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njbuilding143

Building in NJ - 300-350k for 2500 sqft home.. Crazy or possible?

njbuilding143
January 12, 2014

Ok.. So me and fiance are looking to build.. We were "gifted" a piece of property with the hopes to build.. We have about 100k saved in a dedicated "house" fund.. We are looking to hire a general contractor but have heard of prices "per square foot" from 80-150.. Obviously for 80 a square foot we could afford to do a mansion but are looking to keep it realistic.. We have found a house plan online that was relatively perfect just the way it was.. Just a few minor changes but overall keeping it the way it is.. The plan is about just over 2500 sqft.. I am trying to be as financially responsible as I can and have come up with a figure of 300-350k for building.. I figure with 100k down I would only have to finance about 200-250k.. With these figures in mind the mortgage would be about 1073-1340.. Then add in about 1,000 in taxes a month (Hudson County NJ) at the mortgage should be under 2500 a month which is half of what I clear each month alone, not including my fiance's salary.. I figure this is a safe amount and will allow us to "enjoy" some of the nicer things in life.. Anyway.. Just wanted to see if there were other builders in the NJ area that could help comment on total costs.. I know there are some hidden fees that I have to keep in mind like permits, connections, closing costs, etc).. I am hoping to to keep the total project (not including land) at 300k but doubt this will be possible.. The floor plan we are looking at is 1240sqft 1st floor, 1273 sqft 2nd floor, and the basement is 1240sqft (assuming since most plans use footprint of 1st floor as layout), and garage is about 400 square feet.. We are not looking for major upgrades but also not looking for a bare house.. Appreciate any input..

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