How to Determine a Budget for Building a House

Anyone who wants to build a house himself, hopes for a lower financial burden. You have to consider the pure construction costs and the burden of additional costs, architectural fees, taxes, outdoor facilities and the need to consider. All these costs drive up the price. While one has a pretty clear idea of ​​how much land and house may cost, the construction costs are initially the big unknown. They have enormous relevance and must be taken into account right from the start. in addition to the price of building materials, it is necessary to find out the cost of their delivery, loading, and unloading, installation, post-installation processing. You need to be aware that construction requires tremendous patience, investment of effort, time and finances. Therefore, it is not enough just to possess certain knowledge while building your house- we still need to properly plan and prepare a budget. You might have to rent the accessories required for the construction of the building. Scaffold hire is really popular for the construction of the building as it’s expensive to buy. To succeed in your construction project, you must calculate your budget. We have detailed for you the points to take into account to avoid unpleasant surprises.

Foundation Price

Foundation Price

The construction of a house begins with the foundations. Indeed, it is the part that supports the whole weight of the house. They are invisible, but they are important and must be done correctly. The price of foundations can vary from one professional to another and especially the size of your home and your requirements. The cost of its installation depends on factors like climatic conditions of the area, house structure – frame, from solid brick or aerated concrete blocks, soil type, soil properties, the selected type of foundation. When this data is in your hands, then you can accurately calculate the number of materials needed for the construction and their nomenclature. On average, both the work and materials for the construction of the foundation of different options will cost 20-30% of the cost of building a house, if you do not take into account the internal design of the house.

Calculate the cost of building walls

The shell is the most technical part of a building and ensures the integrity of the structure. The construction of a brick house is known for its strength and durability. Brick houses are resistant to fire, better insulated than breeze block or industrial materials, protecting from moisture. The price of a brick house construction depends on many parameters including the architecture, the area, the nature of the materials, the presence of floors or not, the construction company is chosen, etc. Estimating the price of a brick house construction is not easy and only detailed specifications will allow you to have an objective vision of the cost of specific brick construction. The final price of a brick construction depends for a good part of the professional’s workforce; hence it is important to make several quotes from different builders and compare them to save on your budget.

Architectural Design Fees

Architectural Design Fees
The architect is generally known for his role as designer of the plans for a new house or for the modification of an existing building under renovation. But his role is not limited to drawing plans. The architect is a qualified professional building and offers services such as monitoring your site, the choice of companies or materials. A professional architect can bill his fees in several ways: percentage of the total cost of the work, package or hourly rate. Depending on the size of your project, these methods of calculation can be more or less interesting. Prices charged by architectural firms and individual architects are not regulated. Thus, these building professionals are free to set their own rates. The average rate of an architect is 10% of the cost of construction.

Price of Mortgage

Calculating the price of a construction project is not limited to the house, land and ancillary expenses. You must also consider expenses related to your mortgage. Not only is it not free but in addition, it is accompanied by a series of ancillary costs. When a bank gives you credit, it lends you a certain sum: the capital, which is paid back with interest. The interest rate is set on a case-by-case basis, depending on the borrower’s profile and the characteristics of the construction project. There are several other costs related to borrowing like application fee, tax, etc. They amount to an average of 1% of the borrowed capital (capped amount) or a variable fee depending on the banks.

Other fees and expenses

Other fees and expenses
In many cities and municipalities, it is necessary to apply for several permits to build a new house. This includes plumbing permits, power permits, building permits, zoning permits, and so on. Even before the construction of a building, the land will have to be prepared to be able to accommodate the structure. This will include pruning trees that are in the path or the land on which your home will be installed may also need to be leveled. In addition, you will need access to a local sewer system and to a public well which will require permission for the local municipality.

The construction of the house and the calculation of its budget is not an easy task and requires knowledge or extensive construction experience. A correct budget will save you money and time.

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