What Costs Do I Need to Think About for my Building Project?

By  //  March 11, 2020

Building a new home—or even just an additional construction to your current property—can be a great time for you.

Building a new home—or even just an additional construction to your current property—can be a great time for you.

Your dreams can become a reality, even if that vision is to have just a little extra room about your home.

Yet, this will be a big project, no matter what the size of your construction. Therefore, it’s essential that you know what costs you will incur, so that you can accurately set up a budget for this time period.

While you think that you may have accounted for all items and eventualities, you might not have thought about some of the essentials for the success of the build.

These are some of the costs that you need to have on your list, and what they may include.

Your location

The cost of your new building will be more expensive in some areas. Texas, for example, has some of the most expensive new-home building costs, while Georgia has some of the least expensive. Have a look at the average costs in your region, so that you can judge the costs that you’ve been quoted.

Custom home or prefab?

A home that is built to stock specifications by a mass builder can cost less than one that is customized by your builder to your specifications.

However, with prefabricated homes, they will be manufactured offsite, and then built at your location once they have been delivered to your site. The amount required for a metal building cost, for example, can be 10 to 20% less than a custom-built one.

Choice of roofing and siding materials, plus surfaces

The national average of building costs will be based on the cost of commonly used materials for the roof and side of your property.

These can include materials such as wood, asphalt composite shingles, or vinyl lap siding. Your building costs will increase if you decide to use premium materials such as slate roofing or stone veneer siding.

Average costs are also based on common choices for cabinets, floors, and countertops. Again, using premium materials will push up your construction costs.

Site work and foundations

You will need to pay for site work to prepare for the construction of the property, which may include inspections, building plans, and permits.

You could get your architect and builder to develop your building plan together, and you can see how expensive the proposal may be. You may also need to pay an impact fee, which will go toward public services.

Furthermore, design-build construction saves time and money, reduces waste, and increases quality control during the process. Thus, it enables stakeholders to benefit from the collective knowledge of all team members to develop solutions tailored to the unique needs of each project.

Breaking ground will be a great time for you, but you will need to have heavy-duty equipment with expert operators to make sure that the ground is level before laying the building foundations.

Excavation costs could increase if there are large rocks under your plot. The quality of the foundations will determine the success of the rest of the project.

Building frame

The frame of your property will account for one of the higher expenses of your project, but once it is in place, your building will start to take shape.

Once the frame is in place, you will need to include sheathing—a layer of boards that will be used to cover and protect the frame, as well as the roof trusses.