How Much Does It Cost To Build A House?

Land

To build a house, you’ll first have to purchase a vacant lot to put it on. Land cost depends on a lot of different factors – size and location being the main ones – so the price could range anywhere from a few thousand to $100,000 or more.

Site Work

Your land will likely need to be cleared and prepared to build on, which can cost $1,500 – $5,000. If an existing structure needs razing or any ruins need hauling away, this cost most likely will be considerably higher.

If it isn’t already, the lot you choose will need to be hooked up to utilities. The cost of this will depend on your proximity to utility hookups as well as the city or town you reside in, as every area has different prices for these services. The total could cost anywhere from a few thousand to tens of thousands of dollars.

Additionally, if you aren’t able to connect to city water or sewer systems, you’ll need a well – the cost of which can range between $1,500 and $12,000 – and a septic tank, which can cost between $3,000 and $10,000.

To get a good estimate of how much this all will cost you, find out what services you’ll likely need. Then, do some research and get quotes for the land you plan to build on.

Floorplans

If you have an idea of certain elements that you want but aren’t quite sure how to put it all together, or if you’re planning on building a large or complex home, it may make sense to hire an architect to help you create a blueprint for your future home.

Hiring an architect will cost, on average, $5,000.

However, if you’re pretty clear on your vision for your home or just want something simple, you may be able to work with a draftsperson instead, which tends to be less expensive – around $1,700 on average.

Working with someone who has a lot of experience and understands your dream can be a worthy investment. Having all the details and being confident in your design before breaking ground can save you from having to make a change order – a request to alter something in the predetermined plans – in the middle of the project, which can be expensive.

Foundation

Three of the most common types of home foundations are concrete slab, crawl space and basement foundations. Slab tends to be the cheapest option, followed by crawl space and then basement.

Slab is pretty much what it sounds like: a slab of concrete that your house rests on. A crawl space foundation lifts the home a few feet off the ground leaving room to crawl underneath the house. Basement foundations add room to your home, and as such are more expensive to build.

On average, building a foundation will cost around $8,352, with prices varying depending on what type you go with. The cost of a concrete slab could be closer to $5,000. On the other hand, a fully finished basement could cost upward of $100,000.

Framing

Once the foundation is built, the framing crew will come in and start constructing the skeleton – or “the bones” – of your house.

Framing will make up a good chunk of your home-building budget and depends heavily on the cost of lumber. For a single-story home, construction costs can range between $20,000 and $50,000 depending on square footage.

Exterior Finishes

Now, your team is going to start making the plain-looking wooden structure look like a home. This means adding siding, a roof, windows and doors.

This can average around $50,000, another significant piece of your building budget.

Major Systems

While your house may be starting to look like what you envisioned from the outside, there is still work to do. At this stage, your home builder will be working to get your house humming with air, electricity and plumbing.

An electrician will wire your home and get you connected to power. This can cost $20,000 – $30,000.

The cost of setting up your home’s HVAC system will depend on the type of system you’re installing, but can cost $1,500 – $13,000.

Costs for plumbing installation can range between $7,000 – $15,000.

Interior Finishes

Interior finishes are like the icing on the cake; they cover up all the stuff happening within the walls (like plumbing, electrical, HVAC) and make it look professionally polished. This includes the less fun but necessary aspects of your home’s interior, such as insulation and drywall, as well as all the fun elements you’ve most likely been looking forward to picking out, including paint, flooring, countertops and cabinetry.

Interior finish costs depend on the quality of the materials you choose, and can end up totaling upward of $175,000.