Americans who plan to build their own homes should expect to pay more than $285,000 on average this year, although it may be more or less expensive depending on where you live in the U.S.
In some cases, it may cost as low as $17,000 or even up to $700,000. Aside from your place of residence, several other factors influence the price.
Choosing a House
If you live in Arizona, buying an already built home may be a better option as the median home price in the state amounts to almost $265,700 as of the second quarter of 2017. Consult a mortgage lender in Chandler such as Deb Klein Team to learn more about how you can get the best possible deal.
Those who still prefer a home construction project should first consider the type of property. The cost of a single-family house will be different from a detached home. Custom construction will also be more expensive with prices reaching up to more than $1.5 million.
On the other hand, a prefabricated house may cost up to $300,000.
Home Building Expenses
Cost estimates for labor fees will also be important. When planning to hire an architect, you may need to pay between $60 and $125 per hour. Engineers charge between $100 and $150 per hour, while land surveyors’ hourly rates cost between $300 and $700.
Prepare to spend up to $50,000 for plumbing, electrical and HVAC systems installation, while interior and exterior finishing can cost as much as $85,000 and $60,000, respectively.
Your home’s foundation may only cost as low as $4,000, but make sure that you are not skimping on cost on this critical part of the property.
A home construction project can be a tedious task, so think carefully if you really want to pursue such an exercise. Otherwise, you can just buy a readily-built home without all the fuss.