We get a lot of questions from homeowners about how to price their construction project. When it comes to custom home building, there is no “one size fits all,” cookie-cutter costing system. Every single project is unique and different – which means it involves its own design, its own construction practices, and thus its own unique price. But did you know that there are many different ways to get bids on your construction project? In this article, we will discuss two of the most popular kinds of construction contracts: lump-sum and cost-plus. It is important that you understand the difference, including the pros and cons of each, so that you can make the right decision when it comes to requesting financial information on your project.
The Custom Home Price Confusion
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How Much Will it Cost to Build My Home from the Ground Up?
Your dream home is in sight! You have worked out the number of bedrooms and bathrooms you want. You have ideas for the kitchen, living room, fireplace, floors, fixtures and furnishings. Oh yes, you also want a pool with a custom deck, landscaping and a 3-car garage.
So how much will it cost to build your dream home?
Reported Price Per Square Foot
Surprisingly, it can seem there is no exact cost figure that can be given in response to this question. And at this point a lot of confusion can enter the budget equation.
A Google search about the cost of building a home in Hillsborough or Pinellas County, Florida, gives results suggesting custom homes cost between $100 and $400 per square foot. That’s a staggering difference. On a 4000 square-foot home, that means your project could cost anywhere from $400,000 to $1.6 million. How can you properly budget on that?
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We receive calls from prospective clients wanting to build a custom home for $100 to $150 per square foot. The high-end custom homes we build start at $200 per square foot on the lower-end and go up from there. This can result in more confusion as it’s not what was seen on Google. So why the discrepancy? What affects the square-foot cost? Read on to find out.
Four Reasons You Should Not Always Go With the Lowest Price With Your Next Remodel
Whether a new build or remodel, going high-end luxury or minimalist, budget is important to you. However, it is important to look at all the factors when deciding on the right Design-Build Contractor to create your dream home. Here are four reasons you should not always go with the lowest price.
How to Avoid Change Orders
Surprises are great – most of the time. We all love those unexpected moments for birthdays, anniversaries, and Valentine’s Day.
But when it comes to building or remodeling your home? The last thing you want during a custom home project is a long list of surprise charges after you’ve been given a price – also known as CHANGE ORDERS.
Unfortunately, many dishonest contractors have given Change Orders a bad rep because their modus operandi is to give their clients a low bid in order to be competitive, and then once they have the job, they “walk it up” with Change Orders. We’ve met many homeowners who were given a price for a remodel but when it was all said and done, they paid more than 75% of the original bid because of Change Orders for things the contractor had “forgotten” to include in his bid.
So how do you avoid these horror stories? There are two parts to this. Read on to find out how to avoid Change Orders on your custom home project.Read More »
Five Ways to Make Your Custom Home Project Cost More – and How to Avoid Them
When you’re building or remodeling your home, you’re not buying towels or dishes. In most cases, it’s one of the most costly purchases you’ve ever made. So when it comes to budget, you probably want to figure out the best places to save money right off the bat.
There are many parts and pieces to a renovation or a construction project, and many ways to save money. That’s the beauty of working with a qualified Design-Build company, as their professionals usually have years of experience on pricing and can guide you in the right direction on which design items to select to stay within your budget. We often save our clients thousands of dollars by finding them finishes and fixtures that still look good and are in keeping with their tastes, but are far less expensive than what they might find on their own, as a consumer.
When we sit down with our clients for their initial design consultation, there are five major areas we like to discuss before we proceed. These big-ticket items can make or break the bank when it comes to a custom home project, and the direction we take depends on finding that balance between budget and aesthetics. You have to decide – are these items so important to your custom home that you are willing to stretch your budget a little? Or does budget take priority? Is there a middle ground in any of these areas? These are all important aspects of the design and planning process.
Here are five places where you can sway your budget considerably on a custom home project:
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