It's safe to say that every person aspires to have their own house. Some people dream of purchasing it, while there are those who are looking to build their homes. But the question is, which of these two options is better?
For starters, it all comes down to (first and foremost) your current financial situation. There's no need to remind you that housing prices have drastically risen over the past couple of years, making it really difficult for a lot of people to buy them.
But what about the ones that we build? Are they expensive too? If you would like to know more about the expenses of home building, then stay tuned because today, we will dive deeper into this topic and will provide you with some answers.
So What Is The Average Cost?
According to the reports we stumbled upon, the average cost to build a house for a family is around $650,000. Last year, the median sales price for a brand-new property was around $437,000 which is the price that a lot of homebuyers find reasonable.
All these numbers can vary. The price for new build homes depends on several factors, such as the location, the size of the house, materials that are utilized, labor, and the latest trends when it comes to real estate. That's why it can be pretty difficult to name a single price because as you can see, there are numerous elements that impact it.
To Cost To Build A House By State
Every state comes with different prices as far as this is concerned. Each area will have a different price range. There are a couple of things that need to be taken into account. For example, the money you will spend on labor, along with the supply chain, and the requirements that a particular county or state has.
According to the statistics, for the time being, Mississippi is the most affordable state to build your house. Out there, the average price is around $288,000, which means approximately $137 per square foot.
On the other hand, currently, Hawaii is the priciest state in the United States, with an average cost of $431,364, which means that you’ll be charged $205 per square foot.
Let’s Discuss The Region
Apart from taking the state into account, the builder will most likely take the region you want to build your house in into consideration too. Many experts suggest that it’s much better (in terms of expenses) to build your house in the South and West Atlantic because the prices of the existing properties are already pretty high.
On the flip side, in areas like the Midwest the housing market is lower, which means that, frequently, it’s much better to purchase a house, than to build it.
What’s More Affordable – To Buy A House, Or To Build It?
As we said previously, there are a couple of factors that need to be considered before anything's concluded. What's safe to say is that in some instances, obtaining a home could be more expensive, than building it.
If you would like to dive deeper when it comes to this, then take a look at this comparison of median prices regarding new houses, and existing houses, along with an average cost to build a house.
To build a home, an average price is around $300,000
To acquire a brand-new house, you will need around $430,000
To obtain an existing house, it’s approximately $397,000
As you can see, according to these reports, for the time being, the best option is to build a house, however, as concluded several times before, each of these prices depends on numerous factors that were previously mentioned.
House Exterior Material Expenses
The costs for exterior materials normally include land preparation, landscaping, along any other materials that are going to be used for a property’s structure, because they will influence the appearance of the exterior.
When it comes to excavation, the construction begins with clearing the land, which means that you will have to spend roughly $2,300 for these purposes, particularly if the land has not been prepared for building.
The next step is to lay the foundation for your house which costs around $9,000. You can opt for a concrete slab, however, if you decide to have a basement, then bear in mind that in these types of situations, you’ll have to spend a lot more money.
The entire cost of your house’s foundation will vary, depending mostly on its size, due to the fact that a foundation costs around four dollars per square foot on average. What about roofing? What’s the price for that?
When it comes to this, the overall cost of a brand-new roof mostly depends on the type of material you'll be employing. A vast majority of roofs are made out of asphalt shingles, which means that you will have to set aside around $8,500 for this venture.
Another thing that must be considered in terms of your costs is the siding. It’s an investment worth every penny because it’s an excellent way to weatherproof the walls of your house. For the installation, you’ll need to pay around two to nine dollars per square foot.
What About The Interior?
A house HVAC system is commonly employed in a vast majority of households. This system costs somewhere between $5,000 to $35,000. It normally involves central AC, the entire ductwork, and a furnace.
Of course, you need to remember that the price for a smaller home is not going to be the same for a bigger one. The next thing on your list of expenses is related to plumbing. The cost to install it can go up to $18,000 depending on the material that you’ll be utilizing.
In case you didn't know, PVC pipes are generally a lot more cost-effective in comparison to copper. When it comes to electrical, you can spend up to $14,000. This usually includes the services of an electrician to install outlets, wiring, etc.
House building is far from cheap, however, as you can see, it's not as pricey as purchasing it. Therefore, if you're still unsure what to do, then go through this article, weigh your options, and then make a final decision.
