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Before you start researching homes as inspiration for building your forever home, it’s important to know what factors into the total cost of building a home. As an Evansville based home building company, we love when you know what you want, but we also want you to know what is realistic for your budget. In this article, we will explain what variables affect the cost of building a home and how you can save some cash, without sacrificing quality.
What Affects the Cost of Building a Home?
The total cost of building a custom home can vary greatly. Your cost depends on factors like: where you build, the building materials that are used, your floor plan, and the finishes you select. If you have questions about what you can afford, call us to schedule a free building consultation!
Land/Lot and Land Preparation
Before you can build your dream home, you have to find land to build on. As you know, the more acreage, the higher the cost. Aside from land size, you’ll want to take into account how much clearing has to be done before building can begin. If the land is full of trees, concrete, rock, etc. or is sloped., it’ll take more time and money to prepare it.
Finding a piece of land that’s the right size, right location and that is suitable for building can seem daunting. When you choose to build with Modern Structure, you also get our experienced assistance with land selection.
Utilities Connection & Access
Another factor that factors into the cost of your build is access to utilities. Before you commit to a land purchase, ask the seller about access to water, gas & electricity. If the land exists in a populated area, it’s likely you’ll have easy access. If the plot is in a more rural area, you might have to consider the costs of connecting to a well for access to water. Lastly, talking to an electric company about your connection options is vital before committing to a piece of land in a less populated area.
Connecting to Sewer vs. Septic System
The main difference between sewer and septic is that with sewer, your wastewater is treated off-site. With septic, your wastewater is treated on your own land and you’re responsible for its maintenance. Septic Systems are more expensive to install vs.connecting to the city sewer system. And in some counties, additional land is needed for septic systems.
Whether you’ll have to connect to a public sewer system or septic system also depends on the location of your land. If the land sits within a community with a developed sewer system, you can connect to it.
Land that sits in a less populated, or rural area will likely need a septic system. In some cases, you have the option of sewer or septic. If you’re on the fence as to what’s best for you, we’d be happy to provide guidance.
Permits
After your land is prepped and ready for development, your contractor applies for various permits. Basically, these permits give the builder permission to build. Permitting fees differ depending on where you plan to build, but these cost differences are not drastic.
Mechanical Equipment
Think of mechanical equipment as all the things that keep you comfortable inside your home. This includes your heating and cooling system as well as your plumbing, electrical and ventilation. The right mechanical equipment can actually help save you money over time. At Modern Structure, we build using only the most energy efficient mechanical equipment. Then, we take it a step further by also designing your home to be energy efficient on its own.
Foundation Type
The foundation your home sits on also factors into the overall cost of your home. An experienced contractor like us, guides you in choosing the best foundation type to suit your lifestyle, your budget and the climate we live in. Popular foundation types are slab, crawl space and basement.
Slab
Slab foundations are concrete surfaces poured directly onto the ground with a conventional footing & concrete wall foundation. They’re the most popular foundation type because of its low cost and minimal upkeep. If you’re looking for cost efficiency, slab is the way to go.
Crawl Space
Crawl space foundations are often described as miniature basements. Homes built on a crawl space are raised up 3’-4’ off the ground and held up by columns. They are conditioned with your home’s mechanical system. They serve as an access corridor for plumbing, heating & air ducts and electrical to be run for your home. They do cost more than a basic slab foundation. If you plan to insulate your crawl space subfloor, expect to pay more.
Basement
Basements are dug 9’-10’ deep or more and serve several purposes. Basements are often used for overflow storage, entertaining spaces, living rooms, bedrooms and shelter. Overall, a basement foundation is going to be the most expensive option, but you can save some cash by leaving it unfinished to finish out at a later date.
Framing Type
We love building modern homes, complete with open, multifunctional spaces. An open concept home has fewer walls, leaving you with more space to move about. Because there are fewer load bearing walls, open concept homes require extra engineered beams & columns to hold the weight. This means an open concept will sometimes cost more than a traditional, closed concept home.
On the other hand, stacked homes are often more cost effective than ranch style homes; because you’re using less roofing materials and a smaller foundation footprint.
Finishes
Finishes are an important part of making your home look and feel how you want it to be. We want your home to reflect your personality. Finishes like cabinets, countertops, lighting, faucets and flooring can do just that. Like anything else, every finish has a “good, better, best” option. Before we finalize your building plans, you’ll select your finishes. This may seem overwhelming, but we are here to walk you through the process and make great recommendations that fit your budget.
Advantages of Building a New Home
You can create a custom floor plan
When you build new, you have the power to design a floor plan that fits your lifestyle and will avoid costly remodeling down the road.
New homes are built to current building standards
Building codes and standards change over time. A new home is built to the most recent standards and is built up to the current code, keeping you safer and more comfortable.
New homes are more energy efficient
A new home is equipped with more energy efficient mechanical systems and building supplies like windows, doors and other insulative materials.
You can select the finishes that you like best
When you move into an existing home, you will likely have a list of things you want to change. You may need to repaint, fix drywall, knock down a few walls, install new cabinets or flooring before it feels like home. With a new, custom home, your home is perfect from the start, leaving you with more time to simply enjoy your new space.
A new home has a modern, multifunctional layout
We build modern homes with wide open common spaces that can function as gathering space and work space. We make it a point to utilize windows and doors to maximize your space and make use of natural lighting. Strategic placement of doors increases the flow inside your home to the outside. Straight line home design creates clear paths to each side of the house for easy travel throughout your home. Our home design strategies aim to increase energy efficiency, save you money and create a living space that is uniquely yours.
Are You Ready to Talk About Your New Home Plans?
There are several things that factor into the price of a home. You don’t have to navigate through all your options alone. Now that you have a better idea of what goes into determining the price of a home, it’s time to talk to a home builder about your plans. When you talk to Modern Structure, you are guided through every step of the construction process. We can help you make the right decisions from land selection to finishes, with keeping your needs and budget in mind the entire time.
Do you have questions about where you can build your forever home?
