Building a custom house in Northwest Indiana can be a great way to design your ideal home and have it constructed to your specifications. What could such a project cost, and what types of expenses should you consider when planning it? Here at Steiner Homes, we’re experts in home building and advising people on the best kind of house for their specific needs. We can help you budget your construction project so you know what’s feasible and realistic. Here we explain everything you need to know about costing and building your family home.
Construction Costs
The construction expenses for building a house in Indiana mainly derive from materials and labor. As a general rule, you can expect material expenses to make up approximately 50% to 60% of the overall construction budget, while labor costs account for 40% to 50% of your spending. These figures are a rough guide. If you have a specific design that calls for the use of premium materials or expert labor, the balance of your construction budget may be different.
The most common method of measuring construction costs is by cost per square foot. In Indiana, building a standard home costs in the region of $150 to $250 per square foot, whereas a customized home with complex design requirements could cost between $250 and $350 per square foot. These pricing differences reflect both premium materials and the specialist labor teams needed to complete the more complicated tasks associated with a custom design.
Where you choose to build in Indiana can also significantly impact your costs. The availability of construction labor in your area can make a difference. If you only have a limited choice of construction companies to choose from in an underserved area, the cost of hiring workers may be higher. However, labor prices may be more competitive in areas well served by building developers. On the building materials cost per square meter side of the equation, your expenses may be lower for predesigned projects, such as a modular home, than they will be for a uniquely designed project.
Nonconstruction Costs
Many people overlook the additional expenses related to building a home that aren’t directly associated with the construction process. Before you can start building your house, you’ll need a building permit. Permits ensure that all building projects comply with the rules and guidelines for safety and other requirements. Zoning rules can impact your budget, too. If you’re building in a historic district or an area with specific construction rules, you may have to pay to comply with them.
Architectural design is another part of your project that may incur expenses. This is most likely to be the case if your project is based on a customized design. An architect may be required to ensure that your design complies with the necessary rules and regulations, as well as to assess whether it’s realizable. It’s important to consider whether these extra expenses are affordable for you or whether you want to opt for a home design already developed by a building contractor to keep your costs down.
Beyond these costs, there may be several unexpected challenges that arise during the construction process. In general, we recommend that your budget include a contingency fund. This can range from 10% to 20% of the overall cost.
Your contingency fund can help you cover the cost of unexpected delays due to inclement weather, material availability, or other factors. It can also help pay for additional costs connected to unanticipated problems that emerge during the building work. For instance, you may discover that more work is needed than you’d expected to install a functional plumbing system or connect to your local electrical utility.
Tips for Reducing Building Costs
One way to keep your overall costs low is to build your new home on a preplanned design. Many companies, including ours, offer a range of plans to suit various tastes. These include two-story homes, ranch designs, and more. The advantage of choosing from existing plans is that you avoid the costs of architects, customized design features, and additional labor time. Homes built on a preplanned design can often be built faster thanks to modular construction techniques.
Another way to get the most value for your money during your home-building project is to work with a reputable company, such as Steiner Homes. We have extensive experience in creating dream homes for our customers in Northwest Indiana. We know what it takes to establish a realistic budget and plan for your home construction project. Our relationships with various building developers in the area allow us to take advantage of expert construction workers and a ready supply of high-quality building materials.
Contact Steiner Homes To Get Started With Your Project Today
If you’d like to explore our exciting home designs and get a construction cost estimate per square meter, get in touch with us at Steiner Homes. Our floor plans are customizable, and we’d be delighted to help you build your unique home. With our extensive network of banking institutions and mortgage brokers, we can help you with competitive financing for your project. Visit our local new homes for sale to get a sense of how your home could look. Don’t hesitate to contact us today and take the first step toward your dream home.
