Keep an Eye on These 10 Custom Build Expenses
It's easy to get carried away with all the embellishments, but be sure to keep your budget and priorities in mind to keep costs down.
Building a home is one of the most exciting stages of life, but it's also often one of the most expensive investments you’ll ever make. It's easy to get carried away with all the embellishments, but be sure to keep your budget and priorities in mind.
The Lot
The finished lot is likely to be the most expensive part of your custom home, costing around $92,000 on average. Of course, the final cost will depend on the size and location of the lot. With that said, it's the most important one, too - it’s impossible to build your dream home without first securing your ideal lot. You could even build on a lot with friends or family to save on the cost.
Foundations
Foundation costs depend on a few key factors. The first is the location of your home, since local material costs and the skill of local laborers will both determine overall foundation price. Secondly, the type of foundation itself influences the cost. Slab is the cheapest, while perimeter foundations and full basement foundations are pricier.
Costs also increase if an excavation crew has to move large rocks, drill into the bedrock, install pylons or construct a raised foundation over marshy ground. Essentially, anything out of the ordinary on the lot itself can hike up the price.
As with the lot, the foundation of your home is expensive, but it’s not a good place to cut corners. Work with experts you trust to do the job well, and you’ll enjoy the security for years to come.
Framing
When it comes to constructing the house itself, framing will be the most expensive part. Again, the extent depends on the materials you choose and the size of your home. The skeleton and roof will need the most lumber. Using trusses could cut down on framing costs, while involving metal or steel increases them. The most common and cheapest type is stick framing, and it’s a pretty solid bet. Don’t forget to factor in the cost of labor, too.
Exterior Finishes
This includes the exterior walls of the home, which determine the overall aesthetic of your house and can also be quite expensive. They require a lot of material since they also fulfill the purpose of supporting the structure of the home and keeping the outside weather from impacting the interior of your home. Exterior finishes also include openings for the windows, garage and doorways.
Windows
The rule of thumb is to buy the best windows you can afford. Options on the market vary greatly in both cost and quality, and the type you choose will impact your energy bill and quality of living for years to come. A $30,000 set of triple-pane, argon gas-filled windows house might feel like a daunting price to pay up front, but the cheapest brands are rarely energy-efficient, which is sure to add up in the long-run.
Roofing
The good news is, there are many different shingle options, so you can choose the one that's the most suited to your needs and budget. The most common type is asphalt, which is light and easy to install, and also the cheapest. More expensive types include wood shake, tile, slate and metal. Each type has its own benefits. Be sure to know exactly what you're choosing and why - consider consulting a professional roofer, since requirements and considerations will vary by location and climate.
Major Systems
HVAC, electricity and plumbing come with a hefty price tag. While you could try to cut costs here, most of these systems are essential and have a pretty standard price range. Quality is worth it here, for both the longevity and the efficacy of the systems. Choosing more sustainable options and implementing smart technology could save you money in the long-run.
Flooring
The most common types of flooring include carpeting, hardwood, tile, bamboo, laminate, vinyl and linoleum. There are pros and cons to each, and several factors to consider when making the decision: do they need to hold up against pets, children, or muddy local weather? Once you’ve chosen materials, factor in the price of installation to calculate total flooring costs. It’s best to consult with a flooring expert so that you lock into a decision that will serve you and your finances in the long run.
High Ceilings
While beautiful, they serve solely an aesthetic purpose and add to the cost of a new house substantially. Sheet materials tend to come in 4x8 foot panels, which fit lengthwise or double as horizontal rows on standard 8 foot walls. If you add a couple of feet to the walls, you’re increasing the labor cost for fitting and as well as the vertical wall framing costs.
Fixtures
A standard bathtub is a few hundred dollars, but an over-sized model or spa tub can double or triple the cost. Steam showers, bidets and walk-in showers are all expensive compared to the standard. Likewise, a chandelier can add $500 or more. Multiply more expensive fixtures by six or seven rooms and it makes a significant dent in your costs.
Cabinets and trim
You can easily spend thousands on kitchen cabinets if you opt for custom cabinetry, but bear in mind that a good carpenter can install crown molding to dress up sturdy base cabinets and make them look more expensive than they really are. If soft-close, unique cabinets are the stuff of your wildest kitchen-based dreams, this could be the place to go crazy. Otherwise, you could use this as a place to drive your costs down a bit.
Get started on the custom home of your dreams. With Atmos Concierge by your side, the process will be seamless and easy.
