How much does it cost to build a house? | A useful guide

You probably are thinking of building your house instead of buying. Building your first house or dream house can be daunting at the same time. However, the pleasure of building the house the way you like it may be worth the trouble after all. However, how much does building a house really cost?

Average cost to build a house

Building a house can cost $100 to $200 per square foot or around $150. These estimates vary depending on the location, the size of the house, and the quality of the finishing materials. In an urban setting, the high-end buildings usually cost around $400 per square foot or more, Home Advisor said. Examples of this are the homes built in New York and San Francisco.

Based on the National Association of Home Builders' data, a contractor's spending is generally $85 per square foot for building a new house. Depending on the region, the cost would be somewhere between $100 and $155 per square foot. That is inclusive of the contractor's overhead, finishing, and profit.

Building a house with a basement

Adding a basement to the house can increase its real estate value. Having a basement is also a perfect idea for adding a low-cost bedroom or a family room. On average, a basement can cost an additional of $10 to $100 per square foot. That brings the total cost to about $100 to $300 per square foot.

Labor costs

One of the expenses that you need to keep in mind is the labor cost. Labor costs of larger and custom-built houses are higher than the smaller and simple homes. It can take up 30 percent to 60 percent of the total project cost.

Typically, hiring a construction manager can cost around $4,000 up to $43,000. An electrician usually charges a rate of $50 to $100 per hour. A roofer can range from $5,000 to $10,000. Plumber costs can be from $50 to $200 per hour, while the concrete contractor can charge you $4,000 up to $13,000. Also, having a structural engineer or architect can cost $100 to $250 per hour.

Framing costs

Framing expenses can range from $20,000 to $50,000. It includes the overall house frame and general metal works. Framers can charge a rate of $10 to $20 per square foot. Typically, framers also do the sheathing and subfloors installation, as well as window and doors installation.

Cost of major systems, foundation, and home finishing

Installation of major systems cost around $30,000 up to $75,000. That includes the HVAC, plumbing, and electrical installation. The price may be affected by the type of system and size.

Building foundations, including setting, pouring, backfilling, and excavating, can cost from $4,000 to $25,0000. Factor in as well additional work: slab ($4,000 to $7,000) and basement run ($10,000 to $30,000) excluding the finishing.

Exterior finishing walls, windows, doors, and roofing cost $40,000 to $60,000. On the other hand, finishing the interior can cost $50,00 to $175,000 or more.

Cost of house plan

Depending on your design and need, house plans range from $2,000 to $8,000. You can search online for some house plan companies. Once you choose a plan, you will get an estimated cost for your house.

Remember, every addition you make can raise the costs and prices. Adding attractive amenities is part of the housing development. Builders usually get discounts on materials and products. Savings can be up to 15 percent.