How Much Does It Cost To Build A House? An Australian Guide

Cost to Build a Townhouse

Faq / January 16, 2023

Many people searching for their dream home are coming to the conclusion that to have exactly what they need and want, they may have to build it themselves. Others may have purchased or inherited property without preexisting structures and want to make that their new homestead. Among the first questions prospective homeowners ask themselves is, how much will it cost to build a house? The answer is often more complicated than they initially believe, in part because of all that goes into home-building and the different choices they can make along the way. However, homeowners report the average cost to build a new house comes in at $287, 943, which would put a 2, 000 square foot home costing about $150 per square foot. This will obviously vary greatly with all the costly variables involved, so the cost could range between $149, 912 and $425, 974.

Custom Home Building

Custom home construction is often the first building option that comes to mind. With its advantages, including unlimited control and customization, the appeal is obvious. Unfortunately, custom builds are often more expensive and may take longer in terms of overall planning, design and construction time. The services of a residential architect can be quite costly, ranging between 5 percent and 15 percent of construction costs for building a new home. Not all custom homes are designed by an architect. Custom home design companies may create custom home plans as well. Their costs typically range from $1.50 per square foot to more than $2.50 per square foot for the total project and home size. For smaller homes, this may be a budget-friendly option. However, for larger homes, this can be a substantial budget item.

Modular Homes

Another option is the construction of a modular home. These have come a long way in recent years, offering homeowners much potential for customization and an enormous variety of floor plans and optional features. Modular homes are also available in any size from cottages to palatial luxury homes, ranging in pricing from about $50, 000 to more than $300, 000. Many people choose modular homes because they generally cost 10 percent to 20 percent less in terms of overall cost than custom build houses. Much of this comes from reduced labor requirements and negotiated prices the manufacture receives from their suppliers and business partners. This is also why additional customization can be expensive.

Working with Home Builders or Developers

Houses built by development companies generally involve choosing and modifying plans that the builder/developer already possesses. The amount of customization is considerable, depending on the potential homeowner's budget. The savings over a custom home are in the neighborhood of 15 percent. In some cases, this can be on par with modular homes, but seldom very much less than that option. Another option in this category is to work with a company that has a development in progress, purchasing one of their properties during or prior to construction. This can increase savings, although the amount of changes made must be minimal to take full advantage of the price.

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