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Calculating The Cost Of Building Your Dream Home: Understanding The Basics. November 14, 2018

Building a family home is probably one of the most expensive investments people make during their lifetime. It’s not only expensive but an enormous project that requires meticulous attention and knowledge. Planning the construction of a house without the relevant information is a recipe for disaster. A very costly disaster. Building a house from scratch sounds like an extremely tedious job, which is often why people prefer to buy homes that are already built. But in building your home, according to your own design and personal style, you embark on a unique and illuminating journey. It won’t be easy, but it will be made easier if you know where to go and what to do. Therefore, here’s what you should know about the costs incurred in building a house.

Design and construction

Before you run off to an architect or a contractor, you need to have an idea about what you want your home to look like. You can turn to inspiration online and on architectural magazines. Once you have a specific design in mind, you can consult an architecture to prepare the blueprints in order to build your home from scratch. Typically, the fee you’ll be paying for the architecture will amount to at least 10% of the overall construction cost of the house. You will be paying a structural engineer to go through the house plans and get his stamp of approval on whether the house design abides by local laws and specifications. Next, you’ll have to obtain a permit to build your house from the local or city government and you’ll be paying an amount according to local requirements. If the land you’ve bought has other pre-existing structures, you’ll incur demolition costs in order to remove any debris and prepare the site for the construction of your home. Next, you’ll be paying for builder and construction costs. This will vary depending on the style, size and the quality of the house being built. If the size of the project is large, the material and equipment being used will differ accordingly. For example, builders will opt for a boom pump Central Coast, in place of a traditional line-concrete pump Central Coast, to save time and labor if the house is large. Therefore, discussing the cost of construction should be something that has to be discussed when you first meet with your potential contractor.

Features and hidden expenses

When allocating a budget for your new house, it’s important to calculate costs for any additional features you might want in your new house. Features such as a gazebo, fire pit, hardwood floors, extra storage space or landscaping might escape your mind when you first calculate your budget and you will end up disappointed knowing that you were unable to allocate enough money for all those features you’ve always wanted. A few other costs that are often overlooked by prospective homeowners are inflation and cost of labor. If time are hard and prices end up skyrocketing, you might end up with insufficient funds to make your dream come true, therefore, it’s always safer to account for the effects of inflation and economic fluctuations.

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