One question every person asks when building a new home in the greater Minneapolis area is, "How much will it cost to build my new home?" It's an important question to ask before you get too far into the homebuilding process. But it's also a question that has no "standard" answer. The cost of your new home will depend on several variables, but let's look at a bit of information that can at least provide you with a starting point.
Some Basic Data
To get some basic data to start with, we searched Zillow.com recently for new homes in Minneapolis, Uptown, and Southwest Minneapolis. We made some broad assumptions and looked for new homes with 3 or more bedrooms, 2 or more baths, and square footage ranging from 2,500 to 4,000 square feet. Those parameters turned up several homes that ranged in price from roughly $615,000 to more than $3,000,000. That's a pretty big range!
We broadened our search to other areas around Minneapolis but kept our assumptions of 3-plus bedrooms and two-plus bathrooms and a square footage range of $2,500 to 4,000 square feet. In Elk River, we found homes with those characteristics that ranged in price from $350,000 to $430,000. In Ham Lake, we found similarly appointed new homes listed for $475,000 to $579,000. When we turned our search to Blaine, we discovered homes with the same specifications selling for $319,000 to $1,000,000. We rounded out our search by looking at homes in Plymouth that ranged from about $552,000 to $543,000 to $1,400,000.
What About Your Home?
Obviously, there are many other homes in the greater Minneapolis/St. Paul area that weren't included in our search. Still, you get some kind of idea about the cost of a particular configuration of a home. But what about your home? The parameters we used may not be a good match for what you want. The variables when it comes to the cost of a new home are myriad. However, let's look at some of the major factors that can impact the cost of building your dream home.
Location, Location, Location
We've all heard the real estate agents' mantra about the importance of where you build your home. Of course, there's more to your location than your street address or ZIP code. You'll want to consider the ease of your commute to work. The quality of the schools in your area is a big factor if you have school-aged children. For some people, views are extremely important. For some, the look and feel of the neighborhood are critical for them. There is no question that the location of your building site can make a significant difference in the cost of your home.
You can see from the information above that some areas are simply more expensive than others. That’s why taking a look at other areas around Minneapolis may enable you to get a lot more home for your money. We invite you to check out some of the homesites in locations that you may not have explored before. Click here for a look at homesites that are available in River Bend, Ham Lake, Belmont Ridge, Lake Ridge Meadows, Blaine, and other communities.
The size of the home you build plays a large role in what you’ll pay. In addition to the number of rooms you have, you'll need to consider the overall square footage when budgeting for your new home. That will affect the size (and cost) of the lot you select. And it will also impact the cost. Bigger homes cost more to build than smaller homes. Adding rooms and square footage, however, also enables you to create spaces where you and your family can entertain guests. Yes, there’s a cost involved, but there are significant benefits to that cost.
Customization Affects Cost
One great thing about building a custom home is that you can create a home that matches your lifestyle and sense of design style. That freedom, however, comes with a cost. The more customized your home is, the more expensive it will be. It's more efficient (and therefore, less expensive) to build homes that take advantage of rectangular shape. If you're building a custom home, you don't have to stick to those familiar patterns. It will, however, cost you more to vary from those conventions. You have to decide how important those variations are. Here’s a look at some of those custom features that may cost more—but can also create a home your family will love.
The Materials You Choose Can Impact the Price
Higher quality materials cost more. Using granite, quartz, or marble for your kitchen countertops costs more than Formica. Custom or semi-custom cabinetry is more expensive than standard “builder-grade” cabinetry. Using exotic woods or tile for your flooring will cost more than conventional flooring. The kitchen appliances you choose will impact your cost as well. Outfitting a gourmet kitchen with a Sub-Zero refrigerator and a Wolf range will cost considerably more than more traditional appliances.
Having mentioned the impact of some of these choices, it’s important to keep value in mind. Your goal in building a new home isn’t to do it as cheaply as possible. What you really want to do is make choices that will deliver the most value for the money you spend. It’s also important to keep long-range value in mind. Some of the upgrades mentioned here will outlast less expensive options. Over time, some upgrades are actually more economical because they won't have to be replaced as frequently. Additionally, it's hard to put a price on the comfort and convenience that some upgrades deliver.
It Matters Who You Choose to Build Your Home
While all of the things mentioned above are important items to consider when building your new home, perhaps the most important is finding the right builder to create the home you really want. One of our strengths in custom home building rests in our unique architectural process. We can look at your set of house plans and talk to you about how you’ll move through the house, how you’ll live in the home, and what’s important to you. Collaborating with the architect, we can bring your vision to fruition, making sure that your goals are met at every stage of construction. And if you haven’t chosen an architect to design your custom home, we can recommend one who meets our high standards.
As your custom home is being built, we’re in communication with you every step of the way. If you like, we can schedule weekly on-site meetings to keep you apprised of the progress on your home, and we arrange other key-point meetings as the need arises.
This attention to detail throughout the process helps you make the right choices concerning design, materials, and location that will ensure that you end up with the home you want within the budget you've established. That is the key to getting the most value for the money you spend on your new home.