Current Cost to build

[Whitsettd8]

Hey ingo community a quick question for any builder developers out there. I flip houses as a hobby in Southern Indiana mainly New Albany. The pool of available houses and the scope of work needed to restore those houses has me looking at building a couple spec homes. I have 2 lots available so that's not a concern I'm just looking for some real world guidance on what the current cost per sqft is for new construction. Most the plans I'm looking at are 1.5- 2 story craftsman 3 bedroom 2 to 2.5 bath around 1400 sqft. Finishes are typically slightly above builder grade. I have't seen major jumps in labor pricing but I know lumber is up almost 2x in some cases and concrete as well. Appreciate any feed back.

 

[lrdudley]

I manage the Electrical Department at a Menards and had this same question with one of the contractors that was in shopping the other day. He told me $110 to $115 a square foot. I'm sure the level of finish would move those numbers up or down.

 

[Whitsettd8]

Thanks appreciate the response. Thats about where I'll end up on my current flip but I took it down to the foundation and exterior walls.

 

[sparky32]

100 for spec grade finishes 110 to 115 for midgrade as said above and higher end is 130 to 140 per square foot.

Remodels or add ons to existing structures will be on the higher end as well. Everything is $$ right now. Its hard to find certain types of lumber right now even.

 

[hoosierdoc]

we built our dream home for 90/ft in 2008. Same company just quoted my neighbor 110/ft. Custom Homes by Cory

this is not including land

 

[mom45]

We are building a house right now for our daughter. We ordered all of our lumber before the prices jumped and saved a significant amount of money by doing so. The trusses are delayed due to difficulty getting the lumber, and I have heard of others experiencing similar issues getting trusses for projects. Concrete prices are double what we paid when we put in our basement 25 years ago. That was more than expected, but we found a good contractor that was available to do the job.

 

[04FXSTS]

I am building a deck, luck have it we paid for everything before the prices went up. I am doing a couple things different than the plans and needed a couple more pieces. Treated 2x8 12 foot were $16 now over $25 each, at least I can get those. The treated "thickdeck" flooring no one knows when it will be in. Jim.

 

[rob63]

I have no help or answers of any kind, but I do feel compelled to say that I greatly admire the energy level of anyone that can say "I flip houses as a hobby."

 

[Whitsettd8]

Just had a reality check a moment ago. I reviewed a quote for a coworker looking to build in a popular New Albany development. His quote on an 1800 sqft home with 3 car garage just came in at $230 a sqft lot not included.... Holy smokes

 

[avboiler11]

$230/sq ft?

In New Albany?

With lot that'd have to be nearly a half-million dollar house. For sub-2k square feet. That is insane.

Bought my current 3200sq ft, 2001 built home in N.A. two years ago and paid a LOT less than that...

 

[Whitsettd8]

That was Glenwood built by ASB 1800 sqft with half finished basement. 440k plus 125k for the lot I just laughed when he showed me the print out. Were in Covered Bridge got a good deal on a home that needed a little tlc. Were in it way under market value but always looking for a new project or good deal.

 

[hoosierdoc]

That was Glenwood built by ASB 1800 sqft with half finished basement. 440k plus 125k for the lot I just laughed when he showed me the print out. Were in Covered Bridge got a good deal on a home that needed a little tlc. Were in it way under market value but always looking for a new project or good deal.

yeah that's just stupid

 

[rarobertson33]

I think we might look for one of the Barn type houses to build.

 

[ghitch75]

we built a pole barn house 2400sqf for $24sqf i did 75% of the work myself 7 years ago...

 

[lovemachine]

$115 sq ft. On a lot you already own. What other costs are there? Does that $115 sq ft cost also include plumbing? What about well and septic?

I’d love to have a house built. But have no idea what other costs are involved.

 

[Whitsettd8]

I would say $115sqft would be on a lot you already own. That would cover everything under the roof. Septic would be extra

 

[mom45]

Assuming you aren't on city sewers/water, well and septic would be needed. Power to the site can also be expensive. There is also the cost of stone or asphalt for the driveway.