Saturday, February 25, 2012

Building a Home - The Cost of New Construction

We know that building a new home means having to spend a lot of money. We call the money to be spent as the Cost of Construction. If you are thinking of building a new home rather than buying from the many available existing homes, you should know the right procedures you have to take before you finally start buying materials for it. But before we go to that, let's identify first the choices you have when it comes to financing your home.

In financing, as the owner of the home that is to be built, here's the two ways you can choose from to finance your new construction.

1. Finance it by your own money.
If you have saved enough to finance a new construction, you do not have to look for a bank to loan. This could be great because you do not have to worry about bank loans and the financial obligations that come with it.

2. Bank loan
Going to a bank to loan for the cost of a new home construction could be a hard process as more banks don't usually allow loaning for a new home construction. But do not be discouraged because you can still find banks that allow this kind of loan. You just have to find one, talk about the terms, and your construction finances will be taken good care of by them.

Now that you know the two options a home owner like you has when it comes to getting the finances for the construction, next let's get to know about the real deal i.e. where the finances you have will be used.

Home builders- First and foremost, you will have to contact some local home builders. Builders will tell you how much per square foot they will be charging from you. They can give you a good idea of what your ideal home might cost.

Count the Square Footage - one way to do this is by finding an existing home similar to the one you want to build. All you have to do is take the price of the home, deduct the price of the land, and divide that amount by the square footage of the home.

You will have to remember that your contracted builder wants to make some money one way or another out of the new job; therefore, you have to pay attention to everything that will require money. Be sure that you get quality materials and not some cheap ones as the quality of your newly built home depends on the quality of materials used.


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