Picture this: You’re sitting in a lounge, gorgeously decorated to perfection on a gorgeous day in Florida. From the windows to the floors, every little detail is designed as if your mind was read. You feel at peace, and it’s the space of your dreams.
Now, imagine that this is your home. Great news! Dreams really can come true. At ICOA Builders, we work alongside our clients to help construct the home of their dreams, providing friendly service and quality craftsmanship. If you’re located in Central Florida, get in touch today.
Whether you rent or buy, we all want our homes to have a sense of individuality, and we all know that interference from landlords or mortgage companies can be life-ruining. A home is a safe space and a place to relax when we come home from a hard day’s work.
Yet so many people live in generic boxes because they don’t know how to build their own homes and where to start. Luckily, there are professionals like us to answer your questions.
The million-dollar question is: how much does it cost to build your own home? Let’s take a look!
Table of Contents
6 Pros of Building a New House
While building your own home can be challenging, it can be a total breeze with the proper support. Additionally, the benefits are endless. Let’s take a look at the six main benefits of building your own home.
A Stress-Free Environment
We all have those annoying, minor nuisances in our homes. From a loose doorknob to a crack in the ceiling, living in an unhealthy environment can be stressful.
According to Vogue, your environment has a massive impact on your day-to-day life. A bright and warm atmosphere is the ideal way to keep you happy and motivated.
In addition, building your own home can be hugely economical. Whatever your budget, you can start small and expand, eventually working towards making your dreams come true.
Explore Your Creativity
To add to the joy of a stress-free process, designing your perfect space is the ideal way to flex your creative muscles. Opt for something modern, or comb the vintage markets for one-of-a-kind features.
Building a house takes a team of professionals, namely architects and construction engineers, who’ll assist with designing and planning, and project execution. However, you’re the boss. Your role will be to work alongside these professionals to ensure that every element is to your liking, thereby getting a chance to explore your inner creativity.
Choose the Best Materials
This artistic experience includes selecting all of the material that goes into your home’s construction. There’s simply no compromise when it comes to building your own home. Every part can be hand-picked, giving you the home of your dreams.
Your new choices will facilitate an easy lifestyle. When building your own home, gone will be the days of leaking ceilings and broken toilets. You’ll replace those with a gorgeous, brand-new bathroom in a securely built structure. Older homes require thousands of dollars worth of maintenance. On average, an American will need to spend over $800 a year on home maintenance.
Simply put, old homes come with problems. But, new homes are at the beginning of their lives, so they come with a fantastic lifespan. Isn’t that the perfect way to leave your kids with the security of having a home?
Save On Transfer Duties
In addition, if you’re trying to decide on whether to buy an existing house or build one from scratch, it’s vital to consider all the costs. There are tons of costs involved in buying an existing house that won’t be an issue when building from scratch.
These costs include transfer duties – a once-off tax imposed by the state or local jurisdiction that needs to be paid when taking up ownership of a new home.
The cost will differ from one state to the next, depending on the value of your home, but can be as much as $3,500. In Florida, they range between $2,224.43 and $5,012.95, depending on your area.
Be Passionate About Your Own Space
If you want to be the best partner, parent, or business person, you need to have a passion for life. What better way to inspire your inner champion than to love where you live?
You’ll feel incredibly powerful and able to take full ownership of your space. In addition, you won’t have to deal with pesky landlords.
A home is more than just four walls and a roof. It’s our haven, the place where we make memories, and the best place to be after a long and difficult day. This is particularly true when you love the space you’re in.
How Much Do Houses Cost to Build?
Now that we’ve convinced you that building your own home could make all your dreams come true, you’re probably wondering if it’s even a realistic consideration.
What’s fantastic about designing and building your own dream space is that you can start small and expand. In addition, you can opt for cheaper, but still reliable appliances, or treat yourself to something designer.
Let’s take a look at the breakdown of what it could cost you to build your very own home.
The Cost of Materials for Building a House
While building your own home could start at $60,000, but generally cost around $300,000 to $500,000, or, if you wish, millions, the best way to look at the cost of building materials is to break it down from the ground up. The average home in Florida will set you back $263,640. There are 8 aspects to consider. Let’s take a look!
Every home needs a solid foundation, which will generally cost about $8,200. You can opt for an affordable simple slab or consider optimizing storage with a basement. The increased use of materials, rebar reinforcement, and excavations required could set you back a fair amount.
If you can afford to, don’t stint on your home improvement. You’re not just building a house, you’re building a legacy.
The next process is framing. This is where the house is built into the shape you desire. Like the foundation, your frame needs to be able to weather all storms, so make sure your construction company uses quality materials and insulation.
Lumber costs have been sky-rocketing since 2020, so a frame can set you back anything from $20,000 to $50,000. A wooden frame is generally required for the construction process.
Finishes & Fixtures
While timber and concrete are the solid foundation, it’s the finishes and fixtures that are the heart and soul of the home. High-end countertops can cost anything from $40 to $100 per square foot, and a floor will set you back roughly $4 to $6 per square foot.
Type of Roof
Next, you need protection from above. The average new roof cost is $8,309, but budget over $20,000 if you want solar panels.
Ensure that you budget for a new refrigerator, dishwasher, and washer/dryer.
Take into account key systems like electrical wiring, which can cost between $2 and $4 per square foot, and plumbing, which can range from $8000 to $12000 for new construction. The size of your home is a key factor in these costs.
Set aside a budget for extras like a deck (A 10-by-10 deck costs around $2200), a pool (Around $35000), or landscaping, which can range from $1000 to $40000. Keep in mind, these features may also have additional upkeep costs.
Note that the desired square footage of your property will impact how much you’ll need to spend. In addition, the quality of materials will affect the overall price.
The Cost of Permits for Building a House
Drawing up plans, having them approved, and getting the necessary permits should cost you roughly $18,000. The price will vary according to the complexity of the build and the types of permits and preliminary inspections required.
Your contractor and subcontractor will be by your side to guide you through the process.
The Cost of Labor to Build a House
The next cost is labor, which could set you back 39% of the total cost of the build.
An architect will cost $5,000 and a draftsman, $1,800.
How to Save with Construction Loans
While the dream is to pay for your home in cash, the reality is that many people aren’t in the position to do so. It’s never too late to start saving. Putting away the smallest amount monthly, or investing your cash correctly, could help you to get closer to your custom homeownership dreams.
It’s worth considering waiting until you have the cash so that you can be in a financially stress-free position.
However, there are other options to consider:
- Government grants – You can apply for a new construction and land development grant. It’s an easy, online process
- Low Interest Loans – In addition, a low interest loan is a great option to help you cover the cost of a brand-new home. These are tax-free, so your credit rating and taxes won’t be affected, and you can pay it back over 30 years.
Whatever option is viable for you, just ensure that it’s well thought out, and if you opt for a loan, it’s beneficial that you have a plan to pay back the money. We suggest you get in touch with a financial adviser who can support you through your decision-making process.
Who Can Help Me Build My Dream Home?
While anyone who has an interest in building houses can help you with your project, it’s essential that you look at their qualifications and references.
If you want a fun DIY project, you could land up with massive costs when things go wrong. For the sake of your future investment, you may want to avoid working with DIY enthusiasts or first-time builders.
Rather, look for a company that is small enough to give you an exclusive service and pays attention to detail, but established enough to build you a home to last generations.
Construction is more than just brick and mortar. It’s a complex process that needs to abide by strict construction and engineering laws and regulations.
Hiring a Custom Home Builder
The best thing you can do to make your dream home a reality is to hire a custom builder. However, always opt for a service provider that has good credentials, and qualifications in line with your state law.
Each state has different laws when it comes to regulating contractors. Custom home-building professionals might be required to pay membership fees to be a part of your local state construction board.
To be listed by a local authority, a custom builder is highly scrutinized to determine their skills, level of education, and the experience needed to construct a safe structure. In Florida, builders abide by strict Florida Building Construction Standards.
By being rigorous in your investigation process, you can have peace of mind in knowing that your home will be in the safest of hands.
In addition, building a house is not easy. You’re spending fortunes of time, money, and energy making your dream home a reality. Hiring a professional will give you peace of mind during this possibly stressful situation.
With your input, a world-class contractor will handle the A – Z of the entire process and ensure daily oversight of the project, superb project management, excellent client communication, professional materials and equipment, skilled laborers, the organization of appropriate permits, and all the safety and security you need.
In addition, you can sit back, relax, and watch your dream home unfold. What more could you ask for?
Existing home sales have reached a whole new height, with $329,100 being the value of the average home sale in March 2021, according to NAR. If you’re considering becoming another American who owns their very own home, make sure you’re getting the right advice.
While the average cost of a newly built home maybe $485,128 as per the National Association of Home Builders, NAHB, or $397,800 according to the U.S. Census Bureau’s March 2021 report on New Residential Sales. However, can you really put a price on your happiness? Besides, an old home comes with old problems, but a new home lasts a long time.
In the Central Florida Area the average cost of building a new home is even lower, averaging about $263,640. Start saving today, as you’ll need a fair amount of income to make this a reality if a loan or grant is not suited to your lifestyle.
Additionally, it’s within your best interests to hire a professional to build your home. While your friend next door might be a DIY enthusiast, taking on this project as a hobby could leave you spending fortunes on emergency repairs and costly mistakes.
Finally, while a professional building company does cost you money, this option will save you in the long run. Professional contractors have the skills, experience, and knowledge to help you secure value for money, while still delivering a quality finish.