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THE WEIRS TIMES, Thursday, July 15, 2010 IMPROVEMENT101 HOME
Mark@HomeAdditionPlus.com
by Mark Donovan Contributing Writer
Estimating bui lding
costs can be a bit of a challenge, however if you are willing to do a little research and follow a few basic guidelines you can get a fairly accurate idea of your particular home building costs. There are numerous home build- ing cost estimators on websites, including a few on HomeAdditionPlus. com, and they can provide some reasonably accurate estimates, however for more precise home build- ing estimates you really need to look locally for obtaining your best esti- mates. Start by understanding
the real estate market conditions in your local area. In particular, find out what the average sell- ing price is for new homes in your area. In addition,
HOW TO ESTIMATE YOUR HOME BUILDING COSTS
with similar quality and features that you want to achieve in your home construction project, first subtract the market cost of the land from the sale price of the new home. This will leave you with the actual cost of con- struction of the home. Next, divide the actu-
al cost of constructing the home by the finished square footage of the home. This will result in a cost per square foot for construction. With cost per square foot calculated, you now have a local and accurate met- ric for estimating building costs for your home build- ing project.
To estimate your build-
Make sure when reviewing contractor bids they include complete material breakout lists as well as expected labor costs
find out the cost of the typical building lot in your area. Once you have these
basic pieces of informa- tion you can then begin estimating building costs for your home construc- tion project. Using the sale price on a newly constructed home
ing costs, simply multiply the cost per square foot you just calculated by the square footage of your home building project. To obtain specific costs
for each segment of your home construction proj- ect, e.g. framing, roofing, electric, plumbing, insu- lation, drywall, finish car- pentry, etc. you will need to request for bids from the various contractors. I always suggest getting 2 to 3 bids for each seg- ment of the home building See DONOVAN on 43
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