The financial crisis is affecting everyone. People are losing their jobs and some have to foreclose their homes. As a result, there is a decline in home building making some doubt that now is now the right time to build a home.
But what if there was no financial crisis? What if you can borrow money from the bank? What if you have the cash on hand? If there were no problems, then yes why not build your dream home.
To help you along, this is what you have to do.
First, get in touch with the local builders that have constructed houses similar to the size, quality and features that you want. By talking to them, you get a straight answer as to how much it is going to cost for the entire project plus what materials they will use.
Since its been months or even a few years that these homes were built, you have to expect that it is going to cost more now to construct something similar. The rooms which will be the most expensive to make will be the bathroom and kitchen. The number of windows and their size is another factor as well as the vaulted ceilings and high roof pitches.
You will also have to include inflation because building a home increase from 3% to 6% annually. With this information, only look at homes that were built within the last 6 months.
Don't forget to put a 10% additional allowance to your budget when you make your estimate because plans change and in most cases, you and you contract will encounter unforeseen circumstances. Naturally you have to deal with the situation otherwise there will be delays when everything will be finished.
Believe it not, the cost per square foot is higher for a small home than a big one. Why? Because the cost of items is spread over and a two story home if that is what you want has a smaller roof and foundation. The same goes for plumbing and ventilation.
Another thing that could reduce cost is the shape of the home. Houses that are shaped like a rectangle, square or dome shaped are more affordable to build since there are not that many angles or corners which increases the amount of labor and the materials that will be needed.
It will be much easier to select the final blueprints, which is the basis of the project once you have estimated the construction expenses.
As much as possible, work with even numbers because this reduces wasted materials. The ideal home to make should be not less than 32 feet deep otherwise your roof trusses will have to be custom made which will cost more.
If you had this property for a long time, then chances are the neighborhood around you is already well developed. You don't have to haul a lot of dirt, do grading, clear trees or blast through large rocks if your property happens to be somewhat secluded.
No one in his right mind will construct a house when there is a decline in home building due to the financial crisis. You just have to keep these tips in mind when the economy does improve so you will already have an idea how much money you need to build it.