Whenever you begin a new project, it only makes sense that you would complete your due diligence and conduct the proper research. As with anything, construction is full of ups and downs, particularly maintaining a budget while adding in all the necessities to fill the structure. If you plan on using an architect for your build, there are various levels of involvement that they could have. Some of them simply sign off on the design and leave the rest to you and your builder, whereas others are more heavily involved throughout the expanse of the project. Most homeowners report that projects go much smoother when they hire an architect. The most important thing to note is that you are on the same page with every professional who is working on your build, particularly when it comes to the budget.
The house design and complexity will affect the overall budget and cost.
The bigger the house, the higher the cost. It seems simple, but there are some hidden issues you may not have thought about. A kitchen with all its cabinets, plumbing, countertops, appliances, flooring and other expenses will cost more per square foot than a bedroom. The finishing’s of the room tend to drive the cost up, so a room that has more in it will ultimately cost more.
So what constitutes a house as complex? It’s the function, and the shape of the home as well as how much roof and foundation the build requires. A home that has simple lines such as squares or rectangles is much easier to work with than a home with varying curves and angles.
Get an idea of what your new construction costs per square foot.
There are varying answers to this type of question for your project. The cost per square foot is the total construction cost, including contractor fees, of heated and air-conditioned areas of the home. How much your construction costs could also be dependent on the material that you plan on using to build the house. More expensive materials will max out your budget.
The materials you choose can make or break how much you spend.
As I mentioned previously, the more expensive the materials, the more your budget will be stretched to its limits. However, it’s not just materials that you need to remember; it’s finishes and fixtures. Flooring, windows, tile, plumbing, and electric can set you back hefty sums depending on what you want in your home. You can be right on budget up until it comes to furnishing the space. Finishes represent roughly 30% to 40% of the cost of a house.
If you are a person who has champagne taste on a beer budget, you can try to get what you want and remain under budget. You can make your kitchen and master bathroom of higher quality and then put in average fixes into the rest of the home. You’ll still get the look you want for your most used areas, but you could save a little money.
Try to leave room in the budget to accommodate any additional construction costs.
Any professional you speak with is going to tell you that there will always be unexpected costs. Whether you are building from the bottom floor up or creating new rooms on an existing structure, construction costs are going to vary and change. Some common expenses that are often overlooked are:
-Site Preparation: Flattening the lot for building, clearing dirt, trees, grading the land, and removing large rocks.
-Permit Fees- Every town has their own specific building codes, zoning laws, and restrictions so any and all construction will need to be approved by your town.
-Seasons: Surprisingly, the time of year can affect your overall cost. If labor is in high demand, then you may need to pay a premium for your work, whereas if labor is in low demand, your labor costs could be much lower.
Above all, it is crucial to prepare for cost overruns when determining a new home construction cost. If you can actively remember that the finished cost of a home is often more than the original bid price, you can work to avoid this outcome. You can try to combat price overruns by working with your architect to create a detailed construction contract. The more detail this contact reveals, the more accurate your estimated home cost will be, and the more likely you are to maintain your budget.