How are you planning to fund the project? Banks have specific processes that they will want to see. 87K is likely 1/4 of the finished total for a completed home. Banks fund projects based on the appraisal of its selling value, not the cost to build. Everyone involved in your build has a deadline for completion. Good luck!

I agree that 300k including the land is probably a realistic number. That is 2100 sq ft with an unfinished basement and attached 2 car garage on 5 ac. Appraisal would not be a problem for that. I have the ability to fund approx 1/3 in cash. I had questions as I was told by a few to plan at least $200/sq ft. That seemed incredibly high, especially seeing as I would be doing the work myself mostly. Yes it will be harder to find an owner builder loan. My families business is construction and remodeling though and I have always helped off and on. I’m confident in having the skills to complete such a project.

Just a few things off the top of my head for possible costs:

Building permits needed in your area?

Survey and/or easement needed?

Excavation

Need any tiling or drainage work?

Driveway

Utilities

Construction insurance to cover yourself if the new build burns or gets taken out by a tornado

For me, these things alone are costing $25,000 and we have our own excavation equipment, and the land was gifted to us. So $25,000 and we haven't even started on the home yet.

I think $200/sf is high if you're doing it yourself. Our cost/ finished sf is around $120, and we're not doing anything ourselves. Just low end finishes, simple roof lines, standard tubs, no fireplace, etc. Just pretty basic.

Get ready for the concrete expense. Our 30x60 basement, walkout, 30x40 garage, sidewalks and 20' driveway landing is just under $70,000. Good luck!