Learning Construction Costs: How Much Does It Cost to Build a House?

Written by Posted On Thursday, 24 October 2019 03:26

Thinking about building your own house? Prepare yourself by reading this important guide that covers typical home construction costs in 2019.

Building a house can get pretty expensive.

After you've purchased your plot of land, you've got to take into account the price of building materials and construction costs, among other things.

When you start adding it up, you'll start to question whether it was a good idea to build instead of buy after all.

The best thing you can do at this juncture is to plan out what the costs are and how to budget for them.

In this post, we're going to give you an idea of the basic cost of constructing a house from scratch. 

Buying the Property

If you're going to build your home, you'll first need to hire a real estate agent and settle on a property to build on.

The price of a lot will depend on the property market in your area and the price you get will have a big impact on the total cost of your home.

Once you find a great lot in an ideal area, you've got to start planning the home. If you're doing the planning and subcontracting work on your own, you'll start the planning as soon as you close on your property.

During the planning process, you'll run into site work costs. This includes permits, inspections, impact fees, and building plans. If you're not a master builder, you'll hire an architect as well. 

All in all, it'll cost about $15,000 for this stage.

Construction Costs

The first thing you'll start on when you break new ground is excavation and then building your foundation.

This usually includes special machinery. If anything prevents a smooth excavation, the cost will go up — but it should cost around $25,000.

Once the foundation's in place, your house can start taking shape with framing and then the exterior finishing. These two processes combined are the most costly part of the entire construction project.

With the amount of lumber you need to frame, truss, and sheath the house, you'll be looking at $40,000 for a house skeleton. Exterior finishing will put a protective wall around the skeleton and any openings to the house (like doors and the garage). This part will cost around $33,000.

Once the house is up and looking good, you'll install your HVAC, plumbing, and electrical work.

Having a home with air conditioning, running water, and electricity will run you another $33,000, but now you're almost done.

Finishing Up

You've almost got a fully functioning house now! 

The last thing you'll need to do is put all the interior finishes in. This includes things like cabinets, doors, flooring, paint, appliances, plumbing fixtures, lighting, insulation, and drywall. 

This cost varies wildly, but adding up the average cost of these features puts it at nearly $70,000.

Now You're Ready to Move-In

All in all, the construction cost of erecting your house will be at least $200,000, which doesn't include the cost of the property that you bought.

You can cut costs in certain areas to lower the overall cost or be more frivolous with some of the features and drive up the overall cost. It really depends on what you want.

We didn't say building your dream home would be cheap, but it'll be one-of-a-kind and it'll be yours. 

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