Thursday, November 1, 2012

How To Estimate The Base Cost Of Building A New Home

Depending on the area in which you decide to build with greatly affect the requirements of the building you are proposing.

We will temporary put these requirements aside for the moment so that you can establish a base cost.

Research is key. Depending on the type of builder you choose to engage, ideally you need to compare the top competitors within this field/market. Determine their inclusions offered on base packages and what the end product should present.

Base packages will include the type of fittings, finishing's etc. This may often include "promotional packages" which will generally be difficult to compare.

Typically the most common form of measurement with regard to base price is to divide it by house squares (taking into account inclusions and additional offers).
For example; $150,000 base price for a 15 square home = $10,000 per square.

Please note that this is only a guide and cannot simply be translated to "construction of a 1 square home for $10,000 or a 200 square home for $2,000,000". It is a guide in which you will determine value for money when choosing the right builder for you.

The best opportunity to ensure value for money is comparison between builders. This will assist with a price comparison which will help to serve true in finding transparency with inclusions and pricing. If a builder wants your business they will highlight their strengths which can they be compared with another. They may also sometimes offer discounts or incentives in proceeding with them.

Caution: Take care when requesting a discount/incentive as it may not work and you may find a builder who refuses your business.

Below is a list of some things to think about when you are building your new home

1. Get in touch with Well Known Builders in your local area
2. Expect Some Capabilities to Cost You More then you have budgeted for.
3. Know the Square Footage of the house that you want to build

In the building game it always isn't the cheapest quote is the best. You must always check out the builders previous work to make sure it is up to your standards. Make sure you both have a good understanding of each other before you start building. If you don't feel comfortable you can always hire a pre property inspection. They will come out to site, at the end of every stage and give the builder a list of things that are not up to standard which the builder has to fix.

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