Ultimately, your home is comprised of a vast amount of components. They all add up to create an incredible home and one lump sum from a cost perspective. The key is planning and prioritizing. Some options you can do at a later date. Other options are “now or never” type items such as your foundation height.
“I often compare a home price to my credit card bill. I am shocked every month when I get the bill and look at the total price. I then go through item by item and realize the individual charges all seem relatively modest and logical ($78 for groceries; $135 on Amazon; $134 at a restaurant, etc.)”
We likely will not be able to accommodate every item on your wish list. However, it is our goal to include many of them, especially all of your top priorities.
PER SQ FT EQUATION
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HOW MUCH WILL IT COST?
A common question we hear is “How much is your price per square foot?”, a typical ratio for general real estate valuation. Unless a builder has spent an enormous amount of time understanding your wants, needs, desires and budgets, then assembled an impeccable set of plans and specs, price per square foot is a very inaccurate and misleading approach to forecasting price. We only use high-quality building materials, high-caliber suppliers and subcontractors and typically are building homes with luxury features that our clients must factor into the overall cost. Keeping that in mind, the house we build can vary in price per square foot by over 100% from one home to another.
KEY FACTORS OF COST
There are several factors that affect the price of the home. Based on our 43 years of experience building custom homes, the following is a summary of some of the key factors that will have a strong influence on the total price of your new home.
|Roofing Materials||A typical dimensional shingle roof costs $22,000 installed.||An upgraded dimensional shingle roof adds anywhere from $10,000 to $40,000 depending on selection.|
|Exterior Veneer||Typical residential siding averages as low as $8/sq ft, while brick and stucco average $15/sq ft.||Stone veneer can cost upwards of $30/sq ft.|
|Flooring Selection||Builder-grade flooring assumes a $6/sq ft allowance for wood floor and a $25/yard allowance for carpet.||High end materials such as engineered hardwood start at approximately $12/sq ft, and we have found a $45/yard carpet allowance to be more realistic.|
|Appliance Selection||A nice GE appliance package ranges from $8-12,000.||High-end SubZero and Wolf appliances can exceed $35,000.|
|Home Shape & Design||Corners cost money. The least expensive home to build is a simple salt-box design.||Today’s custom homes are rarely square, featuring many corners – all which add building costs.|
|Foundation, Exposure, Retaining Walls & Decks||A flat lot with no slopes or exposures adds $0 in building expense, a partially exposed basement typically adds $15,000.||A fully exposed basement can add $50-150,000 in additional costs such as frost footings, waterproofing, added foundation height, retaining walls, decking and exterior veneer.|
|Soil Conditions, Footings & Lot Preparation||A typical “subdivision lot” requires approximately $7,000 in lot preparation costs.||A recent Pewaukee Lake home we constructed exceeded $100,000 to prepare the lot for building, in-ground water conditions alone.|