Estimating Cost on Your New Home

FOR IMMEDIATE RELEASE
Hickory, North Carolina, United States of America (Free-Press-Release.com) November 1, 2011 --

Before you decide on a home plan look at newly constructed homes that are similar in size, style, and features to the home you want. Take the price of the home, and deduct the price of the land, and divide that amount by the square footage of the home. Use several new homes in your area to get an approximate square footage price. After you have calculated an average square footage cost, you can multiply that cost by the finished square footage of your house plan to get a ballpark estimate. However, be aware, the current prices are depressed on new homes because some people are desperate to sell regarding to foreclosures.

Expect some features to cost more. The most expensive areas in a home are usually the kitchen and bathrooms. The number of windows and the size and quality of windows can also affect the cost. Vaulted ceilings and high roof pitches can increase the cost of a home as well. When using other homes to calculate an estimate, be sure the home has similar style and features of the home you plan to build.

The cost per square foot is often for a smaller home than that of a larger home. When building a larger home, the cost of expensive items is spread over more square footage. Also, it usually cost less to build a two story home when compared to a one story home that has the same square footage. This is because a two story home will have a smaller roof and foundation.

Small details in the design of your home can make a big difference in the price. To save on costs, begin estimating construction expenses before you select your final blueprints. Here are some important factors in consider:

1. Shape - Homes that have a rectangular or box shape cost less to build. Having more angles and corners in the shape of your home can increase the amount of labor and materials needed to build a home. A house with high roof pitches and cathedral ceilings will also be more expensive.

2. Site Preparation- Preparing a site for consruction can have a big impact on the cost of a home. Building on a flat lot will usually cost less. If you have to haul in lots of dirt, a lot of grading, clearing trees, or blast rocks, then site preparations can become more expensive.

3. Cost Overuns- Usually the finished cost of a home is more then the original bid price. Cost overurns occur from overspending the allowances, making changes, and encountering unforseen problems. Proper planning can greatly reduce cost overurns. In general, it is a good idea to allow an additional 10% to cover unexpected costs.

4. Inflation and Market Conditions- Usually the cost of building a home increases around 3% to 6% per year. If it will be several years before you begin construction, remember to include inflation into the cost estimate of your new home. When using other homes to compare prices, try to use homes that have been built within the last six months.

Lastly, meet with builders who construct homes that are similiar in size, quality and features. Most builders will tell you how much per square foot they usually charge for home construction. An honest builder will give you a price range. Many will give a low price to intice you in. A fixed price per square foot is a lie without knowing all the facts. Please do your research on your potential builders. Ask for homeowner, subcontractor and trade references. Call and see how well their project went and if they would ever use the builder again in a future home. By doing this you are saving on less headaches and more of an enjoyable home building experience.

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