Cost for Building a Custom Home

The scariest part of building a custom home is finding out how much your dream home will cost, especially if it goes over the budget. There are many ways to establish a budget, and you can keep an eye on the cost during every phase of construction. Understanding what is involved in the cost for building a custom home will help you understand where all the money goes.

Types

There are different types of methods used for developing a cost for building a home. The two common cost-estimating methods are the cost per square footage and the quantity take off methods. There is a new method that is currently being used based on the building information modeling program (BIM) that is generated by an architect and her consultants.

Cost Per Square Foot Method

The cost per square foot method uses a typical cost amount based on general building standards multiplied by the square footage of the building.

Quantity Take Off Method

The quantity take off method uses a more detailed approach than the cost per square foot method. It requires an analysis of the construction drawings to estimate how much of the different materials are being used and totaling their amounts against current market costs.

Building Information Modeling

Building Information Models (BIMs) allow the architect and engineer to input costs at the same time they are developing the design. This allows them and the clients to evaluate costs during all aspects of the design and construction drawing process right up to construction.

Significance

Cost estimate should be completed during the end of each phase of design to make sure the design is staying in budget. The cost estimate that is done when the construction documents are done and prior to bid will be the most accurate cost estimate. These will allow the client to make any final changes prior to construction.