Before you start making plans for construction to personal loans…
You need to make sure you have 20% capital of entire project. Try not to calculate math in your head. Sit down with a credible contractor who has done this before. Factor in cost of land, permits, land soil tests, zoning, foundation, utilities, materials, labor, etc. Did you add the taxes? Lawyer fees? Guess what, I bet you missed more. Speak to your loan officer or investor of project.
How much does it cost to build a house?
According to HomeAdvisor, typical range is from $137,919 – $523,503. You can bet the farm $500k is typical price to build a home in U.S. northeast region. Typical price per square foot is $155 to build; Times 2,500 sq. ft., you’re at $387,500. Price does not include land, permits, lawyer fees, and anything not related to actual build.
Should I just buy a module home or Boxable?
If you already own land and have a foundation with water and sewer hookup, you might find modular homes is a good start. I’ve seen homes you can hookup to a tow hitch folded up. Once you place on foundation, you unfold it and follow instructions; they contain electrical and plumbing pre-built in unit. You also have the option to have a company transport unit or modular home already built; just need to set it on slab.
