It’s common to wonder how much a newly built home costs. And, in considering to build your own home, it’s understandable if your mind immediately goes to the costs of the building materials used, the cost of the lot, and the size of the home that was just completed.
Building a home costs more than just the building materials, the lot, and the professional fees of the home builders. In reality, there are so many important details you have to allocate funds for before you even pick the type of tile you want for your bathroom floor.
If you have already bought the land where your house will be built on, you can scratch that off of your expenses list. On the other hand, if you are still picking a land, naturally, you have to prepare money for it. The location where you want to build your house, whether in the suburbs, urban, or rural location, will greatly affect the cost of the land.
But aside from the cost of the lot, you have to be financially prepared to spend on the following matters, too:
Necessary permits. Building permits are required before you start the construction. Even the blueprint or floor plan you want for your home needs to be approved by the government before you can use it.
Securing of these permits will incur fees.
Excavation and clearing costs. Apart from the actual building task, you need to have the land excavated and cleared out of any debris first. You need to hire professionals to do this for you.
Building materials. You have to reserve funds to pay for every piece of building material, from each nail to every faucet in your home.
Professionals. You might need to hire different types of professionals to complete your home. Builders, contractors, plumbing, electric, and roofing experts. Sometimes, the help of architects are needed, too.