Everyone dreams of owning a home in a good neighborhood. But before buying or building the dream house, you should think about the cost of owning a house. The cost of buying a home includes the cost or price of the home itself and the cost of renovating or redesigning it.
Cost of buying or building the home actually depends on its size, location, style, etc. I’ll talk about the costs of buying a house for some other day. For today, I’ll talk about some important points which will give you a brief idea about the costs of building a house.
Size of the house
The most important part of building a home is the size. The bigger house you want, the more you’ll have to spend.
Everyone knows that the beauty of a big house is different. A big house means more room for decoration and furniture. If you have a big budget, then you can go for a well-planned big home. But a minimum of $93,000 to $155,000 is needed for a regular 2 bedroom home in most neighborhoods.
Location of the house is considered to be the second most important factor after the size.
Everyone wants to build their house in the center of a city. Some people want to build their home near their workplace while others give priority to their children’s school. But before choosing the location, make sure to take opinions of other family members.
Design of the house
Some people like heavily designed houses while others like simple & sleek architecture. It actually varies from person to person.
Nowadays, people can get ideas on everything from the internet. You’ll find thousands of home designs on the internet. But don’t try to be an architect. You should hire a certified experienced designer to work on your dream house. You can also use your own ideas for designing your house or apartment. On average, a sum of $101,000 is needed for exterior & interior design for an average home. However, the cost will increase exponentially if you are looking for a fancy look or buying expensive design materials for your home interior and exterior.
Facilities of the house
Before building a home, you must ensure the necessary facilities like electricity line, gas line, water line, parking place, security, etc. are available.
On average $60,000 to $80,000 is needed to ensure all kind of facilities. But depending on the quality of the supplies for the facilities, you can end up spending twice, thrice or even more.
The quality of construction is as important as size, location and design. You definitely don’t want the walls of your house to collapse. So, don’t make any compromise with the construction quality.
Choose a qualified real estate developer. It will cost you some money, but it’ll be worth your and your family’s safety.
For the construction cost, on average $85 to $100 is needed for each square foot to build a new home.
Building a house is not something you should rush. Make proper plans first, work out the budget and then worry about the construction.0