5 Budget Estimation Tips for New Home Construction

Budget Estimation Tips

Estimating the cost for the construction of a new home can be tricky – mainly because there are a lot of variables. If you asked a contractor how much it would be to build a custom home, he or she may give you a blank stare and tell you that they’ll have a quote in a few days. The thing is that a contractor won’t be able to give someone a quote right off the bat. A lot of factors need to be included – from the materials used to how in-depth the project is. While you can probably guess that a modern palace-like house is exorbitantly expensive – more mid-sized homes can be much more of a challenge to price. Here are five budget estimation tips for new home construction.

  1. Budget Estimation Tips for New Home Construction 300x105 5 Budget Estimation Tips for New Home ConstructionAsk the neighbors. If you are building a home in a specific neighborhood – and your house is more or less the same size as your neighbors’ houses – you could probably bet that your home construction is going to be around a similar price range and budget. When it comes down to it, asking the neighbors is also a great way to know if you are being gouged by a contractor.
  2. Machinery needed. If you are thinking of building a larger sized home in Los Angeles, you can probably start estimating the construction cost based on the materials and machinery needed to purchase the home. For instance, if you want to include a lot of cement details, you can probably take the square footage of the plot of land and estimate how much cement you need and how much it will cost you by the gallon. Moreover, you can research LA cranes for rent to get a sense of how much a crane and operator will cost.
  3. Assume that fancier features will cost more. If you want fancier details in your home, like ornate trims, reliefs and recessed dome-like ceilings, you can probably guess that you will be paying more. Most homes don’t require the specialized hand of a craftsman. However, if you want a home that is a little more luxurious, you can probably assume that hiring a craftsman and purchasing the materials will raise the estimated cost of building your home.
  4. Is the home being built on an incline or a flat piece of land? If you have a plot of land that is on a cliff side or at an angle, there is a good chance that a contractor has to come in and find ways to enforce the home, so that it stays upright. This can drastically raise the budget of the home.
  5. How big is the home. A two bedroom house is obviously going to cost a lot less than a five bedroom house, right? Well, this is right and wrong. It doesn’t really matter how many rooms there are, it matters how much square footage there is. If there is a lot of square footage, there will undoubtedly be more construction – even if you only want one or two rooms. However, if you keep the design simple and minimal, you may be able to save a lot of money.

Rip Winkle

I share my Home Decor Ideas on Let Designs.com.

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