Price to build a new house

Monyka02

Mon, Apr 08 2024, 3:16 pm

I recently finished building my house in Lafayette, and it's around 1200 square feet. The total cost came out to be approximately $200,000.
The cost included all the essential materials such as lumber, concrete, roofing materials, windows, doors, insulation, plumbing fixtures, electrical wiring, and HVAC systems. Labor costs were also a significant part of the expenses, covering the wages of construction workers, contractors, and any specialized tradespeople involved.
One expense that might not immediately come to mind is the rental of a dumpster for construction leftovers. During the building process, there's a significant amount of waste generated, like scraps of materials, packaging, and debris. We rented one from a local company, and it cost us $500 per week. If anyone is from Lafayette, I recommend them because I was satisfied with how they work, and we even got a discount because we rented the dumpster for an extended period.
Additionally, permit fees and inspections were part of the overall cost, making sure that the construction met all the necessary regulations and standards. Other miscellaneous expenses included design fees, architectural plans, landscaping, and utility connections.

Last edited by Monyka02 on Fri, Apr 12 2024, 5:05 am; edited 1 time in total

amother

Powderblue

Tue, Apr 09 2024, 4:35 am

amother Starflower wrote:

How do you get a mortgage for a home that isn't built yet?
I would love to build a house but I would need a large mortgage...

You can get a construction loan which is a pain or take a line of credit on your current home if you have one.

amother

Brown

Tue, Apr 09 2024, 6:18 am

We are building overseas. It is cheaper to build in an outskirt suburb then by new. We are building an off the plan house with no upgrades around 3000sq feet for less then $500,000.

The stress is intense. Paying mortgage and rent. Choosing a layout and builder, choosing the colours and fittings and appliances. having to change builders. It has been two years since we purchased land and it is taking forever to start building.
There have been many unexpected delays and the cost has gone up way above what we expected.

I regret building but on the other hand it is the only way we can afford to own a house.

amother

Foxglove

Tue, Apr 09 2024, 9:59 am

For those thinking of building in NJ, home of the highest taxes, consider building smaller floors, 1,200-1,500 sq/ft, with a basement and attic, which would give you more than 4,000 sq/ft total with much less in taxes. 5,000 sq/ft house is about $25,000/year while 2,400 sq/ft, not counting basement and attic is $12,000. that’s what I would be considering.

amother

Navy

Tue, Apr 09 2024, 12:57 pm

amother Foxglove wrote:

Tax is based on the value of your home. If both of those houses have the same number of bedrooms, bathrooms, and kitchen fixtures/appliances (2 sinks/2 ovens…) the tax will not be significantly different, maybe 1-2K, not 1/2 the price.

amother

Lotus

Tue, Apr 09 2024, 5:22 pm

amother Powderblue wrote:

You can get a construction loan which is a pain or take a line of credit on your current home if you have one.

We took out a construction loan recently and did not find it to be such a pain. You just have to pick a contractor that they approve (not a bad thing, they want to make sure the job gets done!). And you have to work within a certain timeframe (also not a bad thing!). Other than that, it they released the money right away as needed. Was really not too bad bH.