Building the Perfect Home: is the Cost Worth it?
Home buyers may consider building their next home instead of buying an existing home. One of the reasons is that there are more customization options and the home builder can truly get what they want out of their layout. On average, the costs of building a home are just over one hundred dollars per square foot. And while having a large home can cost the buyer a lot of money but to some, it is worth it if they get their perfect home in the end.
The Majority of the Building Costs
No two home builds are going to cost exactly the same. Each home is built slightly differently. Almost a third of the cost will go towards the structure of the home which may include the roof, doors, walls, and windows. Furnishing the inside of the home will cost another third with the buying of cabinets, counter-tops, and floors.
The items that are needed for the home to function can cost over ten percent of the total cost. Remember kitchens and bathrooms have the most to buy for and will cost the most to specialize. Adding more bathrooms will increase the overall cost of the home.
Finally, the architect will need to be paid for their blueprints which can cost at least five thousand dollars alone.
Extra Costs
A house has to be put somewhere. Buying the land can be a small portion of the total cost or it can be a large portion if it is difficult to find land in the desired area. To put in the foundation and excavate can be a difficult cost to calculate. Most will pay more than thirty-thousand dollars if there are no major problems that are found lurking beneath the surface.
Building permits will be a small added cost and run most home buildings around one thousand dollars. Always remember to get the land inspected before starting to dig which can cost another five thousand. There are also fees to set up services to the home like electricity and the removal of waste.
Why Build?
Most people will pay at least fifty thousand more to build a home than they would to buy a similar home. It can be difficult to get through a home build without problems and stress popping up. So why do homeowners decide to build their own home?
The first advantage is starting with all new appliances and systems in the home. These will run well, save on utilities, and come with warranties. The customization is the big selling point for most homeowners who want something they cannot find on the market.
Overall, to pay for good construction materials and work, it will cost a buyer more to build their home than to buy one.
Comparing the Homes
The homes on the market compared to the home that could be built will be similar in bedrooms and bathrooms. However, most people choose to build their homes with more space. This of course allows for larger rooms, better storage, and an overall better layout of the home.
For those that are looking for features they cannot find in the houses on the market, it may be cheaper to build their home versus paying a seller more for specialized items.
Maintain the Home
One average an older home will be harder to maintain than a new home. Older homes have old systems, old appliances, and have already taken considerable wear and tear. The costs to maintain an older home versus a new home could help a homeowner recoup some of the additional costs they paid upfront to build their home.
The appliances and systems that a homeowner can put into a home can be big money savers. Energy-efficient items will reduce wasted electricity and water. This will help to lower the overall monthly costs over the life of these items.
One aspect of a new build that will cost a homeowner is landscaping. This is a separate cost that must be completed once the home is finished. Be prepared to add on thousands of dollars if the homeowner wants anything besides a simple grassy lawn.
Better Value in the Long Run
Building a new home and expecting the value to appreciate is not a guarantee. Even if a neighborhood looks like it is going to be successful there is no way to tell if the homes will appreciate or depreciate. With an existing neighborhood and home, a home buyer can look at market trends to see which direction the real estate market is moving.