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Guys I have been researching building a new home, what is the average cost per sq/ft in your area?
For a 2500+ SQ/FT home they are quoting me between $125-$135 does that sound typical or should I try to bring in a Builder from outside my area? I'm located in western OK
In the currant market building new is more expensive than buying a used one. We just bought a foreclosure built in 07 for less then 1/2 of what it cost to build.
Sounds kinda low compared to our area. New home at 2500 will run around 175 to 200 here.
Uphere 125 would mean not too many high end finishes. Could be done, but things like tile, flooring, millwork and exterior finish are going to suffer bigtime......
Just to verify we are talking about $125-$135 per sqft the total cost they are quoting me is 315k +..Quote:
Originally Posted by mapleleaf
Ya totally, per square. Up on our lake in MI, custom homes are going between 250 and 400 per sq ft. In Ontario I know I can build a home for 125 /ft , but that' more a builder price, it's gonna sell for 225-300/ft. If you own the property and were able to GC the job, you'd do a lot better.
If you're research on the builder is coming back positive then 125-150 is awesome, but I'd make sure all finishes have been decided and signed off on so there are no "surprises". Upgrades here on spec homes are the builder's gravy train....
That seems like a decent price. Is that the price on your land? Does that include lots of high end finishes and completely custom floor plan?
Sq foot prices are VERY difficult to compare. Custom vs. spec homes, exterior finishes, interior quality of materials make a huge difference. Many if not most builders will skimp where you don't see it, but will make a huge difference down the road. Crap like builder grade switches, light fixtures, furnace, vents, all that stuff adds up.
Our home was Amish built, top of the line on everything you CAN'T see (upgraded framing dimensions, increased wall and footer, much better waterproofing of basement, foam insulation) and moderate upgrades on stuff you can see (all hardwood no carpet, nice fixtures, soapstone countertops and built in appliances, nice crown molding in public areas, but no imported marbles, garage and exterior doors were well insulated but metal and thus fairly inexpensive)
We ended up just around $130 sq ft, but that was about 8 years ago - since then some materials costs have risen significantly, but of course now most builders are hurting for business.
Personally I would be VERY wary of buying 90% of the homes built in the last 10-20 years. Many of them were slapped up with substandard technique and materials and will be rotting out from water damage (unless you live in the southwest). A personal friend of mine got burned on a $750,000 house that when I looked at it was already having structural issues just 3-4 years after it was built.
Get a subscription to Fine Homebuilding magazine and the Journal of Light Construction, both are must-reads for those considering building a home. You =MUST= know a lot about building or you will get taken for a ride by most homebuilders.
In this market, I'd personally look for an older home (50+ years) in a good neighborhood and get a great deal on it, then fix it up. The bones will be better than most of what you get today, and you'll probably save money.