With fewer homes on the market these days, some people are looking to build a new home instead of buying a pre-existing home. According to homelight.com, the average cost to build a home, today, is around $295,000. This compares to average on-site, new home (reported by the Census Bureau) price which is $501,000.
Costs of Building a Home
- The Land: In order to build a new home, you need to purchase the land it will be built on. This amount will vary based on how much acreage you want to buy. Additional costs could be added on depending on the availability of utilities at the site. If they need to be run to the land, this will add on extra costs. Also, surveys, soil tests and excavating and grading may need to be performed on the land.
- Slab/Basement: Depending on which option you chose will determine the costs. On average, it is just over $9,000 to install the foundation. If you wish to have a basement, the price will be higher. According to homeguide.com, the average costs to pour concrete walls or do a precast, is around $15-$40 per square foot.
- The Frame: The average cost to build the frame ranges from $20,000 to $50,000. Those costs may be higher now with the higher costs for lumber.
- Roofing: Today, there are several different types of roofs to choose from. Some of these roof types include metal or asphalt. It typically costs around $10,000 for the roof to be installed.
- Appliances: Another cost to think of is the purchasing of appliances. These costs vary depending on the style of appliances you wish to install.
- The Main Systems: These costs include the running of electricity, plumbing installation and the purchase/install of your heating and cooling components. Installing electric can run from $3 to $5 per square foot. Plumbing costs can be as little as $1,500 to as much as $15,000+.
- Furnishings: Depending on how fancy you want your furnishings to be, will make a big impact on these costs. This would include your bathroom appliances, countertops, light fixtures, and flooring, just to name a few. Bathroom showers can cost anywhere from $5,800 to as high as $10,000.
- Permits: When building a home, there are many permits that will need to be obtained, and each comes at a price. The National Association of Homebuilders says the costs of permits can be as much at 23% of the total cost of building the home. Permits are needed for plumbing installation, driveway paving, window installation and so much more
Below is the average cost of building a home.
If you are looking for land to build a home on, contact Novella Realty at 440-624-4032 and speak with one of our agents. They will be able to let you know what is available around the area.
Read the Original Article Here: How Much Does It Cost to Build a House in 2023?