While setting out to build their own home, one of the first things that future home owners would like to do is to estimate how much it would cost them in terms of price per square foot. The answer to this seemingly complex problem can often be found out through understanding each of the factors that drive the price of a new custom made home.
Type of House
A double-storey house is generally cheaper than a single storey house. For building the same amount of livable space, a single storey building would require to spread out more than a double storey building. So it would require more foundation, roofing materials as well as longer pipes for plumbing and air conditioning which all translate to higher costs.
Basement area is generally not counted as part of the livable space and so, any money spent on it will only drive up the price per square foot of the house. But having a finished basement creates extra room for the family members to reside in.
It is possible to build a house using materials meeting the bare minimum quality standards and use the cheapest cabinets and other storage spaces, electrical fittings and plumbing fixtures available in the market. But by using higher grade building materials and fixtures, long term gains in the form of better comfort for the occupants, lesser maintenance costs and higher resale value can be achieved.
Hiring a home builder will definitely be more expensive for potential home owners than building the house by themselves. For people who have prior experience in building homes, the second option may be more viable. However, hiring the right contractor who quotes reasonable rates for their professional help would bring in value in terms of their experience and knowledge and ensure that the home owners get a house of their dreams.