How much to build a house?

[billh1963]

Originally Posted by Craig T

Speeder, I just went through this exercise with building contractors on two identified lots. One was on Johns Island, SC and the other in Hilton Head, SC. Both were water access 1 acre lots at under $100K. Building a 2,500 sq ft one story worked out to be about 25% more expensive than buying a finished house in the same area.

Most builders have good boilerplate plans for around $5000, but permits ran as high at $30K, even more with a dock permit, and can take up to a year. I see guys saying a basic house can be built for $100-$150 sq ft, but I did not find that. I'm not looking for a show-off house in retirement, but do want a decent kitchen and master bath, hardwood floors, and granite counters. About the cheapest I could get that down, even in SC, was $250 per sq. Coastal water lots in SC have some extra raised foundation costs, but that was about $20 per sq.

In a hot RE market, you better budget $250 per sq.

Where are you finding deep water lots on HHI or Johns Island for under $100k? No such deal exists....

[A930Rocket]

Lol. I wondered the same thing. My postage stamp lot in mount pleasant was $130k and it's not on any water. Although we can see the Wando river across the street. My sticks and bricks cost was $125 psf. I was the GC on the house.

Originally Posted by billh1963

Where are you finding deep water lots on HHI or Johns Island for under $100k? No such deal exists....

[908/930]

Do you have the manpower or are you relying on local trades, if they are all busy the price will reflect how much work they want.

[fred cook]

Make an estimate, double it and add 10%! More if you make changes along the way!!

[speeder]

Originally Posted by A930Rocket

Lol. I wondered the same thing. My postage stamp lot in mount pleasant was $130k and it's not on any water. Although we can see the Wando river across the street. My sticks and bricks cost was $125 psf. I was the GC on the house.

Well, he did say "water access", so that's not always the same as being on the water.

The impression I'm getting is that there is a huge difference between the "retail price" of building a house and the builder's actual cost. I'm trying to zero in on this.

[Craig T]

Originally Posted by speeder

Well, he did say "water access", so that's not always the same as being on the water.

The impression I'm getting is that there is a huge difference between the "retail price" of building a house and the builder's actual cost. I'm trying to zero in on this.

Right. I never said "deep water lot or on water". I'm talking about lots in communities with a dock, ramp, and storage as part of the community. Even lots with tidal access docks or "crabbing docks" are closer too or over $200k.

[lendaddy]

My smallish custom home was just quoted at $375/sqft. I already own the land, it was a bit shocking. Certainly a quality build but nothing too crazy... we're trimming features with the goal of getting it near $250/sqft.

[Crowbob]

I always wanted a vacant lot on Key West. Need to be able to put my 16 foot camper on it, though.

Doan need no juice or water. Just a spot to park.

How much is that gonna set me back?

[Craig T]

Originally Posted by Crowbob

I always wanted a vacant lot on Key West. Need to be able to put my 16 foot camper on it, though.

Doan need no juice or water. Just a spot to park.

How much is that gonna set me back?

Go to Zillow: Real Estate, Apartments, Mortgages & Home Values and key in Key West Fl. You can narrow the parameters to lots only. Zoom in to see the lot on satellite view.

[Crowbob]

Thanks Craig.

Ima scared to look.

[Eric Coffey]

Originally Posted by lendaddy

My smallish custom home was just quoted at $375/sqft. I already own the land, it was a bit shocking. Certainly a quality build but nothing too crazy... we're trimming features with the goal of getting it near $250/sqft.

You might want to consult with other builders and/or get a couple other bids.

Assuming you don't have a long list of must-haves that include super high-end features/fixtures/finishes, that sounds way high. Things can certainly add up quick though, and "upgrade-itis" can blow budgets out of the water. However, $375/sqft. should get you some ultra-premium digs, especially if that quote is just for the construction/hard costs. Even if your land/lot was only worth $50k, and that $375/sqft. included everything but the land, it would put the total project @ $800k for a 2000sqft. house. I don't know your area/market, but I would bet you could find something else (new build or re-sale) for a lot less than that and upgrade/remodel as needed.

[Crowbob]

If you're in West MI 375 tells me you're getting hosed, lendaddy. Definitely so if you already own the lot.

Bag the gold-plated toilette maybe?

[Baz]

This isn't what you asked for Denis but FWIW I had a conversation with a guy who was building a new house here and in the course of our conversation - he said he has been buying and selling houses off and on all his life and making good money doing it. Buys it - lives in it while he fixes it up (makeover) - then sells it at a nice profit....etc, etc.

He said it wasn't the same as flipping because he would live in the house himself for a period of time before reselling.

At any rate - it's not something I would do but I do like the concept. I know it's nothing new but thought it was worth posting.

[Baz]

BTW - I was looking at homes on King Island, Tasmania not long ago.....not bad.....

15 Sassafras Street King Island Tas 7256 - House for Sale #114947667 - realestate.com.au

[Craig T]

Originally Posted by Crowbob

Thanks Craig.

Ima scared to look.

OMG! I had no idea Key West was so expensive. 2500 sq for LOTS-only $300,000!

[Crowbob]

Yep.

20 years ago a literally overgrown and moldy one-room shack with crappy plumbing that needed to be totally replaced in a slummy area of KW was $1M cash only.

[jcommin]

My first thought is why you would ask this question on any pubic forum

Create a statement of work (SOW) be detailed in what you expect a contractor to do. The devil is in the details.
Get quotes based on your SOW. Don't ask this forum for construction costs because ir varies from region.

If your scope of work is accurate - you will get the best price

[Craig T]

Originally Posted by jcommin

My first thought is why you would ask this question on any pubic forum

Create a statement of work (SOW) be detailed in what you expect a contractor to do. The devil is in the details.
Get quotes based on your SOW. Don't ask this forum for construction costs because ir varies from region.

If your scope of work is accurate - you will get the best price

This is just a sounding board with a wide variety of responses, and mostly entertainment value. I doubt very seriously if Speeder is basing his investment on the advice of Pelicans. Lighten up.

[lendaddy]

Originally Posted by Eric Coffey

You might want to consult with other builders and/or get a couple other bids.

Assuming you don't have a long list of must-haves that include super high-end features/fixtures/finishes, that sounds way high. Things can certainly add up quick though, and "upgrade-itis" can blow budgets out of the water. However, $375/sqft. should get you some ultra-premium digs, especially if that quote is just for the construction/hard costs. Even if your land/lot was only worth $50k, and that $375/sqft. included everything but the land, it would put the total project @ $800k for a 2000sqft. house. I don't know your area/market, but I would bet you could find something else (new build or re-sale) for a lot less than that and upgrade/remodel as needed.

Yes, we are going to get multiple bids, shame though as I really like the builder...the idea that he's hosing us doesn't make sense for a few reasons (business relationships, etc..) Oh well,

I do have some high end features like a low slop raised seam metal roof (+35k), over/under garage (+22k), but other than that it's pretty normal stuff. This is a small place (which doesn't help the sqft calcs), closer to 1,500 main floor.

The land is five acres worth maybe 125-175k so yea...I told my wife to look at what that grand total could get us in a "buy built and move in", that opened her eyes. market in West Michigan is stupid though right now, builders and subs holding all the cards.

[john70t]

Originally Posted by lendaddy

My smallish custom home was just quoted at $375/sqft. I already own the land, it was a bit shocking. Certainly a quality build but nothing too crazy... we're trimming features with the goal of getting it near $250/sqft.

(I'm not an architect but)
There are a crap load of 3D modeling home programs out there, and some good ones are free.

You want the one with the materials-estimation software.
Then you plug in real values for everything.
You've got a notebook of dates/vendors/quotes/times/people/phone.
Put a $1,000 stack of twenties on the desk while you work for inspiration.

Complex designs like a hot tub over a open living room plan are gonna cost ya big time.
Do you really need that layout?
Granite and stainless are the buckaroos these days.
Maybe get something that works for now?

Kitchens and bathrooms need light.
Pay attention to kitchen work layout.
Leave space for refrigerator changes as none of them are standard or consistent sizes.

Keeping plumbing on one side(sump/drains/etc to control emergencies) and long simple electric leg-runs will save a few bucks.