For those that are thinking about buying a house for their very first time, there is no doubt that at some point in your life that you may have wanted to build one instead of buying one. With that idea in mind, then that allows you to get all the things you know you must want to put in your dream house - from the location to the overall structure and more.
Additionally, the overall sales prices of many single homes at large are now within the 300k range, it makes things all the cheaper now to build a house rather than waiting for one to be right up your alley.
The Location:
Whether it is in Los Angeles or in Studio City, it is important to understand the location of where you are building in order to access the budgeting as well as the building process much easier to manage.
Whether or not you do decide to fully develop a customized build for a home, you do need experts on the subject to help facilitate the process. This means finding the right person who can help find the right materials for the project, or architects and developers who can aid in providing more insight can make things easier when it comes to building the home.
With the region, it is also important to take into consideration when it comes to the location of the house you want it built in. As mentioned, a house in LA can be very different than one in Studio City or even in other places within the United States, so it is important to take those measure into consideration before the building process begins.
It is also important to check in with the city and county in terms of possible land regulations before construction begins as well.
For those that want to save up for building a property within a rural region or location, then you also have to consider additional factors such as sewer hookups and propane for heating systems, and more. The same goes for plumbing, electricity, and other amenities that are considered “luxury”.
It can be rather tough to build a custom home in your ideal location with all the personalized touches that you want, but for many, it is much cheaper to customize a developed property.
Most of the materials, floor plans, and labor cost for most custom homes average around 75% of a person’s final costs. This goes for both your interior and your exterior designs as well, which makes major impacts on your overall budgeting.
Finishes & Fixtures
Depending on the materials you are using for your home, then you would need to consider possible flooring options. Do you want granite-style countertops for the kitchen? What about hardwood floors or marble? These are all premium options that you can consider while keeping in mind the budget you have established for yourself.
Roofing
Roofs can be a make or break for your exterior design and for structure. For the traditional asphalt style roof, you do need to add a little bit more to your budget as they can be no less than 10k depending on additional things you want to add to the roof such as solar energy panels.
Furniture & Appliances
In terms of the essential appliances, they vary heavily when it comes to their purchasing power, so make sure to determine which one could be spent less or not needed until more funding is added and which ones are needed to dazzle up the house for day one.
For furniture, it determines as well the floor plan you constructed with those involved with the project and how it can be moved around to create the spaces you would love to be a part of moving forward. Like if you want to have a nice table for the outdoors and other essentials, then you would have to consider porches and decks for your floor plans as well.
The Amount of Square Footage Matters
You may not realize it at times, but the amount of square footing you put towards your floor plan and overall home building project can make a great effect on the budgeting and costs of your project. According to some of the survey presented by the NAHB, or the National Association of Home Builders, the overall cost for home building is roughly 154$ per square foot planned. That means if your newly constructed house is to be estimated to be about 430k dollars spent. That could cause a dent in your budgeting, so it should be managed first while figuring out the overall additional costs for the project.
The Affordability
At the end of the day, the affordability is highly dependent on what you need and want out of your home building project. There are some projects that need a budget of 500k dollars while others are in the millions. It all depends on the location, the costs, and the regulations that are presented to you during the process.
Or, Buy a Cheaper Home
According to the data presented by NAR (National Association of Realtors), they presented that the average home pricing is about close to 300k dollars, which is much cheaper than having to build on, which is almost double the price.
It is important that you go out of your way to research and to manage your budgeting before stepping into the project. That way you can easily manage the work and the process that is needed to be taken care of while striving to see your dream home become a reality.
Sync Brokerage Real Estate of Los Angeles
syncbrokerage.com
Office 818-770-3673
Email: careers@syncbrokerage.com
Woodland Hills Office
22020 Clarendon St. Suite 200. Woodland Hills, CA 91367
Intersection of Ventura Blvd., & Topanga Canyon Blvd.
Studio City Office:
12258 Ventura Blvd, Studio City CA 91604
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