The National Association of Home Builders ("NAHB") surveyed its member builders to determine the average cost of building a new, single-family house. The significant increase in lot size in 2019 (average of 22,094 square feet) deviates from the recent downward trend exhibited by the US Census data.Ĭonstruction Costs for a New Single-Family Home by Phase It rebounds to 16,381 square feet in 2015 but falls again to another low of 14,539 square feet in 2018". In 2019, the NAHB Construction Cost Survey noted the downward trend in lot size between 20 – "dropping from an average of 18,871 square feet to a low of 15,167 square feet in 2013. How much would it cost to build this majestic 2,594 square foot Ranch style home, which includes two bedrooms – with extra space for two more – a five-car garage, basement space, and 2.5 bathrooms? The numbers will vary according to region, square footage, and materials ( Plan #161-1111).ĭepending on size and location, you can expect to see a price range of $3,000 to $150,000 for the lot. Not fortunate enough to have the "instant and ideal" property? That's even more reason to hire a top-ranked real estate agent to help find the appropriate lot and custom home builder, who can assist in drafting contracts, communicating with lenders for a construction loan, and overseeing all the details related to the purchase of a lot. These details include clear ownership of the property, deed and zoning restrictions, air rights, survey map showing boundaries, septic system location, access, easements, and services like water and sewage disposal. The assumption is that the homeowners have done due diligence and contracted a real estate lawyer to assist with all the details and paperwork about the lot. On the HGTV-show 100 Day Dream Home, typically, a couple of commissions a realtor-builder/designer team to build on a lot they have already purchased or inherited from family.
Finishing touches (porches, driveway, landscaping)īefore the first shovel goes into the ground, it’s essential to understand the various - and often significant - costs to build a house at each stage. Interior finishes (plumbing, electrical, drywall, cabinets, built-ins, countertops)ĩ. Now that we have prepared you for the potential sticker shock of building a custom home, let’s examine all the stages of home building and their associated cost breakdowns.Ĩ. To provide perspective, the table below displays the range of total cost for a home at $100–$200 per square foot and looks at total square feet from 1,000 to 3,000.Ī Breakdown of the Costs to Build a House Of course, the overall cost of the home will be significantly driven by the size. For ultra-luxury homes, the cost can be over $500 per square foot. The cost per square foot can range from $100–$200 per square foot. Building costs are also affected by the choices of materials and finishes chosen by the owner. Expect suburban Houston to cost more than the outskirts of Abeline, Texas, for example. The Southeast comes in at the lowest at $110.19 per square foot, while the West continues to be the most expensive at $158.73 per square foot.Įven within a region, costs can vary widely. Taking a closer look at the cost per square foot by region, the map below reflects the average cost per square foot for a contractor-built single-family house by region. The size and the number of customizations needed will also have a significant impact on the cost to build.
It is essential to appreciate that costs can vary widely by region. What Does It Cost to Build a New House? The Big PictureĪccording to the latest data from the US Census Bureau (2019), the average contract price for a contractor-built single-family home was $345,800, with an average price per square foot of $126.15 - or approximately 2,977 square feet. Building from "scratch" means searching for a plot of land and considering financing, building materials, labor costs, and anything else incurred during the building process. If you’ve watched shows on HGTV, you must at least have an idea of the price tag for existing homes or fixer-uppers versus building from the ground up.Ĭonsider these differences: For an existing home or a fixer-upper, you have a structure already built on a property in a desired or up-and-coming neighborhood. buying your own home, it is sometimes shocking to hear about the expenditures involved. Without first-hand knowledge of the reality of the costs of building vs. Should you build or buy a custom home? That's the question or decision faced by most people contemplating the home of their dreams.
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