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This article is more than 4 month old.

How to estimate new home construction costs

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While purchasing or constructing a home, there are tons of conundrums, from choosing the suitable land, society to architecture, etc. Even if you are buying a home that is already constructed, there are several changes that your partner or kids or parents would want.

How to estimate new home construction costs
Almost everyone has this ultimate goal to purchase or construct a dream home, somewhere they can spend their lives and grow old, happy and satisfied. Some people want it minimalist with sober and straightforward designs, classic equipment and mute colours. In contrast, some people aspire to have an over-the-top eccentric house with vibrant colours and the latest equipment.
However, while purchasing or constructing a home, there are tons of conundrums, from choosing the suitable land, society to architecture, etc. Even if you are buying a home that is already constructed, there are several changes that your partner or kids or parents would want. And, if you are building the entire house from the ground up, there will be many back and forth in terms of designing, colour coordination, and various other things.
There are numerous things that one needs to take into consideration before starting home construction. However, the first thing is to strictly clarify the upper and lower limit of your budget allocation.
If you are also planning to construct your house for residential or rental purposes, here is a look at how much you should allocate on an average basis:
How much should you invest in your house construction?
In order to put a limit on the money you are willing to spend on house construction, it is essential to first clarify the exact purpose of your house. For example, if the house is being constructed for rental purposes, it will be designed differently compared to the house constructed for self occupancy or self-use.
For residential or self-use purposes: While constructing a house for self-use, the standard procedure is to opt for a duplex or G+1 (Ground Floor + one floor). On average, if a person is building a 30x50 (30 foot wide by 50 foot long) villa duplex, close to Rs 40 lakh to Rs 50 lakh will be required to build a nicely constructed house.
For commercial or rental purposes: When it comes to house construction for rental or monetary purposes, most people expect the construction amount invested in being returned through rent money. Considering this, choosing to construct a G+3 (Ground Floor + three floors) instead of a ground floor or G+1 is more beneficial. This is because G+3 houses are cheaper, and the bigger the house, the greater return on the investment.
In general, a G+3 house constructed on 1200 sqft land would require an estimated amount of Rs 57 lakh.
Conclusion
It is pertinent to mention here that the budget for house construction can vary in case there are miscellaneous needs. Apart from the monetary attributes, it is crucial to understand that one can only transform a house into a home with emotional aspects and positive energy. So, while building or constructing your house, don't forget to put your heart and soul into it, and not just money. In this case, it can be crucial to partner with a construction company that is aligned with your vision. Such a company will understand your needs and budget, and build your forever home within your budget. In doing so, you can see your dream take shape and come to life right before your eyes.
The author, Amit Mishra, is CBO at The Better Co. The views expressed are personal
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