classic charm. Modern building codes, however, require insulation and structural minimums, so brick is now usually regarded as an exterior siding or cladding, and homes with load-bearing masonry structures are rare. Basements can add $10 to $100 per square foot to new house construction, depending on whether they are partial or full depth and whether they are finished or unfinished.
If your budget is under $400,000
Depending on how much landscaping work your property requires, this cost can range widely, from $3,000 to $16,300 or even more. On a national average, a new roof typically costs $10,000 to install. However, this estimate will go up if you want options beyond the traditional asphalt shingles, or if you have a larger-than-average roof. Even if you’re just day-dreaming at this point, it’s never too early to ask a local real estate agent for advice on building a house.
If you don’t want to go tiny, you can still save money by going small. Small houses are about 1,000 square feet and cost about $125,000 to build. The amount of lot preparation required also needs to be calculated into your building costs, which HomeAdvisor estimates between $1,300 to $5,100. This can include expenses such as soil testing, land excavation, grading, and surveyor fees.
However, prices range drastically based on the project size and location, so it’s not uncommon for costs to be anywhere from $15,000 to $850,000 or more. The best way to save on building a house is to get multiple quotes for every step of the process. Talk to several real estate agents, architects, builders and designers and ask each for a written estimate. If one quote is significantly cheaper than the rest, find out why before signing on the dotted line. You don’t necessarily want to pick the least expensive option; it could leave you with a poorly built house that requires frequent emergency repairs or costly add-ons that weren’t included in the initial quote.
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Most people won't be interested in buying a house with foundation issues. Your new house will also need new appliances, like a refrigerator, dishwasher, and washer/dryer. If it’s your first time buying large appliances, it’s a good idea to check out price ranges, so you can add these items to your calculations. While a simple slab is on the lower end, if you want to create a basement (to potentially furnish later), costs increase with more material, reinforcement with rebar, and additional excavation. Your interior and exterior finishes will have a huge impact on your budget when constructing your dream home.
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Building Cost Calculator provides accurate construction costs for a new house. You can select different options for trim, quality of materials and other amenities, such as a garage and deck. Based on sticker price alone, it’s often cheaper to buy an existing house. Buying a house means the buyer can negotiate the price, choose from existing features, and move in fairly quickly.
There are two main ways in which people build a house by themselves. The first is to act as an owner-builder or to be your own general contractor. This typically saves homeowners between 15% and 25% of the cost to build a house. A home equity line of credit (HELOC) is another good option for financing the cost of building a house, provided you have a significant amount of equity. Like a home equity loan, you’ll borrow against the equity in your current house to procure financing to help build a new one. The difference is that a HELOC acts more like a credit card than a lump-sum loan, and you’ll be able to borrow from the line of credit as needed, up to the amount that you’re approved for.
However, construction costs soared at the height of the pandemic due to supply chain disruptions and labor shortages, so prices — and time frames — are up. How much money you should have saved to build a house will be unique to you. When you sit down to calculate the cost to build a house, go over every single budget item and assign a dollar amount, then add another 20% to account for emergency expenses.
While more buyers are opting for new construction in the midst of record-low inventory, high interest rates are having an effect on builders, too — making it more expensive for them to finance construction loans. To design your floor plan for a custom home, hiring an architect will cost about $6,483, on average, with their actual fee being somewhere between 5% to 20% of the total project cost. However, you can save a bit by working with a draftsperson instead, which will cost around $1,743. Building your house into your desired shape, a process called framing, costs about $20,000 to $50,000.
Construction or building permits are legal documents that authorize the house-building process. A contractor charges around 10% to 20% of the total construction value. The fee depends on several factors, such as property type, detailing, materials, and workforce. Apart from a contractor fee, ensure to account for each professional’s hourly rates. It demands acute financial planning, budgeting discipline, and a sizable nest egg to shoulder the custom home costs and account for emergencies. The plumbing expenses for a newly constructed home are approximately $5 per square foot.
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