You cannot get a decent place to live in Texas without entering into crazy bidding wars for real estate. Not to mention the prices are too high which is why people are turning towards the idea of building a home instead of purchasing a furnished apartment. Building the place by yourself is not just affordable, it also gives you the liberty to customize however you want. But how much would new home builders Georgetown TX would cost? And what are the unforeseeable expenses that you need to watch out for? Let’s find out in this piece.
Cost of Land
Acquiring a land is the first step to build the house and it is arguably the most taxing task. The increasing popularity of building homes has led to shortage of home lots. Hence, you may have to wait for a bit to purchase a piece of land in urban residential areas. Another option is to move to a rural area which not just costs less but is also readily available.
The average cost of land in rural texas can be anywhere between $3500-$4000 per acre based on location, type of land and how much you’re purchasing. Whereas the cost in Central Texas and Austin-Waco-Hill is between $4500-$6000.
The state of Texas binds the builders to get the permit to build homes or other commercial property. The cost of permit ranges between $1000-$2000 and depends on type of property and local regulations. You have to apply for the permit once the blueprint of property is finalized. The permit remains valid for only six months so you have to begin construction within this time frame.
Construction takes a major portion of the building budget and can cost anywhere between $95-$140 per square foot. The cost can vary significantly based on cost of labor in the respective locality and the type of material that is used. That said, if we have to give a rough estimate, it will approximately cost $220,000 for a single-family home. The cost includes everything from plumbing to electricity.
Finishing is the most exciting part of building a home and the cost varies based on personal preferences. You can make a decent place for yourself for a couple of thousand dollars but can also spend hundreds of thousands if you’ve a taste for luxury. The general rule is that it takes around 25% of the total budget but again it does not account the personal likings of the interior.