Though the cost of homes varies considerably and no estimate is exact, perhaps the following new home construction free estimating sheet will help in determining a very rough estimate for the cost of your new home. A home builder or contractor will be able to give you a much more accurate estimate, based on the current materials and labor costs.
This very basic estimate guide will give you something to work with as you consider different house plans. Its accuracy leaves a bit to be desired, but it’s as close as one can get when speaking generally about all sorts of home construction all over North America.
Quick and Easy Estimate
Square footage of living space _______ x $80 =
Square footage of garages and porches _______ x $55 =
Adjustment for Location
Hawaii, Alaska and California add 50% – 60% more (multiply by 150% or 160%)
Northeastern states add 40%- 50% more (multiply by 140% or 150%)
Southern States leave as is
Other States add 10% – 20% (base on cost of living multiply by 110% or 120%)
Now create another sub-total
Adjustment for Quality
Quality of Construction above Standard add 10% – 30% (multiply by 110% or 130% for luxury construction)
Quality of Construction below average – subtract 10% (multiply by 90%)
Itemize Anything Which is Substantially Above Average
Flooring (imported tile or hardwood for example)
Countertops and Cabinets above average
Expensive plumbing fixtures
Add Exterior Extras
Add cost of pools, patios, and decking
Add any extra landscaping
Add the price of the lot
Your homebuilder or contractor has much more accurate ways of creating estimates. Most builders may use special software or figure it out on paper, but whichever method he uses will include very specific information, in addition to years of experience and knowledge of the materials needed to do the job.
A good builder or contractor will have the latest figures on all the variable building materials prices, the exact wages of each worker or subcontractor, and his bid will be based on bids from his subcontractors who will each estimate how much it will cost to do their part of the job.
A builder or contractor exact estimates would include:
• The cost of each type building material per unit x the number of each required
• The estimated number of man hours at each skill level x their hourly wage
• Expenses involving heavy equipment
• Architect fees
• Insurance fees
• Permits and fees associated with building
• Subcontractor’s bids
• Builder profits and overhead
Local contractors and home builders will be happy to give you more realistic quote based on current local prices and wages. Consult a local contractor before attempting to purchase land, or get a loan. This new home construction free estimating sheet is simply a rough guideline, and not intended as any sort of quote.