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Building a New Home

Thinking about building a new home instead of buying an existing?  I know where you are coming from, I have been there myself.  When ever I found a house that looked like it fit my needs one major component would be missing.  It may have been a two car garage instead of a three car.  Or it may have been something as simple as missing ceiling fans in the bedrooms.  If they had ceiling lights I would install the fans myself, but this some houses do not even have ceiling lights.

Now that you have decided to look at the possibility of building there are a few major expenses to consider.  To get the complete cost of building you need to consider each of these factors and determine the cost for each.

Base price of the model home

This is the sticker price so to speak.  Also ask the builder about costs on popular upgrades or upgrade packages.  Don’t be surprised if most of the choices you demand in a home are already priced out in a standard upgrade package.

Price of the lot

Most times you can purchase a lot from a developer and have your builder add the house.  Make sure you check restrictions including the size of the home and exterior features that may be required.  These are the two major restrictions that can effect the cost of your new home.  Get a copy of the subdivision rules and restrictions and read it over before making a decision.

Price of necessary extras

This list will vary from builder to builder and the location of the site.  Cities, towns and villages have taxes and charges that effect the cost of a new home.  These may include water and sewer charges or other impact fees.  The cost of installing the water and sewer lines.  Of the cost of a well and septic system depending in the location.  Also check the cost of the subdivision fees.  Add to that the cost of a final grading, a lawn and landscaping.  Check to see if the city charges a refundable deposit on the lawn.  You should gather some information on the cost of installing the driveway, mailbox and adding a few trees.

The cost of options

These are the individual items you choose to add to your home.  This is a subject I cover on another article.  There is a detailed list available.  This is the area that can save or cost you the most amount of money.

This covers most of the major costs.  Check to see which of these costs if any are included in the base price.  If you would like a detailed list of major costs I can send you one.  I can also assist you in viewing model homes, getting preliminary prices and checking to make sure that all the costs are accounted for before signing a contract.  The cost of my services are paid for by the builder.  I can simply put you in contact with a builder that can fill your needs or represent you throughout the buying process.  The choice is yours.  I can also help to get you started in the loan process.  All you need to do is let me know how I can be of service.

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