Current cost of building a new home

[Indy317]

Hey everyone,

My wife and I both want a new home. The wife really wants the $$$ areas of Hamilton County. I OK with that so long as we can find a lot that is 2/3rds to 1ish acres, with no HOA. Such lots are rare in the southern 2/3rds of the HC, and current price is usually around $50K/per acre. Money is my biggest issue, and I would like to get some ideas of construction costs before I have to really approach any builders. Our ideal home would be:
-One story ranch
-Around 2,000 sq. ft.
-Unfinished partial to full basement
-Three bedrooms
-Two full baths, one 1/2 bath
-Attached three car garage

The only frills I would want would be with the master bedroom area. I would want a large walk-in closet and a nice bathroom. For the kitchen, a small pantry. I don't really care about stainless steel appliances, marble or granite counter tops, crown molding, vaulted ceilings, fancy wood work, etc.. Decent carpet or wood flooring would be fine. Decks and covered front porches are possibilities, but not deal breakers. I would like a solid home made of brick and/or stone, but I'm not sure if I want the entire home made with that if an all brick or stone home really spikes the price.

Anyone here involved with home construction and have any sort of minimum to middle cost estimate on what a home would cost to build? If we are even lucky enough to find a lot where the wife wants we are looking at just $50K for the land, so I'm trying to see how much more money it would take to finally get something built on the land. Thanks.

 

[hoosierdoc]

We paid $93/sqft for unfinished basement two story home. That had many bells and whistles.

 

[ruger1800]

Most docs I know have 6000 sf with the works 6 car garage, gold plated faucets, tile shingles, guess I'm paying them too much.

 

[rockhopper46038]

I would peg "middle of the road" construction costs in southern Hamilton county at $80/sqft. That is carpets instead of hardwood; vinyl or builder grade tile instead of "architectural" tile, and standard finishes for the kitchen and bathrooms. Then you add the land cost.

ETA: But I'm not a builder. I did an extensive renovation and I live here. I did a lot of research.

 

[gfry12]

Just built in henricks county sub out myself and came in just short of $93 sq ft. (including lot)

 

[hoosierdoc]

Most docs I know have 6000 sf with the works 6 car garage, gold plated faucets, tile shingles, guess I'm paying them too much.

Can't tell if that's purple or just pathetic

 

[mrjarrell]

Check with MIBOR listings for property in Hamilton or take a run through through the Noblesville area. Lots of land for sale there in various sizes. I do know there's a spot on the west side of Cumberland Rd, just over the White River (North of Allisonville Rd) that has some lots for sale. Up to 5 acres and right beside the Hamilton County Fish and Game Club. Quite a few parcels out that way for sale. Nice area, with access to 37 for a commute to Indy. Also a few of spots off 206th St from 37 to Hague Rd. Good schools, too if that's an issue for you.

 

[hoosierdoc]

Looks like upper $80/sqft is typical in Carmel as of last year. Indy is around $60. That's existing though, not new construction.

Carmel Average Price Per Square Foot Up Slightly in February, 2012

 

[mrjarrell]

I'd be leery of Carmel for the long term. Their mayor has racked up some pretty impressive debt that is going to come to roost in years to come. They may have reasonable taxes right now, but that's going to change. Especially if he keeps spending the way he has. Lots of the smaller communities have as much to offer without the debt and spending.

 

[NyleRN]

For you have listed OP, you're looking at $190K and that's for probably middle of the road finishing products, such as flooring, fixtures, trim, doors, etc. Then you can add to that $190K the cost of your land. In that price you can bet you won't be finishing any of the basement. Then you need to think about other possible costs such as sewer/septic, driveway, water lines/electric ran to the house. It's not cheap. My wife and I are about 85% done with our build

 

[Indy317]

Thanks to everyone for their comments. Just some additional questions and comments below:

We paid $93/sqft for unfinished basement two story home. That had many bells and whistles.

Hoosierdoc, did your price include the lot as well? The $93/sqft has come up twice, so I figure I may as well set the budget at $95/sq ft and plan for that.

Check with MIBOR listings for property in Hamilton or take a run through through the Noblesville area. Lots of land for sale there in various sizes. I do know there's a spot on the west side of Cumberland Rd, just over the White River (North of Allisonville Rd) that has some lots for sale. Up to 5 acres and right beside the Hamilton County Fish and Game Club. Quite a few parcels out that way for sale. Nice area, with access to 37 for a commute to Indy. Also a few of spots off 206th St from 37 to Hague Rd. Good schools, too if that's an issue for you.

Schools won't ever be an issue for us. That is part of my issue with moving to Hamilton County, especially Noblesville schools. I've been digging through a lot of assessments up there and homes in the Noblesville schools area get hit hard in property taxes. I don't mind paying for decent schools, but I think 1% of assessed value is fair enough, and in some cases too much. This is why I'm trying to find out how much just a house would cost, because unlike most folks buying a lot in a neighborhood and having CP Morgan or whoever build the home, I'm planning two separate transactions, and the final bill could be fairly high. Even a $300K home+lot wouldn't be unaffordable, but I don't want to be paying $3,000+/year in property taxes where the bulk of the money is going to schools I don't use. Wife may get her HC dream home, but she might have to settle with the far northern part of the county because there is a limit to what I'm willing to pay for the land and in taxes.

I'd be leery of Carmel for the long term. Their mayor has racked up some pretty impressive debt that is going to come to roost in years to come. They may have reasonable taxes right now, but that's going to change. Especially if he keeps spending the way he has. Lots of the smaller communities have as much to offer without the debt and spending.

Well, they will likely be at Noblesville taxation rates, or worse. Carmel, and many other municipalities, could very easily just declare bankruptcy and leave muni bond holders getting ten cents on the dollar, if that. Unless there are a bunch of Carmel VIPs holding these bonds personally, don't be surprised if there is talk of bankruptcy down the road. The one thing Carmel has going for it is that from what I can tell, there is a lot of fluff in city government that could be cut. I heard years ago that some international firefighter group always recommended at least four firefighters per apparatus minimum. I guess Carmel had enough money to have six. Not sure if that is still the case, but given the whole Dan McFeely issue, the issue with their in-house counsel racking up debt, etc., seems there could be a lot more fat to cut before talking tax hikes and bankruptcy.

 

[hoosierdoc]

Our price did not include the land. But we had an extra $25k of geothermal expense, lots of granite, an insane number of custom cabinets, walkout balcony, nice tile and hardwood, etc. you can build a heck of a home for $90/sqft including land is my point

Look at Direct Plus, Inc as a source for flooring, window treatments, lighting, and plumbing supplies. Our cost with their discount was 5% better on lighting than the builder's discount.

 

[mrjarrell]

Indy, maybe you might look a bit north of Noblesville, then. Cicero is a nice little burg and has many of the same access points. It's a bit more rural and you'd have to go to Noblesville or Westfield for purchases, but it's a short trip down 19 or Cumberland. Not sure what the property taxes are like in Cicero but it can't be too bad. Loads of new building going on around Morse reservoir.

 

[rockhopper46038]

Since you are thinking of land, now's the time to check out local ordinances, covenants and the cost of putting a nice backstopped range in...and maybe a poured concrete vault room in the unfinished basement.

 

[NyleRN]

Our price did not include the land. But we had an extra $25k of geothermal expense, lots of granite, an insane number of custom cabinets, walkout balcony, nice tile and hardwood, etc. you can build a heck of a home for $90/sqft including land is my point

Look at Direct Plus, Inc as a source for flooring, window treatments, lighting, and plumbing supplies. Our cost with their discount was 5% better on lighting than the builder's discount.

How long ago was this? Cause at today's prices, I'm not seeing lots of granite, custom high end cabinets, real hardwood, and geothermal for $90/sqft. Contractors in my area are about $85-90 sqft for builders grade stuff

 

[forgop]

Still a buyers market for buying existing over building new. Your dollar goes a lot farther buying an existing home if you're willing to give on wants vs. actual needs.

 

[hoosierdoc]

How long ago was this? Cause at today's prices, I'm not seeing lots of granite, custom high end cabinets, real hardwood, and geothermal for $90/sqft. Contractors in my area are about $85-90 sqft for builders grade stuff

It was 2007, and that was with the basement unfinished so it probably skewed things a bit. We had them reprice everything when building market tanked and the lumbar prices bottomed out. We saved $20k by having everything required after a 6-month "should we build or not" journey. I think we got good value but built as market was going down and sold 4 years later. Got killed on it. Even had to sell the gold-plates faucets.

also, we saved thousands using the direct plus concept for many parts

Custom Homes by Cory was our builder.

 

[NyleRN]

It was 2007, and that was with the basement unfinished so it probably skewed things a bit. We had them reprice everything when building market tanked and the lumbar prices bottomed out. We saved $20k by having everything required after a 6-month "should we build or not" journey. I think we got good value but built as market was going down and sold 4 years later. Got killed on it. Even had to sell the gold-plates faucets.

also, we saved thousands using the direct plus concept for many parts

Custom Homes by Cory was our builder.

I figured based on those figures you gave that your build wasn't real recent. Even though the housing market tanked and has recovered a little, the cost of materials hasn't ever went down, only gone up....quite a bit

 

[IndyGunworks]

when i build this year i will be at 50 dollars a square foot including septic, well, basement. on a 4000 square foot house and 6 acres. house, well, septic, electric is going to run me around 163,000 and will be 1600 unfinished basement 1600 finished main floor and 800 unfinished walk up attic space, land cost me 40k.

comes out to be 50 dollars a square foot with everything included that you need to live there. I am making some sacrifices on finishes and other stuff, but feel like the way i am doing it (modular construction) is the best bang for the buck out there.

 

[Harleyrider_50]

when i build this year i will be at 50 dollars a square foot including septic, well, basement. on a 4000 square foot house and 6 acres. house, well, septic, electric is going to run me around 163,000 and will be 1600 unfinished basement 1600 finished main floor and 800 unfinished walk up attic space, land cost me 40k.

comes out to be 50 dollars a square foot with everything included that you need to live there. I am making some sacrifices on finishes and other stuff, but feel like the way i am doing it (modular construction) is the best bang for the buck out there.

.....Gonna do all'is work yerself?.....from'a footers on up?..........frame it,roof it... brick or side it.....plumb'n,wire it,drywall,finish work,paint.....floors....?....now we'a go OUTside.....driveway(s)....gutters/downspouts,seed or sod.......landscape'n....etc,etc....


You be hard press'd ta do it fer 70 sq ft.........an' I been in'a const field fer damn near 40 yrs........


Good Luck.......