Looking to build a new house? It is important to know whether you can afford to build your home before you begin planning. When it comes to constructing your new home, there are costs you may not have considered. Your mortgage lender will want to see a comprehensive summary of the house costs before you start your project
Contact professionals
Meet with architects and builders who construct houses that are similar in size, quality and features to the home you want. They can usually give you an estimate of what your new build might cost and how much they charge for home design and construction. It is important to know exactly what is included in this price.
Count square footage
Use new homes in your area to get an approximate square footage price. It is important to look at homes that are similar in size, style and quality for a better estimate.
Size of home
Have the size of your house rounded up or down to increments of two feet. This reduces wasted materials and saves you money.
Architecture of home
Homes that are box shaped cost less to build than complex designs with curves, angles and corners. This increases the amount of labour and materials needed.
Site preparation
Preparation can be an unexpected price. Building on a flat plot will usually cost less than a site which needs a lot of ground work.
Cost overruns
The finished price of a home is usually more than the original planned price. Allow for overspending from allowances, changes and unforeseen problems. However, proper planning can usually reduce these cost overruns greatly.
Inflation and marketing conditions
The cost of building a home increases around 3% to 6% every year. If you don’t plan to begin construction for a few years, remember to include these costs in your plan. When comparing to other houses in the area, get a suitable estimate by comparing prices to homes that have been built within the last six years.
Features
The most expensive areas of a home are usually bathrooms and the kitchen. Windows can also affect the cost along with vaulted ceilings, eco friendly systems and plumbing and ventilation.
Article source: http://architecture.about.com/
Image source: https://pixabay.com
