Building a Home in Idaho: Costs and Considerations

Idaho offers a unique blend of natural beauty and serene living, making it an ideal place for those seeking a home nestled in nature. However, if you’re a city lover who thrives on tall buildings and bustling streets, Idaho might not be your first choice. In this guide, we’ll delve into the costs and key factors to consider when building a home in Idaho in 2022.

Cost Breakdown:

1. Average Building Costs:
   • The average cost of building a house in Idaho, as of 2022, is approximately $452,400, reflecting a 25% increase year-over-year. Over the past five years, the median price has surged by 45%, while inventory has decreased by 71%.
2. Type of Homes and Costs:
   • Custom homes: $116.08 per sq. ft. (Basic Construction)
   • Condos: $450+ per sq. ft.
   • Townhomes: $174 to $324 per sq. ft.
   • Single-family homes: $127.64 to $495.90 per sq. ft.
3. Additional Costs:
   • Paint Job: $650 – $6,200
   • Real Estate Agent Fee: 6% of the Sales Price
4. Major Cost Factors:
   • Material Costs: 30-50% of the budget
   • Labor Costs: 30-60% of all construction costs
   • Administrative, Design, Permit Costs: 10-15% of construction costs
5. Regional Variations:
   • Northeast: $161.53 per sq. ft.
   • Midwest: $106.79 per sq. ft.
   • South: $100.01 per sq. ft.
   • West: $164.73 per sq. ft.

Hiring a Builder:

• Hiring a contractor or a local custom home builder is recommended, especially if you lack prior project management experience.
• Costs for different types of builders vary:
  • Custom Home Builder: $70 per sq. ft.
  • Production Builder: $40 to $50 per sq. ft.
  • Semi-custom Home Builder: $55 to $70 per sq. ft.

Upgrades and Additional Costs:

• Luxurious appliances, premium finishes, and swimming pools will increase overall costs.
• Finished basement, office space, game room, and extensive landscaping can also add to expenses.
• Opting for an energy-efficient or green home requires upfront investment but yields long-term benefits.

Plumbing and Paint Job Costs:

• Quality plumbing work is crucial, constituting a significant portion of the budget.
• Painting costs range from $650 to $6,200, depending on factors like size and complexity. Seek professional advice for color selection.

Acquiring Land:

• Owning a plot of land is a prerequisite for obtaining a building permit. Consult a real estate agent for guidance on suitable plots.

Real Estate Agent Fee and Building Permit:

• A realtor typically charges 6% of the home’s sales price. Consider seeking referrals for potential savings.
• To secure a building permit in Idaho, visit the “Division of Building Safety” website for detailed instructions and online applications.

Budgetary Influences:

• Weather conditions, working environment, land condition, and accessibility can affect the project’s timeline and budget. Plan for contingencies to accommodate unexpected costs.

Conclusion:

Building a home in Idaho offers the chance to embrace nature and tranquility, but it’s crucial to be well-informed about costs and considerations. By carefully assessing budgetary factors, hiring the right professionals, and making strategic upgrades, you can create a dream home that perfectly fits your needs and desires.