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diggity_ma

Construction cost estimating

19 years ago

We're considering building a new home. We're not even in the planning stage yet - we're just conducting what I would call a "feasibility study." We're trying to come up with some very rough estimates of the cost of new construction. I looked through some old posts and I know the common recommendation is to come up with a full set of plans and then talk to a builder. But we haven't even gotten that far. We don't have plans yet, because we don't even know if it's within the realm of affordability. So it's kind of a chicken and egg thing. So I'm wondering if there's any way to come up with some ball park figures?

We like the look of timber frame. For example, this looks good: http://www.postandbeam.com/Designs/ShowHouse.cfm?HouseID=46&CFID=2066607&CFTOKEN=83234450

And they provide some guidance on pricing here: http://www.postandbeam.com/AboutHabitat/BuildingCosts.cfm

So far so good. So what about all the other stuff? I'm wondering if those of you who have built houses recently can fill in some of the blanks? If you don't mind sharing, how much did you pay for the following:

Excavation/foundation

Septic system

Well

Plumbing

Heating

Electric

Flooring (hardwood)

Interior wallboard and plaster

Appliances and lighting

Trimwork and carpentry

General contractor's fees

What am I forgetting?

Anyway, I'd really REALLY be grateful to anyone who could share their experiences and costs. I really don't want to spend weeks or months drawing up plans and talking to builders just to find out that we can't afford it. If I can get some real-life examples on the above items, that should help me paint a lot clearer picture of what it will cost so we can decide if we can proceed.

Thanks!

-Diggity

Comments (3)

  • 19 years ago

    Diggity,
    This is a common question that we all ask ourselves initially. Unfortunately there are so many variables that it will be hard to give you the answers you are looking for. Even if others post what they have paid for the items you mention it might not bear any relationship to the home you may build. (Having said that I am always interested in that info myself!) For example-excavation. I don't think anyone knows what that will be until after they get the bill. I know people who have paid between 4k and 19k. The differences? How large of a foundation?Crawlspace vs Basement, flat or sloped? rocky or not?
    Each item will be like that-individual to your own site and plan. So what I did was go out and find some homes as close to what we were thinking of as possible. Backed out the land cost, the realtor fees etc and got a 'ballpark' of cost per square foot for our area. I also talked to a few local builders and architects and got their input. I checked out permits at the county and asked new construction lenders what they would estimate. I spoke to a few friends who are building and they shared their budgets with us. We found a builder we like and showed her the plan we were considering basing our house on and she used her recent builds as a guide ballparking costs for us. We still do not know exactly how much our home will cost...but we know enough of a 'ballpark' to have our plans drawn and go from there.

    Also you can go to www.building-cost.net and use the calculator there. There are others I'm sure but I have only used that one. It will at least give you an idea of the different line items you need to budget for in a new home.
    If you are interested in Timber frame you will need to consider all these estimates a 'base cost' PLUS extra for the timber frame portion-I'd call a timber frame company and get some numbers from them.

    I hope this helps. For others to add their 2 cents, it might help if you told us what part of the country you are in, what your land is like if you have it and some details about the home you are considering.

    I was just at a local homeshow in SW Washington and there was a 4000 sf home, daylight basement style that incorportated timber frame accents, hardwood and travertine floors, all painted trim with knotty alder doors and cabinetry, granite counters with custom tile baths, fully landscaped, lots of 'extras', a high end home for $995,000. So, about $250 psf. If you take out the land, realtor fees and you will be at about $225 psf. In our area there are companies that will build for under $100 psf. I think the question alot of us ask ourselves is not - can we afford to build? but can we afford to build the house we really want?

    Good luck with your research.

  • 19 years ago

    Thanks for the information! I was not familiar with www.building-cost.net. What I great site! I just ran through a couple of different scenarios using the calculator and got some very useful information.

    Now, if there could only be a site that would tell me where mortgage rates are heading! This is one of my concerns - even if we built a house for exactly what our current house is worth, we'd have a higher monthly because we have a very good rate on the current house. But that's a whole other topic!

    Thanks again for the information.

    -Diggity

  • 19 years ago

    No matter what number you come up with, make sure you add at least a 20% buffer.