New Home Construction cost

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ag2010law

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Feb 7, 2018
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Wife and I have been planning on constructing a new home for 2 years and finally have the plans completed and are getting prices on construction. Just curious what everyone else is seeing for construction prices? It is poor timing, as I know the prices have gone up substantially over the last year but I am trying to get a feel for if we are in the ballpark. We are planning on a ranch house that will be built very solid, 9' ceilings on main level and walk out basement, 3 car garage, luxury vinyl flooring, custom painted cabinets and quartz counters in the kitchen. I don't know how most figure price per square foot but for us including total heated square foot (basement and main level) it is coming out to around $220/sq ft. If you just figure the main level it is $375/ sq foot. Anyone else in this same spot or built a house not to long ago that could share what there price was?
 

amishclone

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Feb 23, 2014
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Make sure you have cash on hand or else your loan is fixed rate. I foresee a hike in interest rates.

We are also planning a major remodeling of our house. I think building materials costs may have come down a bit from last year.
 

Herkster

Active Member
Feb 12, 2016
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Lumber prices are soaring still, which sucks, because we also had plans on building this year. However, that quote per sq ft seems extremely high.

Our quote was for 2900 sq ft and a 40x45 attached garage, built on slab. Had 145k in materials and allowances, then concrete and getting the house framed and enclosed was an additional 93k. That doesn't include any hvac, plumbing, or electrical or a sheetrock hanging/ finishing quote. We'll be doing the rest of the interior work ourselves.
 

HandSanitizer

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Apr 19, 2006
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Bondurant, IA
I would wait (if you have a choice) Like Herkster mentioned, prices have almost doubled for certain lumber prices.
I had priced out a deck remodel for this fall and I quickly decided to wait until next year hoping it will come back down to normal.
 
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CyCrazy

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Dec 17, 2008
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I was going to rebuild my deck, its not huge but lumber prices are stupid high. It can wait till it gets back to normal.
 

allin4clones

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Jan 7, 2021
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Built a house in 2018 for $133/sq. Ranch house, 8 ft walls, full 9’ basement but unfinished. 6” walls with spray foam insulation. 2 car garage. Custom Amish built cabinets, luxury vinyl plank and tile throughout, quartz counters in kitchen, hard surface in bathrooms, tile master shower, others standard. Finished the basement as cashflow allowed over the last 2 years. I did some of the work, but hired the plumbing, rough electrical, and drywall. Added $17/sq to the above cost for a total of $150/sq for upstairs living space. If you add basement space, I’m at $82/sq.
I will also add that includes my lot price and we are in South Central Iowa not near any metro areas. I know that location does have an effect.
 
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Pat

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Oct 20, 2011
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OP, where are you building? Seems really high, but that can make a difference, too.
 

DeereClone

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Nov 16, 2009
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The only way to know if you are in the ballpark is to get multiple quotes on the same plan. There’s no way anyone can say it will cost about x/sq foot because plans and quality can vary so much.

Not sure what size house you are looking at, but 1,700 square feet on the main level comes out to $637,500 based on your numbers. That’s an expensive house but without knowing plans and materials there’s no way of knowing whether that’s a fair number or not.
 

BCClone

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Sep 4, 2011
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Not exactly sure.
Wife and I have been planning on constructing a new home for 2 years and finally have the plans completed and are getting prices on construction. Just curious what everyone else is seeing for construction prices? It is poor timing, as I know the prices have gone up substantially over the last year but I am trying to get a feel for if we are in the ballpark. We are planning on a ranch house that will be built very solid, 9' ceilings on main level and walk out basement, 3 car garage, luxury vinyl flooring, custom painted cabinets and quartz counters in the kitchen. I don't know how most figure price per square foot but for us including total heated square foot (basement and main level) it is coming out to around $220/sq ft. If you just figure the main level it is $375/ sq foot. Anyone else in this same spot or built a house not to long ago that could share what there price was?
What I can tell you is from houses built in the last year in NC Iowa. What I've seen in what I pulled up, if I pull out what I remember is normal lot prices, I'm showing 270ish area per finished square foot (above grade is only counted in square feet). These had 3 car finished garages, finished downstairs except small mechanical rooms. These were stick built custom homes that are what would be called a very small step below top end homes. They are homes that could fit in any community and still be nice. Solid countertops, tile and high end carpet flooring, high end cabinets, quite often cherry or birch, Ctile walk in showers and the such.

Does the 375 include the lot?
 

Tri4Cy

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Apr 4, 2012
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Wife and I have been planning on constructing a new home for 2 years and finally have the plans completed and are getting prices on construction. Just curious what everyone else is seeing for construction prices? It is poor timing, as I know the prices have gone up substantially over the last year but I am trying to get a feel for if we are in the ballpark. We are planning on a ranch house that will be built very solid, 9' ceilings on main level and walk out basement, 3 car garage, luxury vinyl flooring, custom painted cabinets and quartz counters in the kitchen. I don't know how most figure price per square foot but for us including total heated square foot (basement and main level) it is coming out to around $220/sq ft. If you just figure the main level it is $375/ sq foot. Anyone else in this same spot or built a house not to long ago that could share what there price was?

We are building as we speak. Removing the price of land, we are sitting around $190/sqft. finished space. That's a 3 bed ranch, 3 car garage, LVP through main floor and tile in bathrooms, quartz counters, nice appliances, upgraded windows, walk in tile shower, gas fire place, etc. We are NOT finishing the basement as I'll do that work so again that's just finished space which would be the main floor. Including the lot (0.8 acre) we are around $250 sqft. This is in West Des Moines if that helps. Also our costs were up nearly 10k in the 4 months it took us to agree on a design and sign off on the quote.
 
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ag2010law

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Feb 7, 2018
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What I can tell you is from houses built in the last year in NC Iowa. What I've seen in what I pulled up, if I pull out what I remember is normal lot prices, I'm showing 270ish area per finished square foot (above grade is only counted in square feet). These had 3 car finished garages, finished downstairs except small mechanical rooms. These were stick built custom homes that are what would be called a very small step below top end homes. They are homes that could fit in any community and still be nice. Solid countertops, tile and high end carpet flooring, high end cabinets, quite often cherry or birch, Ctile walk in showers and the such.

Does the 375 include the lot?
The price doesn't include the lot since I already own the ground. We live in western Iowa in the country. I figured prices would have gone up but the increase is seeming ridiculous. If this is truly what is happening across the board then I don't know how people are going to continue with there building plans. But then whos to say prices will come back down to where they were? Like farminclone it is tough to compare plans and I will have to get other quotes on our plan but I appreciate the input just to get a ball park. It tics me off when home builders say "yeah but look interest rate are low so it isn't costing you anymore" I get that however I want to put that money back into my pocket not spend it on materials.
 

BCClone

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Sep 4, 2011
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Not exactly sure.
The price doesn't include the lot since I already own the ground. We live in western Iowa in the country. I figured prices would have gone up but the increase is seeming ridiculous. If this is truly what is happening across the board then I don't know how people are going to continue with there building plans. But then whos to say prices will come back down to where they were? Like farminclone it is tough to compare plans and I will have to get other quotes on our plan but I appreciate the input just to get a ball park. It tics me off when home builders say "yeah but look interest rate are low so it isn't costing you anymore" I get that however I want to put that money back into my pocket not spend it on materials.
If a builder is mentioning interest rates are saving you money, I would look elsewhere. Appears they are eating some of it for themselves in a statement like that. There is more than enough work right now for people, actually a little too much with the derecho not fully completed, so get a few quotes.
 

TexCyted

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Oct 30, 2018
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I had a family member just finish a build in SWIA. I saw it over the holidays. It is an 1800 sq ft ranch home. 3 bed/2.5 bath with unfinished walkout basement. Interior is nice with granite and hardwood floors. Tile bathrooms. Tile shower surrounds. Upgraded cabinets. 40x30 garage. They paid $50k for their lot. Including the lot they were at $186/sq ft. All of the work was contracted by them, no GC. Grand total was just south of $400k. He will still have to do landscaping and seed/sod a yard.

They have a quote to finish the basement as well. 2 beds, 1 bath and family room over 2/3 of the basement. That was $40/sq ft.

He will be pushing a half mil when it is all said and done.

He was pissed that the 2 story house I am building in TX (tract home) is under $120/sq ft with everything included. I built a home in the same development 4 years ago for $89/sq ft.
 

BCClone

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Sep 4, 2011
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Not exactly sure.
I had a family member just finish a build in SWIA. I saw it over the holidays. It is an 1800 sq ft ranch home. 3 bed/2.5 bath with unfinished walkout basement. Interior is nice with granite and hardwood floors. Tile bathrooms. Tile shower surrounds. Upgraded cabinets. 40x30 garage. They paid $50k for their lot. Including the lot they were at $186/sq ft. All of the work was contracted by them, no GC. Grand total was just south of $400k. He will still have to do landscaping and seed/sod a yard.

They have a quote to finish the basement as well. 2 beds, 1 bath and family room over 2/3 of the basement. That was $40/sq ft.

He will be pushing a half mil when it is all said and done.

He was pissed that the 2 story house I am building in TX (tract home) is under $120/sq ft with everything included. I built a home in the same development 4 years ago for $89/sq ft.
It's a lot cheaper to go up than it is down or out. One option to cut costs is to widen the house. Typical ranch homes are 28 foot of width before any knockouts. We are 32' before any offsets or knockouts, we also have an open floor plan and it did cut 5% or so off the cost verses the same square footage in a longer house.

186/sq foot would be extremely low from the houses I've been through.
 

motorcy90

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Aug 12, 2018
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a few of the pre manufactured/modular style builders I have looked at are running in the $280K-$360k range for something I would want. 4 bed, 3 bath with an attached 3 car garage around 2,200 square feet above grade builds. and that is just for the house not including land prices. I think this is the route we will go in a few years ourselves
 

cowgirl836

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Sep 3, 2009
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Construction on our ranch started 6 years ago this week.......we were in the $160-$150 sq ft range (excluding lot). Basement was left unfinished so that was main floor. Similar finishings - 9/10ft main floor, granite, wood flooring, etc. We are midwest but would guess more expensive land than your area. Know lumber is way up but that does seem steep. Of course I am seeing new builds of similar size in the 500-600+ range in a very hot seller's market so maybe it really has gone up that much since we built.
 

cyfan92

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Sep 20, 2011
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Augusta National Golf Club
Wife and I have been planning on constructing a new home for 2 years and finally have the plans completed and are getting prices on construction. Just curious what everyone else is seeing for construction prices? It is poor timing, as I know the prices have gone up substantially over the last year but I am trying to get a feel for if we are in the ballpark. We are planning on a ranch house that will be built very solid, 9' ceilings on main level and walk out basement, 3 car garage, luxury vinyl flooring, custom painted cabinets and quartz counters in the kitchen. I don't know how most figure price per square foot but for us including total heated square foot (basement and main level) it is coming out to around $220/sq ft. If you just figure the main level it is $375/ sq foot. Anyone else in this same spot or built a house not to long ago that could share what there price was?

When you say "built very solid" and walk out ranch.. If you are in the DSM suburbs, you're probably looking at $500K all in with basic landscaping.
 

motorcy90

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Aug 12, 2018
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When you say "built very solid" and walk out ranch.. If you are in the DSM suburbs, you're probably looking at $500K all in with basic landscaping.
it is pretty sad when 1/4 to 1/2 acre lots are going for 70-80k themselves anymore around Ankeny.
 

cyfan92

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Sep 20, 2011
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Augusta National Golf Club
You're up against 1/2 of the homebuying crowd or more not really caring about the actual home price anymore. It's all about what internet websites and lenders will give them for a monthly mortgage payment...