Finding a new home that meets your needs can be a difficult task. There are plenty of Raleigh homes for sale, but what if you want to build your own? It affords you more control and ensures that the finished product will meet all your standards. What does it take to build a home, though? What does it cost, and what can you expect throughout the process? Here's what you need to know.
On average, building a new home costs a little under $300,000. Keep in mind this estimate doesn't factor in the cost of buying the land for the build. Buying a home, on the other hand, costs around $435,000.
Of course, the cost also depends on how big of a house you plan on building. A good rule of thumb is to factor around $100-$200 per square foot. So building a 1,000 square foot house will cost between $100,000 and $200,000. Building a 3,000 square foot house will cost between $300,000 and $600,000.
Once you have an idea of the total cost of building a new home, it's important to break down exactly where that money is going to give you a more accurate idea of how much your home, specifically, will cost to build.
About 40% of your budget will go towards labor. This includes the construction crew, as well as an electrician, plumber, roofer, framer, and other jobs. Shop around and see how much each of these services costs in your area.
About 50% of your budget goes towards materials. This includes everything such as lumber, concrete, drywall, siding, and more. What your house is made of will greatly influence the cost.
Finally, you need to decide if, in addition to the house itself, you want any extras. A swimming pool, for example, can cost anywhere from an additional $36,000 to $66,000. You may also want an outdoor deck, an unfinished basement, or heated floors. Each of these things will add to the total cost of construction.
Your new home will probably take longer to complete than the initial estimates. Most contractors will give you the most optimistic estimate they can, but plenty of things can cause delays, from bad weather to zoning and permit issues, and almost anything else.
When your contractor gives you a timeline, think of it as a guide rather than a strict schedule, and plan on at least a few extra months before you can move in. If you're in a hurry to get into a new place, you're probably better off buying rather than building.
Sometimes it's possible to save both time and money by doing some of the work on the house yourself. Major projects like plumbing and electricity should always be left to the experts, but smaller tasks like painting or laying the tile in the bathroom, you can do on your own if you're up to it. This is called sweat equity: putting your own labor into a building or improving your house to save money and increase its value.
These are just a few of the considerations when building a new home. Our real estate agents can help you find the perfect property on which to build it. In fact, we have a whole team dedicated to helping those looking to build a home in the area! Or, if you'd rather, we can help you find an existing home that will meet your needs. Contact us to learn more!