Building vs. Buying a Home in Oklahoma

Deciding whether to build or buy a home is a significant financial decision that requires careful consideration. In Oklahoma, the average cost of building a house ranges between $200,000 and $300,000, with the state average at $260,500. However, this figure does not include land costs, permit fees, excavations, and other expenses. This article provides a detailed breakdown of the costs involved in building a house in Oklahoma, along with key considerations for potential homeowners.

Average Cost of Building a House in Oklahoma

The average cost per square foot to build a house in Oklahoma is $130, excluding additional expenses such as land costs, permit fees, excavations, and other costs. Below is a breakdown of the average home building costs in Oklahoma:

• Minimum (800 sq. ft.): $104,000
• Maximum (5,000 sq. ft.): $650,000
• Average Range: $200,000 – $300,000

Cost per Square Footage

The table below shows the construction cost per square foot in Oklahoma for varying home sizes:

• 1,000 sq. ft.: $130,000
• 1,500 sq. ft.: $195,000
• 2,000 sq. ft.: $260,000
• 2,500 sq. ft.: $325,000
• 3,000 sq. ft.: $390,000

Cost by Cities

Here’s how much it costs to build a house in popular cities/counties in Oklahoma:

• Oklahoma City: $110 per sq. ft.
• Tulsa: $120 per sq. ft.

Hard Costs to Build a House in Oklahoma

1. Material Cost to Build a House: $147,500
   • Building materials make up approximately 50% of the overall building prices. Costs vary for items like flooring, drywall, siding, and lumber.
2. Contractor(s) Charges: 10% – 20%
   • General contractors oversee the construction process and hire various professionals. Their fee ranges from 10% to 20% of the total construction value.
3. Electrical Costs: $7,500 – $12,500
   • New construction electrical costs vary based on factors like property size and wiring materials.
4. Roof Installation Costs: $2,800 – $32,400
   • Roofing costs depend on material choice, roof slope, and house size.
5. Plumbing Costs: $12,000
   • Includes installing plumbing fixtures and laying sewage lines.
6. HVAC Installation Costs: $12,500
   • Costs depend on factors like cooling area size, system type, and brand.

Soft Costs to Build a House in Oklahoma

1. Land Cost: $10,000 per acre
   • Includes land purchase and preparation costs.
2. Oklahoma Home Building Permit Costs: $5,000
   • Costs for building, HVAC, plumbing, and electrical permits vary by county.
3. Home Interiors: $20,000
   • Includes furnishings, electronics, utensils, and bathroom essentials.
4. Home Interior Designer Costs: $5,400
   • Optional expense for those who want professional interior design.

House Building Financing Options

Various financing options are available for building a house in Oklahoma, including Construction-to-Permanent Loans, Construction-only Loans, Personal Loans, and Home Equity Loans.

Conclusion

Building a house in Oklahoma offers the advantage of customization, but it comes with significant costs and time commitments. The decision to build or buy should be based on individual preferences, budget constraints, and the availability of suitable land. It’s important to carefully weigh the pros and cons before embarking on this significant endeavor. With proper planning and financial considerations, you can turn your dream home into a reality in the Sooner State.