2019 Boise Idaho Real Estate Blog

How much does it cost to build a new home? Main Idaho Real Estate Insights

This is a popular question, it is what everyone wants to know. The short answer is that it costs less to build than to buy an existing home. If you understand that a builder would be out of business if it cost more to build than to buy, than you can understand why so many people buy new homes. Secondly, banks would not lend money to a home that was immediately upside down upon completion of construction. Now for the long answer

How much does it cost to build a new home?

So really the first step is to find similar homes in the area you are interested in and get the flyer to see amenities and prices. Take a tour of the home if available so you can see for yourself. If you can find 5 homes that are similar you should be able to guestimate what your home will cost.

If you know your home will have more cutsomized features and amenities you will need to add those in. Remember, unless you are paying cash you are restricted to how much your home willl 'cost' by the loan and they will not give you more than 'market value!'

For a more detailed answer-

1. Contact Local Home Builders

Meet with Boise home builders who have built houses equivalent in size, quality, and features to the home you want to build. Builders can tell you an average of how much per square foot they usually charge for home construction and a ballpark figure of what your home could cost. Remember, it is important to know exactly what is included in the price. Some builders will provide you a list showing the materials they use.

2. Square Footage Costing

Find new homes that are similar in size, style, quality, and features to the home you want. Take the price of the home, deduct the price of the land, and divide that amount by the square footage of the home. Remember that garage square feet cost less and upgrades cost more.

Currently homes are $80+ dollars/ ft2 as a base price. High end homes are selling generaly for $150/ ft2,

Homes can vary quite a bit so use several in your sampling so you can see the range and find an average that has some strength in its meaning.

3. Your home may cost more

The most expensive areas of construction in a new home are usually bathrooms and the kitchen. Additionally, the number of windows as well as the size and quality of the windows can also affect the cost. Vaulted ceilings and high roof pitches normally increase the cost of a home. When using other homes to calculate an estimate, be sure the home has a similar style and features of the home you plan to build. You can see already there are a number of variable that affect the price to build a home.

The cost per square foot is higher for a smaller homes than that of a larger home simply because the cost of expensive items (such as a furnace or kitchen appliances) is spread over more square footage. Consequently, a larger home may have a lower square footage cost than a smaller home. Also, it usually costs less to build a two-story home when compared to a one-story home that has the same square footage. This is because a two-story home will have a smaller roof and foundation. Plumbing and ventilation are more compact in two-story homes.

Small details in the design of your home can make a big difference in the price. To save on costs, begin estimating construction expenses before you select your final blueprints. Here are important factors to consider:

  • Size of Home
  • Shape of Home
  • Site Preparation
  • Design Finishes
  • Upgrades and Amenities
  • Appliances
  • Custom Elements

Additional Resources:

 
Posted by tlangford at 1/13/2011 10:12:00 PM
Comments (1)
Re:How much does it cost to build a new home?
"build a new home"

to be correct it is build a new house.

A house is a structure whereas a home is where you reside. NAR tries to misuse the home term often as a way to offend renters and lure people to aspire to large Mcmansions they cannot afford
Posted by on 1/20/2011 3:42 PM

 

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