Often, people who are having a new home built are mystified over the costs. Some are surprised to learn, for example, that more than a quarter of all the costs are typically incurred before construction even begins. Hartz Homes is happy to give you an inside look into the costs of building a new home to help demystify the home building process. You will be investing a substantial sum of money to build your home, and Hartz feels you deserve to know how it is being spent.
Hartz Homes builds houses in over a dozen subdivisions throughout the Chicago area. The costs to build these homes are different in each area due to variables such as land costs, building permits, fees, and building codes. For this reason, the costs used in this article are from the National Association of Home Builders (NAHB) who conducted a nation-wide survey of single family home building costs in 2015.
The NAHB study showed that the average single family home costs $374,553 to build, not including overhead and marketing. On average, 26% of this cost ($101,231) is incurred in the pre-construction phase, as shown in the chart below. Costs here include the finished lot cost, building permit, impact fees (for schools, libraries, parks, etc.), water and sewer inspection, architecture and engineering.
The first phase of construction is putting in the foundation. Typically, it costs $33,447 for the excavation, foundation, concrete, any retaining walls, and backfill.
Next is the framing at $52,027. This includes the walls, trusses and sheathing.
Once the walls are up, work on the exterior finishes begins. The roof goes on, windows and doors are installed, and siding is put on and/or bricks are laid. This phase adds $43,447 to the cost of the home.
After the roof goes on, the major systems can be roughed in. Plumbers, electricians, and HVAC professionals get to work. All in, it costs $37,843 to rough-in these systems.
Now that the major systems are in, it’s time to really make the house a home by completing all the interior finishes for an average of $85,642. This phase starts with insulation and drywall and then moves to trims and doors. Then there’s flooring, lighting, cabinets, countertops, painting, plumbing fixtures, mirrors, appliances, and any fireplaces.
A total of $19,567 is spent on the final steps. This includes such items such as decks, patios, porches, driveways, landscaping, and clean up.
Whew! Hopefully, you now have an understanding of what goes into the cost of building your home and will feel even more confident in your investment.
Cost to Build an Average Single Family Home (NAHB 2015)
| Pre-Construction Costs | ||||||
| Finished Lot Costs | $ 85,139 | 22% | ||||
| Permits/Fees | $ 16,092 | 4% | ||||
| $ 101,231 | 26% | |||||
| Construction Costs | ||||||
| Foundation | $ 33,447 | 9% | ||||
| Framing | $ 52,027 | 14% | ||||
| Exterior Finishes | $ 43,447 | 13% | ||||
| Plumbing, Electrical, HVAC | $ 37,843 | 10% | ||||
| Interior Finishes | $ 85,642 | 23% | ||||
| Final Exterior | $ 19,567 | 5% | ||||
| Other | $ 1,349 | 0% | ||||
| $ 273,322 | 74% | |||||
| TOTAL COST | $ 374,553 | 100% | ||||
Please check out these new home communities from Hartz Homes:
Armitage Pointe of Addison, Illinois (Chicago area new home construction)
Bella Vista Townhomes of Bolingbrook, Illinois (Chicago area new home construction)
Heather Glen of New Lenox, Illinois (Chicago area new home construction)
Hibernia of New Lenox, Illinois (Chicago area new home construction)
Leigh Creek of New Lenox, Illinois (Chicago area new home construction)
Manchester Cove of Mokena, Illinois (Chicago area new home construction)
Marquis Pointe of Montgomery, Illinois (Chicago area new home construction)
Marywood Meadows of Montgomery, Illinois (Chicago area new home construction)
Nantucket Lakes of New Lenox, Illinois (Chicago area new home construction)
Oliviabrook of Oakbrook Terrace, Illinois (Chicago area new home construction)
Park West of Manteno, Illinois (Chicago area new home construction)
Playa Vista of Plainfield, Illinois (Chicago area new home construction)
Sky Harbor of New Lenox, Illinois (Chicago area new home construction)
Whisper Creek of Mokena, Illinois (Chicago area new home construction)
Hartz Homes has new home communities in:
Addison, Illinois (Chicago area new home construction)
Aurora, Illinois (Chicago area new home construction)
Bolingbrook, Illinois (Chicago area new home construction)
Lockport, Illinois (Chicago area new home construction)
New Lenox (Chicago area new home construction)
Manteno, Illinois (Chicago area new home construction)
Mokena, Illinois (Chicago area new home construction)
Montgomery, Illinois (Chicago area new home construction)
Plainfield, Illinois (Chicago area new home construction)
Oakbrook Terrace (Chicago area new home construction)