5 Key Costs In Building A New House
Building your dream house can be like a roller coaster ride. From deciding the location to breaking down funds- everything will have to be done by you.
While you’ll have complete control over every aspect that would go in, this control would cost you more than usual.
But sticking to your budget and making wise decisions will make the entire process a cakewalk.
Here are 5 key costs that you can consider before building a new house-
Cost of the land
The first step towards building a new house is acquiring land.
While the price of land varies based on the size, location and various other factors, the average cost of land per square feet in the top five cities of India is as follows-
- Mumbai- ₹1,74,178.42 / sqft
- Delhi- ₹1,28,18.98 / sqft
- Banglore- ₹63,424.49 / sqft
- Pune- ₹1,17,541.85 / sqft
- Kolkata- ₹60,139.11 / sqft
After the acquisition, you’ll have to clean the land, connect it to the city’s water and sewage system and make it habitable. For the estimation, do research and get quotes from top-rated firms.
Foundation
The cost of the foundation depends on two factors-
- the location of your land
- type of foundation
The most common is the slab foundation which costs ₹150/ sq.ft. including labour, material and steel bars. Another is a crawl space foundation that lifts the house a few feet above the ground level and is comparatively costlier.
Plans and designs
To create a custom home, the designs and all architectural plans need to be made from scratch. For this, you’ll have to hire an architect or a firm who know how to design a detailed blueprint of the area.
You can also select an existing architectural plan to save in this part.
Labour and materials costs
With so many choices and quality of materials present, the material cost would depend on your choice and preference.
The labour cost fluctuates significantly based on factors such as location, atmosphere, time, type of work, skills or unemployment rate. The average labour cost in India is ₹356.30 per day.
Additional costs
Even after planning and allocating cost to every process, by the end, there will be some additional and hidden cost that will go unnoticed. This can include:
- Waste clearance
- Landscaping
- Addition of porch/deck
- Upgrading the interiors
- Utility cost
It’s always a good idea to know about all the hidden costs beforehand and closely stick to the budget.
House building is an adventure and with this information, you can make important building decisions. Remember to be patient and take help of recommended experts whom you trust.
What kind of house do you prefer? An already built one or building one from scratch? Let us know in the comments below-