So you’re thinking of building a new home, but aren’t quite sure if you can foot the bill? Or are you just wanting to know the costs upfront for peace of mind? Well, fear not! We’ve got some helpful tips that will help you establish the estimated costs to build your new home before you commit to anything. It’s no surprise that cost is not only the main concern that consumers have when it comes to custom home-building, but it’s also a pitfall. People will think that they’ve figured out what the estimated cost of building their home will be, but inevitably there are hidden fees that crop up and tack on large dollars to their bill. Bear in mind, there is no way you can guarantee 100% the final cost of building your home until it is complete, but there are ways that you can get a fairly good estimate before you venture forward.
Meet With Builders
First, you should meet with your local custom home builders in Dallas. Look around for builders who are capable of building the type of residence that you want constructed. These builders should know the costs associated with building structures similar to your desired home, and can tell you the intricate details that will make up the total price. For example, a builder can tell you where you can save money, what types of materials are more expensive, common mistakes that others have made in the construction process, and more. Though most home builders have comparable pricing within their geographical location, you may find that a certain builder can work with your budget when others can’t. However, don’t let price be your only selling point when it comes to custom home builders. Instead, find a harmonious balance between price, quality, and reputation.
Footage Calculation
It’s hard to gauge what your total square footage will be, especially if you know very little about houses to begin with. A good way to get a rough idea would be to visit other homes that seem to be the same size that you would like your future residence to be. Visit a few homes to get an average footage estimate. You’ll also want to jot down, if available, the total price of the home. Try to look for places that are within the same area you’d like to build, so you can ensure the property value is roughly the same. If possible, find homes that have similar fixtures and features to those you would want in your home. This is where a large portion of hidden costs can come into play. Features and fixtures are underestimated during the initial estimate phase, and homeowners are shocked when they decide to add that hot tub they really wanted or the in-ground pool only to find their initial estimate shoot up thousands of dollars.
You can calculate the footage cost by taking the net price and dividing it by the total footage. For example, if a home cost $400,000 and it has 4,000 square feet, the footage cost would be $100. When you find your average footage cost by doing your investigating, you can apply that figure to the total square footage you would like in your home. Again, for example, if the average footage cost was $100 and you wanted a home that was 3,200 square feet, the rough cost to build your home would be $320,000.
Fixtures and Features
To reiterate our point above, make sure that you obtain your average footage figure from homes that have equivalent features and fixtures to your desired home’s. If you compare a house with lower-quality features, while you purchase higher-quality, obviously your total build price will be higher than originally anticipated. Note that adding in more windows will also increase your estimate.
