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How much does a new home cost in Boise Idaho? Main Idaho Real Estate Insights

I had a great discussion about building a home this week and how much it costs?

Cost to Build in Idaho

Build Idaho received an inquiry about costs to build. If you have not considered this, here is what you must understand.

  1. If you are paying cash, you can spend as much as you would like. Note, the price of lumber has gone up 23% since January.
  2. If you are financing you can only spend as much as comparables in the designated area you are going to build.

Why is this important? If you are going to build a 5,000 square foot home in a subdivision that does not have enough value, the bank will not lend you money. Your dream home may cost $400k to build but if other comparable in the area are selling for $380k you will not be able to get the loan.

One of the problems we may face for a while is that while demand is still relatively  low, prices are going up and the cost may not add up based on the value of comps for a while. Demand will need to rise and therefore appreciateion in order for builder to find margins to build.

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Posted by tlangford at 5/7/2010 1:01:00 PM
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Comments (1)
Re:How much does a new home cost in Boise Idaho?
Trey,

I am currently working on an estimate for a client whose "wish list" exceeds her budget. To give her some perspective, I did an analysis of this years Parade homes with published prices. The prices are for the home only excluding the land. The homes range is size from 1,763 sq.ft. to 3,103 sq.ft. with the average being 2,469 sq.ft. The price per square foot of the homes ranges from $67.43 to $151.34 with the average being $109.20. Again, these prices do NOT include the lot. Assuming a ratio of home price to lot price of 80/20, the average price per square foot including the lot would be $136.50.

Chuck Miller GMB CGB CGP MIRM CMP MCSP CSP
President / Builder ? Chuck Miller Construction Inc.
(208) 571-0755
[email protected]
Posted by on 5/7/2010 10:00 AM

 

Michelle Penick, Boise Idaho Real Estate Agent

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Michelle Penick

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