Building your home

Building vs. Buying a Home in Washington

Deciding between building a new home and buying an existing one is a significant decision for any potential homeowner. In Washington, this choice comes with its own set of considerations, including costs, timeframes, and customization options. In this article, we’ll delve into the details of building a home in the Evergreen State, providing you with a comprehensive breakdown of expenses and factors to consider.

Average Cost of Building a House in Washington

The average cost per square foot to build a house in Washington is approximately $171. However, it’s crucial to note that this figure excludes land costs, permit fees, excavations, and other expenses. Here’s a detailed breakdown of the average home building costs in Washington:

Related Articles
  • Minimum (800 sq. ft.): $136,800
  • Maximum (5,000 sq. ft.): $855,000
  • Average Range: $240,000 – $300,000
  • Average Total: $343,100
READ ALSO:   Can you back out of a house offer once it’s accepted?

Building Costs by Square Footage

To provide a clearer picture, let’s break down the construction costs based on varying home sizes:

  • 1,000 sq. ft.: $171,000
  • 1,500 sq. ft.: $256,500
  • 2,000 sq. ft.: $342,000
  • 2,500 sq. ft.: $427,500
  • 3,000 sq. ft.: $513,000

Building Costs by Cities/Counties

The cost of building a house varies by location within Washington. Here’s a snapshot of average building costs per square foot in popular cities and counties:

  • Spokane: $115
  • Snohomish: $130
  • Olympia: $100

Key Cost Breakdown

Hard Costs:

  1. Material Cost: $147,500 (Approximately 50% of overall building costs)
  2. Contractor Charges: 10% – 20% of total construction value
  3. Electrical Costs: $7,500 – $12,500
  4. Roof Installation Costs: $3,300 – $37,200
  5. Plumbing Costs: $12,000
  6. HVAC Installation Costs: $12,500

Soft Costs:

  1. Land Cost: $19,000 per acre (Includes purchase and preparation costs)
  2. Permit Costs: $5,000 (Varies by county)
  3. Home Interiors: $20,000 (Furniture, electronics, utensils, etc.)
  4. Interior Designer Costs: $5,400 (Optional)

Financing Options

If you don’t have the funds upfront, there are several financing options available:

  1. Home Construction Loan: Offers both land purchasing and home building costs.
  2. Construction-to-Permanent Loan: Converts to a conventional mortgage after construction.
  3. Construction-only Loan: Covers only home building costs.

Personal Loan:

For specific construction expenses not covered by other financing.

Home Equity Loan:

Utilize existing property equity for construction financing.

READ ALSO:   Building Your Own Home in Missouri

Should You Build Your Own House in Washington?

If you already own land in your desired location, building a house can be a rewarding option, allowing for customization to your preferences. However, it’s crucial to budget 9 to 12 months for planning and construction. On the other hand, if you don’t own land, exploring turnkey homes in Washington might be a quicker and more convenient choice.

Conclusion

Deciding between building and buying a home in Washington depends on various factors, including your budget, timeline, and personal preferences. By understanding the costs and considerations involved, you can make an informed choice that aligns with your housing needs and financial capabilities.

Back to top button