Ok, doing my first legs of research on building costs, although I don't have the land even located yet, so it's a bit of a cart before the horse situation. My wife and I REALLY want to make it happen within 3 years (buy land...may end up being a glorified large building lot, build, and move in). I have plenty of design ideas and thoughts on operating as the GC, or at least subbing some of the work out to myself :D I have an idea of what price point we need to be at, but the more I'm reading, the more I'm a bit leery. So, while this discussion isn't going to hold a ton of weight due to such variations (geography, house style, amenities, lot prep, year in which it was built, etc.), I still am curious. I'm looking strictly as price/sq.ft, so I don't need total square footage unless you're comfortable sharing what your home cost to build. So, for those who have built or had their homes built for them, What was your final price/sq.ft finished? Does the above price include lot/land price/site prep? Did you hire out all, some or none of the work? Did you use an architect? What year did you build? What style home? Would you consider the finish choices/amenities low end, mid-range, or high end? Would you do it again if given the choice to build or buy?
I can only speak for my parents and brothers house $65k - 2800 sq ft - parents $125 - 3200 sq ft - bros include site prep, not price of land The only things we hired out on either were concrete finishing, masonry, and roofing No 2004 and 2010 Brick with gable ends some low, some mid, some high...My brother had more high end finishes. A lot of custom wood work by my Dad would probably be considered high end though, but were free to them... I'm sure they would answer yes and I would love to be able to build my own home one day
Our last home was built for around $70-75/sq foot. Built in 2002. Price doesn't include the lot it was built on, the inground pool, or furnishings as those were all additional costs. Dad hired out all the work but almost on a subcontracting basis (I moved 8 times by the time I was 12...he liked to build and flip homes to move up in quality from what he could afford at first). Built on one floor (planning ahead for old age) 4 bedroom 3.5 bath. Huge attic could easily be finished in as a second floor. It's not excessive in fancy trim work or amenities, but it is far from basic as well. I'd say mid/upper level. Wasn't my money but if I was looking to build I'd jump on this contractor and those rates. That said, it's a pipe dream now. Same guy warned us this year the same work would cost $110-120/sq ft w a more basic home (very simple layout w low level amenities. Scares me what it will cost by the time I'm able to build my own...
I haven't built a house but I did build my log cabin and garage for it. I spent $52000 on both without any of my labor. The cabin is 1000 sq/ft and the garage is 550 sq/ft. The cost of logs is higher then framing a house by a lot. Things you have to look at that could drive the price up is well drilling and septic, the type of heat you put in, quality of doors and windows can drive the price up also.
We paid about $77/sqft for our cabin. That was everything. Well, holding tank, flooring, etc. full turnkey.
That is part of my concern. I haven't actually gotten quotes or talked to many people about well/septic costs, but they vary quite a bit depending on a lot things. I'm looking at two lots right now, and while they're not big chunks of land, one is 4 acres with septic already installed, and the other is ~7 with a well already drilled. The cost of the land is, imho, still too inflated above the costs of raw land any having those items done separately.
Once again I will disclose I am a licensed broker and appraiser. I would first purchase a Marshall & Swift handbook for accurate costs. Meet with at least (3) builders and pick their brains with scenarios and costs. Even if you do not plan on using them a good builder would still meet with you and explain and try to gain part of your business. I would also study the market & build something that is conventional for the immediate market. I have sold a lot of "forever" homes. Since I am in Illinois & your not I will spare the specific data.
Biggest fear of mine. I know costs are going up. Just material costs alone (I know this from all of the remodeling I've done) are ridiculous. Just the cost of sheathing is outrageous, let alone custom finishes. I'm willing to do some of the work (electrical, flooring, finish work, hang drywall, etc.,), but costs will still add up. I also plan to purchase many of the amenities on my own. I've found quite a few solid online retailers for small finish items that for sure would be well under a quoted item from a GC or sub's supplier. A friend of mine is breaking ground in the spring, and his home (~2400 sq.ft) is coming in at around $108/sq.ft and it's nowhere near the level of customization we will want. It's a great looking home, but as everyone knows, the more you deviate from a traditional two story or ranch style home, the more costs increase.
Plus, I'm slowly coming to the realization that there is something to be said to not forcing yourself into too much home. I would rather live in a more modest home and be able to enjoy life financially rather than pushing it a bit further with the home price.
While this may be true, you are also still at the start of your earning potential. If you find a place that you know you could live in for awhile, it is not unthinkable to stretch yourself for a few years, especially now with the IR% so low. When me and my wife bought our home, it was above our budget at the time, but 3 years and several raises later, it is quite affordable.
There are so many factors that go into the price per sq ft, that you always want to make sure you are comparing apples to apples... We have built two houses... First one was around 12-13 years ago, believe that one was around $100 a sq ft.... We built a new house about 3 years ago (Ranch style)... Price per sq. ft finished was around $140. But that included another 1300+ sq ft unfinished in the basement, a large/deep triple stall garage, brick on the front of house, upgraded insulation, 2x6 construction, covered cedar deck in the back, appliance allowance, lot/land, sprinkler & sod... Inside materials (cabinets, floor coverings, etc) were mid-range I would say...
I'm sure costs have went up since I've had mine built. I moved in December 2002. My house is 4 bedroom, 3 bathroom, Half finished basement, attached garage. I think my total sq. footage is like 2400 or so, can't remember the exact. I paid $72,710. lock & key. The builder that built mine has also built 3 other family members. The price depends on where you live too....around the area I live in, it's not too bad. It's very Rural.
