Thinking of building your own home in Richmond?

Building your own home in Richmond

Some home owners are keen to build their own dream homes. If building your own home appeals to you, you can get the help from one of the many new home builders in Richmond.

Not only you can save money building your home, you also get the features you want for your dream home.

Taking the first step

Work with a Richmond Realtor, who can help walk you through the process of finding a building lot and line-up a home builder for you. Meet with some Richmond builders who construct houses that are similar in size, quality, and features to the home you want. You will have a fair idea as to the cost to build your own home. It is important to know exactly what is included in the price - your builder can provide a list showing the materials that will be used.

Cost of building lot

In Richmond most building lots for new homes are from old homes that are bought for their lot values. These homes are torn down to make way for the contrauction of new homes. Your building lot cost may varies from $500,000 to $650,000 for a lot in a prime west Richmond neighborhood. In desirable neighborhoods like Granville, Riverdale and Broadmoor, the cost for building lot around 8,000 sq ft may range from $600,000 to $650,000. In Richmond Seafair area, lot prices may range from $500,000 to $550,000.

You can search for west Richmond building lots here.

Cost to counstruct

The construction cost may varies depending on the size of the home, the floor plan and features you want to have in the house.

The cost per square foot is derived fromteh construction estimate divided by the square footage of the new home you want to build. A typical 3,700 sq ft new home in Rchmond may cost $480,000 to $500,000.

The cost per square foot is often higher for a small home than a larger home. When building a larger home, the cost of expensive items like furnace and kitchen is spread over more square footage. Consequently, a larger home may have a lower square footage cost than a smaller home.

Build to suit

This approach involves using a Realtor to locate an older home that will be used as the building lot for the new home, and a home builder undertaking the construction of your new home. You can pick the floor-plan from existing blue-prints, and provide the features you like to have for your home. Financing for new home construction can be arranged with a local bank. Typically, 3 draws each around one-third of the construction cost is paid out as the home is being completed in stages.

For more information on building your own million dollar home in Richmond, you can contact me at 604-721-4817 for a discussion.

You can view some of the Richmond million dollar homes for sale by following this link.