Budgeting for a Custom Home in Teller County
When planning to build we feel it is important to know early what type of costs you may be looking at in construction of a Custom Home! And while this is a pretty loaded question, here we try to give you a quick and easy method for budgeting and to see if custom home building is right for you!
The quickest way to determine a general “ballpark” cost of building is to use Square foot Price averages (sqft). These averages are based on a variety of means but mostly national building cost data which is released each year.
Prices are average building costs based on finished and heated square footage, includes allowances for utilites, garages, decks & basically everything except the cost of Land or any bank loan charges!
Due to the extreme econimic conditions in our local building market resulting from Covid lockdowns, regulations, and high material shortages, the average cost to build a custom home is currently between 350-450 per finished square foot.
There are many things that will affect the price to build and here are a few:
Size Matters: It is obvious that a larger home will cost more than a smaller one with the same type finishes, but that is not always the case with the square foot calculations. Smaller homes have a compounded sqft price vs. larger ones. Therefore, larger homes over 3,000 sqft will have a lower per square foot build cost than ones under 1,800 sqft. This is because the square foot build price takes in account the cost of infrastcuture & utilites and or tap fees which in most cases are similar costs regardless of house size.
Interior Finishes: Walls, Tile, Flooring, Cabinetry, Countertops and many more! Choosing higher end type finishes can quickly add to the build cost. When designing and planning with your Architect/Builder Matt, he will give you easy to fill out finish selection forms that will help us get your construction estimate as close as possible the first time as to avoid overages!
Exterior Design and Finish: The shape and complexity of the home will greatly determine the cost to build. A simple design with 6 corners or less, truss roof system with only one roofing material and a single siding type will have a much lower build cost than one with 10+ corners, rafter or post and beam roof structure, and multiple bump outs and siding materials!
Ranch vs 2 Story: Ranch style homes typically cost more to build than 2 story homes. This is because a ranch has a larger footprint, thus requiring more excavation, foundation, and roof area versus a 2 story of the same square footage.
Property: the complexity and topography of a lot and where the home is placed is also is a factor to consider along with: Driveway, Well and Septic Systems, City Utilities and Tap fees, Covenants and HOA requirements.
Mountain Building: There is no better place to build than in our beautiful Colorado Landscape and while it does typically offer special requirements along with additional costs, we feel it is an investment well worth it!