It is moving day. You are moving into your new home today. Nobody lived there before you. You are the first to cook in the kitchen. Nobody else ever dreamed happy dreams in the master bedroom suite. You picked out the kitchen cabinets. You chose the carpet and the paint and the light fixtures. You chose the view out the windows. Every single thing is exactly as you want it to be.
Whether your dream home is one of the new microhomes or a more traditional family home, you should start planning now to make it a reality. It is never too soon! Amazingly, the United States Census Bureau shows that as of 2010, 22% of occupied homes in the U.S. were owned by people younger than 25 years old. If you move up to the 25 to 29 age bracket, people in this age range own 36% of the occupied homes in America. It is also interesting to note that the state with the highest rate of home ownership in the 2010 census was West Virginia. The state with the lowest rate was the District of Columbia. These figures seem to verify that home ownership is available to most people, and that it is never too early to start planning.
What is an “Average” Home in America?
The National Association of Home Builders (NAHB) surveyed homebuilders distributed across the four national census regions in late 2013 and determined that the average new house in America is being built on 1/3 of an acre, has a finished area of 2,607 sq. ft., and costs $399,532. You may not want to wait too long to begin construction. Data from the NAHB shows that in 1995 the average new home sold for $183,585. In 2013 the average new home sold for $399,532. This increase reflects more than just a desire for larger, more luxurious homes. Factors such as the cost of lumber for framing and increased land and construction costs have to be considered, also.
How Do You Calculate The Cost of Your Dream Home?
New home construction costs are normally calculated as cost per square foot. To determine cost per square foot of an existing home, you subtract the cost of the land from the total sales price. Then divide the sales price minus land cost by the total square feet of the house. Check out the homes for sale in your area. Take note of which homes have premium features such as top of the line counters, premium flooring and fixtures, and high quality appliances. You should be able to get enough information from the listings to calculate cost per square foot. Then compare the cost per square foot of luxurious houses to the cost per square foot of more economical homes in your area. You are ready to start planning your own home now!
Start Dreaming
We talked with building company Shank Builders about one thing that they wish more clients would do to make their job easier, and one thing they mentioned was that clients should know what they want, or start the dreaming. If you are a person who makes lists, then start making a list of the features you would like in your own home. If you are more visual, then start saving magazine clippings of home features you like, or create a pinterest board for your preferences. Go online and find out what options are available for showers and saunas and kitchens today. You may be surprised at what you learn. This is the time to let your imagination soar.
You also need to look at actual houses. Realtors hold open houses quite often. Find out where they announce these events and start visiting houses for sale in your area. You may realize that those cabinets you loved so much in the magazine don’t actually look all that great in a real kitchen. Or the lower end cabinets you despised may be absolutely gorgeous with the right paint and tile.
With some research, you can build your perfect home!
