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new residential construction prices
Posted on 3/10/23 at 12:07 pm
Posted on 3/10/23 at 12:07 pm
We are planning to build in the next year or so. We own the land in full.
Have construction costs come down much since the COVID peaks? Is 175sqft a reasonable range if we aren't going all out on finishes?
Have construction costs come down much since the COVID peaks? Is 175sqft a reasonable range if we aren't going all out on finishes?
9
Posted on 3/10/23 at 12:18 pm to hey benji
175 is a good guesstimate.
Posted on 3/10/23 at 12:23 pm to hey benji
Built in 2021, terrible time price and labor wise, still got whatever my wife wanted finishes wise and spent 190sqft.
We already owned the lot, so the 190 doesn’t factor in that cost, but we did put in an outdoor kitchen which is included in the 190.
Just a general idea, no clue what it’s like today. We did get lucky with interest rates, so be sure to factor in the higher rates when you’re budgeting for the mortgage.
We already owned the lot, so the 190 doesn’t factor in that cost, but we did put in an outdoor kitchen which is included in the 190.
Just a general idea, no clue what it’s like today. We did get lucky with interest rates, so be sure to factor in the higher rates when you’re budgeting for the mortgage.
Posted on 3/10/23 at 12:35 pm to hey benji
quote:
Is 175sqft a reasonable range
Currently, it's the interest rate that will kill you.
Hope you're not financing.
Posted on 3/10/23 at 12:39 pm to Tifway419
quote:What kind of grass you got?
Tifway419
Posted on 3/10/23 at 12:51 pm to Tifway419
That's amazing to me. I have talked to several different builders, and some neighbors who have a lot next to mine in the south Baton Rouge area who have also spoken with various builders, and we are seeing prices in the $250-$290 per square foot of living range. That's NOT including the lot. If you are in the BTR area and built for $190/square foot in 2021...be happy with that.
Posted on 3/10/23 at 1:54 pm to hey benji
Mine was 180/sf and I dont think that included the sod/landscaping and driveway.
This post was edited on 3/10/23 at 1:55 pm
Posted on 3/10/23 at 2:02 pm to GrizzlyAlloy
$250-$290 sqft seems absolutely insane. That must be for a decked-out mansion correct?
We're going to start speaking with builders soon and a few have asked what our budget is. Should we just come out and say $170-$175 a sqft?
We're going to start speaking with builders soon and a few have asked what our budget is. Should we just come out and say $170-$175 a sqft?
Posted on 3/10/23 at 2:22 pm to hey benji
Where exactly are you building?
Definitely report back as I am very curious to what you are able to find. When I first started looking to build a year or so ago, I could find builders under $200. Today...no one has said they would do it close to that. They claim their labor costs from their subs is driving this massive increase. That's damn near impossible for me to prove one way or the other.
Definitely report back as I am very curious to what you are able to find. When I first started looking to build a year or so ago, I could find builders under $200. Today...no one has said they would do it close to that. They claim their labor costs from their subs is driving this massive increase. That's damn near impossible for me to prove one way or the other.
Posted on 3/10/23 at 2:30 pm to hey benji
quote:
We are planning to build in the next year or so. We own the land in full.
Have construction costs come down much since the COVID peaks? Is 175sqft a reasonable range if we aren't going all out on finishes?
I had friends that were trying to build new construction in late 2020/early 2021 and they eventually backed out midway through. Idk what the rules are regarding it, but their issue was that the original quoted price went up $75k in a matter of weeks because of material prices (wood was insanely expensive). I couldn't imagine a builder telling me "hey you need to pay more now because it got expensive oopsie" and not have an agreed to price on construction. This was being done in one of those larger developments near University Club.
But yeah, as as everyone else is stating, your biggest issue would be the interest rate right now. Absolute bananas.
Posted on 3/10/23 at 3:52 pm to Crusty
I don’t know how people can afford $250/sqft. That comes out to $625K for a 2500 sqft house. If that also doesn’t include the lot, you’re looking at $700K.
People were backing out like crazy a year ago because of the rate increases. People generally stretch themselves too thin already, so an extra $500 per month for the life of the loan because of rate hikes forces their hand.
People were backing out like crazy a year ago because of the rate increases. People generally stretch themselves too thin already, so an extra $500 per month for the life of the loan because of rate hikes forces their hand.
Posted on 3/10/23 at 4:43 pm to Tifway419
quote:
extra $500 per month
Assuming a mortgage of $600K, the difference between a 4% 30 and a 6.5% 30 is going to be closer to $1,000/month. A $4,000/month mortgage would stress me TF out. I’m so glad I bought my house when I did.
Posted on 3/10/23 at 5:02 pm to GeauxldMember
We are in Lakeview in New Orleans.
We own our lot and plan to use it toward the down payment for the construction. I'm thinking that should be around 300k.
We own our lot and plan to use it toward the down payment for the construction. I'm thinking that should be around 300k.
Posted on 3/10/23 at 6:28 pm to hey benji
quote:
$250-$290 sqft seems absolutely insane.
Especially since we were quoted $120/sf in 2019.
We didn't buld, we bought an older home (25 years old) and paid much less than that, including the land.
Posted on 3/10/23 at 8:05 pm to East Coast Band
Is it reasonable to think prices will eventually lower to pre-Covid levels or is this just how things will be moving forward?
Posted on 3/10/23 at 8:13 pm to hey benji
I personally don't think we see pre covid prices again but I do expect construction costs to decrease from current costs after interest rate increases finally cool the economy. When we have ample supply of materials and not as much demand for construction, costs should decrease.
I am patient enough to wait a few years if need be. Won't over pay for construction AND interest rates.
For me, I am more turned off by construction costs. You can refi if rates drop...but you can't get a builder to return construction costs.
I am patient enough to wait a few years if need be. Won't over pay for construction AND interest rates.
For me, I am more turned off by construction costs. You can refi if rates drop...but you can't get a builder to return construction costs.
Posted on 3/11/23 at 5:38 am to hey benji
I always have a difficult time following these threads. I have to believe some people are using living area quotes and some under roof. I have spoke with 3 contractors this week, way out in the country so I know it’s not apples to apples, quotes were all $95 - $115 per square foot under roof. That obviously does not include cost of land.
Posted on 3/11/23 at 7:44 am to tigerlife00
Sorry, the $250-$290 range I was referred to in BTR is living area. So, under roof we would be closer to $210/square foot?
Posted on 3/11/23 at 7:47 am to Crusty
quote:
That's amazing to me. I have talked to several different builders, and some neighbors who have a lot next to mine in the south Baton Rouge area who have also spoken with various builders, and we are seeing prices in the $250-$290 per square foot of living range. That's NOT including the lot. If you are in the BTR area and built for $190/square foot in 2021...be happy with that.
This....hoping for final inspections this week....it's been wild. Custom home with what i'd consider ultra high end finishes....$250 psf. Materials have stabilized, but labor is still insane....
Posted on 3/11/23 at 8:10 am to failuretocommunicate
In BTR? If so, which builder?
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