With the demand for pre-existing homes in Fort Worth, Texas rising, more and more people are looking for ways to build a home themselves. However, the costs of building a house can be high, especially if you do not know what to budget for.
The average cost to build a home in Fort Worth, TX, is $200,000 to $500,000. The final price will depend on several factors, such as the square footage of the house, the land it is built on, building materials used, and finishing features such as cabinetry.
Of course, there is no way to calculate the exact cost unless you determine how each of these factors apply to you first. However, once you do that, it is easy to come up with a good ballpark figure to give you a starting point for financing. To learn more about how you can estimate the cost of building your own home in Fort Worth, read on.
Calculating the Costs of Home Building
There is no better way to calculate the cost to build a home than to calculate the price per square foot. To do this, you’ll first need to determine how big of a house you want to build.
Determining the Square Footage of a Home
This square footage of your home will be the primary figure in calculating total cost and thus must be carefully planned to ensure your numbers are not off when it is time to break ground. For the most accuracy, consider making a rough sketch of your dream home to estimate the size.
After you have constructed a vision, assign a number (in terms of square feet) to this vision. Although the number does not have to be exact, it should be in the ballpark of what the finished product will be. For example, the average size of a home is about 2,500 square feet, which is large enough to be a standard 3-bedroom home.
From there, you should be able to calculate the cost of building your home based on the average cost per square foot in Fort Worth, which is $116.25.
Cost of Building a Home in Fort Worth (by Square Foot)
|1800 sqft||2500 sqft||4000 sqft|
Break Down Actual Building Costs
Although a general cost to build per square foot number is handy for approximating how much of a loan you’ll need to take out, it’s good practice to break down the costs even further so you know exactly what to expect. Use the following table to help you calculate the estimated cost of your build:
|Type of Work||Percent of Job Costs||Average Cost||1800 sqft Home||2500 sqft Home||4000 sqft Home|
|Land & Site Work||3-8%||$5,000-$38,000||~$11,509||~$15,984||~$25,575|
|Major Systems (electrical & HVAC)||10-15%||$17,000-72,000||~$26,156||~$36,328||~$58,125|
|Interior Finishes (drywall & flooring)||25-35%||$42,000-167,000||~$57,544||~$79,922||~$127,875|
You will also need to factor in labor, materials, and design and permit costs in the above-listed percentages, which can add up 10 to 60% of your final cost.
Estimate Cost of Land
Factoring in how much you should expect to pay for a suitable tract of land that will meet the needs of the build is important too, and should be included in your final cost estimates.
Do not commit to one plot of property because it looks appealing online. To best protect against price swings, choose ten acceptable lots, add the listing prices together and then divide by ten to get an average cost. This calculation should give you a working number for your budget on purchasing the lot to support your home.
To obtain some extra knowledge on lot prices, you should also figure out what the average cost per acre in Fort Worth, TX, is.
This calculation can be a little harder to obtain, especially when some of the lots being sold are in square-foot dimensions as opposed to acres. However, by determining how many square feet are in an acre (43,560), you can run the numbers in a fashion that will give you a per-acre cost average based on the lots you have deemed suitable for your project.
The Variable Rate
To provide further details on your home construction estimate, you may want to get into some detail about the cost of specific features of the home. This is best accomplished by constructing a chart that breaks down the variable costs.
By creating this table, you can further visualize which areas of the home you can cut costs with, and determine the areas where there are no variables. You can use the below table as an example:
Home Building Variable Costs
|Insulation||$.97-1.71 per square foot|
|Cabinets||$150-500 per cabinet; $150-380 per linear foot for installation|
|Sheetrock||$2 per square foot|
|Plumbing Fixtures||$450-1,800 for installation per fixture (depending on design)|
|Flooring||$3-7 per square foot for materials; $6-12 per square foot for installation|
|Paint||$2-3 per square foot|
|Trim & Molding||$4.50-6.00 per linear foot|
|Landscaping||$5-20 per square foot (depending on design)|
Estimates of home building are just that: estimates, not exact figures. One of the most common mistakes when it comes to home building planning is coming up with a cost breakdown that does not quite come close to the actual building cost. This lack of preparation can result in funds running out before the project is completed.
To avoid this, be sure to at a 10 percent variable rate to your overall building costs. This modifier will ensure that you have a sufficient cushion to prepare for unexpected rises in prices and will ensure that your funding remains intact as the project reaches its conclusion.
Building a home in Fort Worth, Texas, is an excellent investment. The work required is considerably different from that of purchasing a pre-existing residence. However, with some financial planning and a little ingenuity, you can easily determine the costs you should really expect, so you don’t face any surprises once it’s time to break ground.