Estimating Home Construction Costs
There exist several methodologies to estimate total construction costs. One way is to utilize the house’s square footage as a basis for expenses. Paul Emrath, vice president of surveys and housing policy research at NAHB, however, cautions that a price per square foot, which is often used for pre-existing homes, could mislead as economies of scale might distort the measure for new residences.
“Using cost per square foot can be useful as long as you've got a cost per square foot estimate that comes from a (comparable) home of about the same size,” Emrath says.
Tracking the costs of individual items – windows, timber and appliances, for example – is another, somewhat overwhelming method to assess costs. Yet another is to focus on major construction phases, which lenders use to pay out funds for further work if a construction loan finances the project. This is the method most builders rely on and the NAHB employs in its surveys.
Here are the factors that contribute to the total cost to build a home: * Architecture and design.
* Permits and surveys.
* Framing and exterior finishes.
* Major systems.
* Interior finishes.
* Finishing touches.
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