Finding your forever home can be overwhelming. So, why is the real estate market so underwhelming? It seems like every home you come across comes with its own list of compromises. The only way to make sure that all your needs are met is to build your dream home from the ground up. So, how much does it cost to build a home that checks everything off your list?
How much does new construction cost?
According to a recent study by the National Association of Home Builders, the average 2,800 square foot home cost about $289,000 in 2015. Where does that money go? Costs associated with building a traditional wood home include:
- Site Work: includes your permits, inspections, and planning necessary to get started building your home
- Foundation: excavation, concrete, and other supporting materials
- Framing: including roof and trusses, often the highest expense in the bare bones of your home
- Exterior Finishes: including windows, doors, paint, siding, and a finished roof
- Plumbing and Electric
- Interior Finishes: far and away from the most expensive portion of any new build, covering everything from insulation to flooring, fireplaces to fixtures
- Exterior Amenities: decks, patios, entryways, and more
There are also some hidden expenses that you may not consider when budgeting for your dream home. Every situation is different, but in most cases, you can also roll in the lot costs, core utilities, contractor fees, and financing. Working with a general contractor may incur additional fees, but if you choose to build on your own, your expenses will often be higher since you have to work with individual vendors for plumbing, labor, etc.
Don’t get discouraged. In the same year that this study was published, the average new home sales price was $365,700, begging the question, wouldn’t it just be cheaper to buy an existing home? If you’re not willing to compromise, good for you. You’re in the right place. Let’s talk about some ways you can lower expenses and build the home you’ve always wanted.
How can I build a new home for less money?
Prefabricated metal buildings may not be the first thing that comes to mind when you think of your dream home. But more homes and businesses are made with the strength of steel than you probably know. Modern facades and customizations have made it possible to create beautiful homes that never compromise on aesthetics. Have You Heard of the Barndominium Trend?
It’s possible to build the home you’ve always dreamed of, all while keeping more of your hard-earned money. Here’s how to make it happen.
- Shorten your construction timeline. Prefabricated metal buildings are designed off-site. Each component is delivered to the construction site ready to erect with bolt-together technology, saving money on labor and eliminating a lot of unforeseen expenses.
- Fire your architect. Metal buildings can have up to 300 feet of width without the need for interior support columns. With a completely open floor plan, homeowners can custom design the interior of their home without the need to hire an outside architect. It’s all done before the components are even constructed.
- Make it easy on your contractor. If you’re not in the business of bolting together metal components (you can’t Google everything) then you may need to hire a general contractor. But even with that expense in mind, hiring a contractor for prefab steel building kits is still about 50% less expensive than traditional wooden construction.
These lowered expenses take a pretty substantial dent out of your initial investment. But the true savings comes every year after for the life of your home. Steel is considered a one-time expense. It’s the most durable building material available, far outlasting organic building materials even under the harshest conditions. That translates to lowered maintenance costs over time. You’ll spend less time and money worrying about pest control treatments, replacing components after a storm, and repairing damage from mold and rot.
In fact, that’s exactly why insurance companies love steel. Prefabricated metal homeowners enjoy substantially lowered insurance costs year after year. Metal buildings are also inherently flame retardant. A home that’s pest-proof, rot-proof, and fire-proof – what more could an insurance agent ask for? If you’re not worrying about costly repairs, your insurance company won’t be asking for an arm and a leg.
How much does it cost to build a metal home?
Depending on your local codes and the design of your prefabricated metal home, a 30×40 starts at $12,800. That offers 1,200 square feet of uninterrupted living space. Your initial cost will cover all the necessary components, including the steel framing members, roof trusses, siding, roofing materials, framed openings, fasteners, and anchor bolts. Your base exterior finish, like the facade you choose for your home, will also be included in the initial cost of the kit.
Some expenses will be no different from traditional construction, like site work and creating a foundation. Other costs include delivery charges for the kit, windows, doors, and interior finishes. You can expect your delivery costs to be about 5-10% of the building kit’s cost. And with the saved money from construction and design, you may choose to allocate a few extra dollars to some striking exterior finishes, like custom windows and doors, covered sitting areas, and more.
For more information on prefabricated metal home, CLICK HERE or give us a call 888-783-3535.
You can also reach us on Twitter at @coastalsteel.
Also, don’t forget to subscribe, share, and comment!
