How to Estimate the Cost of Building a New Home

How to Estimate the Cost of Building a New Home

When you decide to build a new home, you want to know the exact amount the project will cost you. However, this is not easy for somebody that is not an expert. If you want to know the amount you will spend on your construction project, here are tips to help you.

The Floor Plans

Select the floor plan of the home that you want to build. You can get a floor plan from a local architect, general contractor or search online. A floor plan determines the style, size, features, and quality of a home. This is the baseline of a construction project.

Find a Professional Builder

Once you have chosen a floor plan, select a professional builder. A professional builder has probably built a home that is comparable to what you are looking for in terms of style, size, features and quality. This will help you determine the amount of money you are likely to spend on the construction of your new home.

Get Ideas on the Construction Costs of Your Home per Square Foot

It may not be realistic to arrive at the exact cost of a new home per square foot. However, it’s possible to get a ballpark idea. This is achieved by dividing the total project cost as outlined by the builder by the number of the total project’s square feet.

You may also get an idea of the cost of building your new home by comparing what you want to build with newly built homes in terms of style, size, features, quality and location.

Leave Room for Additional Costs

Don’t forget to include additional costs like the cost of site preparation, permit fees, and time when you will be building the house. Nevertheless, you can work with your contractor to avoid overruns of the cost.

Follow these tips to estimate the cost of building your new home with ease.