If the house that you are comparing with was built a few years ago, then you should factor in the appreciation cost due to increase in the cost of labor and materials at between 2 to 5% per annum.
Home building costs can often times be very difficult to pinpoint. If you use some of the methods described above and by being precise and detail oriented, you will be able to come up with a very close estimate on your home building costs.
What if the house that you plan to build is different from what is available in your vicinity? Go online and type in the terms ‘home plans’ or ‘house plans’. Ask your friendly construction company to give you an estimate.
Home building costs can be further influenced by the interior feature of the home. You should factor this into the cost estimate.
The quickest way to estimate home building costs is to find similar houses in the area that has the same overall look and size of one that you want to build. Take the selling price, minus the cost of the land and you will have a quick and rough estimate of the construction cost. Home building costs can be further influenced by the interior feature of the home. Usually, due to the expertise and experience, their estimate can be quite close to the actual building cost.
Labor charges constitute a significant portion of the cost of building your own home and if you have the expertise, using a home building kit and building it yourself can reduce your estimate significantly.
There are many factors that go into home building costs and it can be a huge task to even come out with an estimate.
No matter how precise or detail oriented you are in the planning stages, you must keep in that there may be an unexpected cost overrun. It is a safe practice to put away about 10 or even 15 % for contingency to ensure that you have the money to cover any overrun.
There are many companies offering home building kits than contains everything (except labor) that you need to build a house. Labor charges constitute a significant portion of the cost of building your own home and if you have the expertise, using a home building kit and building it yourself can reduce your estimate significantly.
Another way is to seek the help of a construction company. , if you show them the type of house that you are interested in them should be able to respond to you with a quick estimate.. Usually, due to the expertise and experience, their estimate can be quite close to the actual building cost.
The quickest way to estimate home building costs is to find similar houses in the area that has the same overall look and size of one that you want to build. Take the selling price, minus the cost of the land and you will have a quick and rough estimate of the construction cost. This is, of course not an exact science, but by following this basic rule you will be able to get a rough estimate.
