How much should I save to build a house?

The total cost of building a custom home can also vary quite a bit depending on the choices you make, the building materials you use, labor costs and even what region of the country you're in. Though $282,299 is the average, most homeowners spend $114,209 – $450,824 to build their homes.

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Let’s take a look at the different steps that make up the home building process and break down how much each step typically costs. Keep in mind these costs can fluctuate with demand for land, materials and labor. For example, costs for building materials have spiked during the COVID-19 pandemic due to high demand, with prices increasing 5% – 10% in 2021 alone.

Buying And Prepping Land ($80,000)

Before you can build a house, you need land to build it on. Not only will you have to purchase a plot of land, but you’ll have to have it cleared. This can include tree removal and having the land leveled. The cost of purchasing an empty lot will vary depending on a variety of different factors, including the size of the lot and its location. Based on HomeAdvisor’s data, the average cost of purchasing land is $76,500, with undeveloped lots in rural areas available for as little as $3,000. You can also expect to spend between $1,500 – $3,000 on land preparation before breaking ground on construction.

Drawing Up Plans And Getting Permits ($7,200)

Once you’ve got your land, your general contractor and subcontractors will start preparing to build the house. This stage includes having an architect draw up floor plans for the home and purchasing all the necessary permits. On average, house plans cost around $5,000 but the exact cost will vary depending on how simple or complex your house is going to be and what types of building permits and preliminary inspections you may need. Building permit requirements will differ between locations, but on average cost around $2,200.

Prepping And Building The Foundation ($14,500)

After all the prep work is taken care of, it’s finally time to break ground. A crew will come and begin digging out a space for your home’s foundation. Then, they’ll pour the concrete according to which type of foundation you’ll have: slab, crawl space or basement. Typically, a concrete slab foundation is the cheapest, followed by the slightly more expensive crawl space and the most expensive basement foundation. Which foundation you choose will depend on your budget and preferences. Each type has its pros and cons, so be sure to do your research. Most people won't be interested in buying a house with foundation issues.

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Prepping and building your foundation will, on average, cost $14,500.

Framing The Home ($35,000)

Next up is framing. Think of this step as building the skeleton of your home. Floors will be framed and then covered with plywood. Walls will be framed, raised and then sheathed with plywood or oriented strand board. Then, the trusses that will frame the roof are built and placed on top of the wall frames. All in all, this process will cost between $20,000 – $50,000, depending on size and floor plan, averaging around $35,000.

Installing External Elements ($50,000)

Once the skeleton is built, all the necessary external elements of the walls, roofs and openings will be installed. This means exterior finishes like the siding will be put up on the walls, then windows and doors will be put in, after which the roof will be sheathed – covered in roofing felt and nailed-on shingles. In total, this costs around $50,000.

Installing Plumbing And Electrical ($52,500)

Now it’s time to install all the major systems that make your home hum with water, air and electricity. At this stage, plumbing and HVAC systems will be installed, and an electrician will wire your home and get you connected to the power grid. No fixtures will be added at this time; this step is about getting all the behind-the-scenes stuff like pipes and ducts set up. Major system installation costs average around $52,500. Next are the interior finishes. This includes adding insulation, drywall, flooring, interior doors and all the basic components that will turn the newly constructed structure into a livable home. Cabinets and countertops will be installed, walls will be painted and appliances will be hooked up. This can easily be one of the most expensive parts of the home building process, and the exact cost will depend on your personal preferences. On average, interior finishes will cost around $112,500, though they may cost much more if you have expensive taste. Once this step is finished, your home’s construction will be all but complete.

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The final step includes any other additions you want made to your property, including any outdoor structures like a deck or patio, a driveway or any landscaping. These projects may be completed in the middle of the home building process, in conjunction with some of the steps listed above. Of course, any additions onto your house will also add to the total cost of the project. For example, adding fencing around your yard will cost between $2,000 – $5,000, and driveway paving averages around $6,600. Once everything is finished, work areas will be cleaned up and all the necessary inspections completed. This can cost around $20,000.

Other Considerations For Building A House

Keep in mind that all these construction costs are averages, so when you’re coming up with your building budget, you should take care to do your research and get estimates for all the jobs that will need to be done to get your house built. Construction costs can fluctuate greatly depending on the availability of materials, too. With more accurate quotes, you can figure out how much house you can afford and what the final square footage could reasonably be. Additionally, once you have your total budget, it’s generally a good idea to give yourself some wiggle room with a bit of extra money in case things end up costing more than you originally anticipated.

rocketmortgage.com - How Much Does It Cost To Build A House? - Rocket Mortgage