House Construction Cost Calculator – Building a new home is one of the biggest financial investments most people will make in their lifetime. With housing costs continually rising, it’s important to accurately estimate the total construction costs involved before starting your build. Having a detailed budget breakdown can help you plan, get construction loans, and understand where the money will be spent.
House Construction Cost Calculator
Here is a step-by-step guide to calculating the total estimated cost to build a new single-family home:
Determine the House Size
The first step is deciding how many square feet you need. The national average for a single-family home is around 2,500 square feet, but this varies greatly by region. Think about how many bedrooms, bathrooms, living spaces, etc you require. Measurements for each room and total finished square footage will inform construction costs.
Calculate Land Cost
If you already own the land, you can skip this step. Otherwise, research the average price per square foot in your area. Multiply this by the square footage of the lot to get your estimated land cost. This is location dependent but often ranges from ₹1000 – ₹1500 per square foot.
Estimate Site Work
Site work includes clearing land, grading, excavation, driveway, utilities, and more. This runs 10-25% of the total build cost. For a baseline budget, estimate site work at 15% of total house construction cost.
Determine Construction Costs
The largest portion of expense comes from physical construction of the home’s frame, roof, exterior, mechanicals, etc. Here is a breakdown of typical new home construction costs as a percentage of total build cost:
- Framing/Roofing – 10-15%
- Exterior (siding, roofing) – 10-15%
- Windows/Doors – 5-10%
- Plumbing – 5-15%
- HVAC – 5-15%
- Electrical – 5-15%
- Interior (drywall, paint) – 10-20%
- Appliances – 2-10%
Add Other Costs
There are additional expenses that should be budgeted for like architectural plans, permits, inspections, financing costs, and more. Allocate at least 10% of total build cost for these fees.
Add Up All Costs
Once you have estimates for land, construction, and additional costs, add them together to get your total estimated house construction budget. Pad each area with a little extra as a contingency fund.
Getting quotes from architects and builders in your area can help refine the numbers. With some research and planning, you can get an accurate estimate before breaking ground on your new home build. Carefully calculating construction costs upfront makes the process smoother and avoids unwelcome surprises down the road.