Perhaps you’ve been looking at the high price tag on existing homes in Colorado and wondering how that compares to the cost of a custom home. Building a custom home can be affordable, but the cost to build a new home includes several factors, some of which are unique to the home-building process.
Unlike most developments where the land is prepped and ready for immediate building, a lot you purchase on your own will have to be cleared and excavated. In addition to the property itself, access to the lot for excavating and construction equipment will also factor into the cost. Is it close to accessible roads? Does it have large boulders that have to be removed or is it on a hillside that may require extensive grading?
The bigger the home, the more material and labor will be required. More stories also mean more design work and construction costs. However, careful planning will allow you to maximize space for the features that are most important to you.
The simpler the design, the lower the cost. However, design professionals can help you find efficiencies in design, layout, features and materials that will accommodate your needs and wants as economically as possible. For example, lots of corners, rounded walls and curved staircases are more expensive design elements. Features such as a pool, an outdoor kitchen and a large deck also add significantly to cost.
Wood flooring and trim, granite, and crown molding will also increase the building cost. Use high-end materials wisely and judiciously to save money.
Premium fixtures, such as granite countertops and marble floors come at a premium price and are often unnecessary to achieve the result you are seeking. Today, many beautiful, durable, econmical and sustainable materials are available to choose from. Ask your builder for alternatives that look and perform well but cost less.
Appliances with all the latest bells and whistles are certainly attractive but may not actually be worth the added expense. Look for appliances that offer the best energy savings as well as performance in order to save money over time.
Custom home prices vary greatly. In general, the average cost per square foot is about $235 for the construction of the home (land, site development and financing are additional costs). Construction of a basic custom home will cost around $150 per square foot, while a high-end/luxury home will be closer to $400 per square foot.