Building

How Much Does It Cost To Build A House? A Simple Explanation

December 29, 2021
Building a house is not an easy process. It can get complicated and time-consuming (if you don’t have the right homebuilder!)

Building a house is not an easy process. It can get complicated and time-consuming (if you don’t have the right homebuilder!)

You probably have plenty of questions. What is the total price of building a new house? How do you spend wisely? How do you know what to look for when purchasing land for your dream home? These are all questions that this article will answer in detail!

The simple answer

The average price in Australia ranges from $300,000 to $500,000 — and this number can even skyrocket up to at least one million dollars!

This figure also largely depends on whether your home will be high-rise or low-rise; detached or semi-detached; new or old(in which case you would need renovations). Building costs should include the price of construction materials and factors like legal fees, land rates, council charges, etc.

Your final cost will include:

●     Labour costs

●     Planning permits

●     Construction costs

●     Site costs(depending on the property market)

That being said, you probably still have questions.

How do I know what kind of property I should be looking for? How do I purchase the most suitable land for my home?

Let’s get into more detail.

How do I spend wisely when buying my dream home?

One of the most important things you can do when building a house is purchasing the correct land. You don’t want to spend all your money on construction and realise that the vacant land you bought isn’t suitable for what you wanted! The best way to prevent this from happening is by doing your research.

When looking for land, make sure it has these features:

●     Suitable surroundings – check that there are no hazardous materials nearby (like gas tanks or power lines) and that it is in a good neighbourhood with friendly neighbours!

●     Enough space – depending on how big you want your dream home to be, make sure the plot of land can accommodate it — also factor in gardens, garages, driveways etc.

●     Check for potential problems – if you’re building on a hill or near water, factor that into the price. Even things like sewer lines and septic tanks may need to be adjusted depending on where your land is situated!

As mentioned before, there are so many different factors involved in this process it can seem overwhelming at first.But stick through it! The right home builder will make the journey feel seamless.

How do you pay for a house?

Bank

The most common way to pay for a house is through your bank. How much will you have to save up? How much can you borrow from the bank? How long will it take before this loan is paid off and you don't have to pay any more money towards it? Your bank can help answer these questions.

Government

Another way to pay for a house is through a government scheme. Federal and state governments are offering several grants to make the final price of homebuilding more approachable. These schemes vary depending on what country you're in, so it's best to ask an expert about what's available to you.

Cash

You could also choose to buy a property with cash. This means that you'll need to save up all of your money until you have enough to purchase a home outright. It’s wise to start saving your cash ASAP, but this method can be time-consuming and tedious.

Building Your Dream Home Is Worth It

Building a house is a complicated but rewarding process. How much it costs to build largely depends on where you are in the world and what kind of property you are looking for. Make sure to do your research, save up, and enjoy watching your dream home come together!

Want some help breaking down the total cost of your custom home? CDLS can help! We’re a family-run home builder business inBendigo, so we know exactly what you need on your dream home journey. We’ll help you find the perfect floor plan, the best home designs, and the people you need. Get in touch to get started building your dream home!

Frequently Asked Questions (FAQs)

How much does it cost to build a home?

InAustralia, the cost is around $300,000-$500,000, all the way up to $1 million.Per square metre, the price can range between $3,000 and $5,000. The Australian Bureau of Statistics places this figure closer to $1,400.

How long does it take before you can move into your new home after the construction process?

It takes 18months to two years until you can move into your new dedicated property (from the start of the building process to its completion).

Can I get a loan to build my home?

Yes, you can borrow money from the bank to help finance your project. How much you're able to borrow largely depends on your credit score and other financial circumstances. Speak with your local banker for more information.

What are some things I should consider before building my home?

●     What kind of property do you want (detached, semi-detached etc.)?

●     How much land is needed/available for this property?

●     How many bedrooms and bathrooms do you need/want?

●     What kind of finishes would you like in your home (tile, hardwood etc.)?

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