How Much Does It Cost to Build a House?

Building a house these days is a decision that involves significant costs, financing and construction problems, delivery delays and quality issues, titles, delays in building permits, etc.

Most families have built a house once in their lives and the final decision can in many cases be irreversible. If you are also planning to build a house and now want to know how much it can cost, you are in the right place.

Below are some general principles that can help the owner estimate the cost of building a home. These are small things that are usually overlooked but adds to the overall cost of building a new house.

Land acquiring and registration costs

Before starting the construction of the home, you need to have land. Depending on your region, the land might be too expensive or cheap or somewhere in between. 

Mortgage and Financing Costs

A fee of approx. 1% of the mortgage amount is paid to the land registry for taking out a home loan. Usually, the total of the home loan is the real credit% 2B on top of 20%. You should pay the stamp duty and other bank charges that could be the final bank fee (e.g. on normal CYP1000). When buying through a bank, there is a surcharge of approx. 1.5% -2.0% p.a. in addition to the legitimate base pace of 4.5%. There is currently much elective housing available, including life insurance financing, co-operative financing, etc., which span 25-40 years and have a self-contribution of around 20% (usually through term life insurance).

Architectural drawing costs

You will need to contact a qualified architecture firm that will be responsible for the work to be carried out. You shouldn’t think about that for long, because the architect is the most important person in the entire construction process of your house. 

Talk to different architectural companies before settling on your choice, and you should always use a qualified designer. Their cost is usually around 5% of the total cost of the building and includes the plan and management. Some charge between 6% to 8%.

You will also need to employ a civil engineer to complete the underlying model. With supervision, these costs amount to around 1% of the cost of the building.

House Building permit costs

Your house must have a building permit and so you will have to pay for it in a nearby respective authority.

 Quantity surveying cost 

If you wish to contact a surveyor for the building, a fee of 1% of the total construction cost will be charged. While the above options are discretionary, they are recommended for huge and cluttered buildings.

Conclusion

So these are what adds to the cost of building. Though depending on where you want to build, you might or might not pay some of the fees explained. But what remains constant is that you will have to pay for construction materials. If the cost of building is high just consider buying a new home. There are many homes for sale that you can consider.