Wondering how much it may cost to build your dream home in Denver? Read on to learn how Ridge Construction can help you build the perfect home on a budget.
Today’s real estate market is seeing incredible growth and prices have rarely been higher. Across Denver, homes that appear on the market one day are typically gone by the next – and often at a much higher price than expected.
According to statistics from the Denver Metro Association of Realtors (DMAR), in January alone the average Denver home sold in just five days. As far as market popularity, Denver was second only to Tacoma, Washington.
While many thought COVID-19 would slow down the housing market, it has only led to decreased availability amid high demand. While this has been great for sellers, the environment is harsh for buyers looking to make a deal on a high-value home.
For many looking to buy a home in Denver, the possibility of finding a home on the market has become increasingly difficult. Now some are beginning to wonder if building a new home may be the best option for their future.
How Much Will It Cost To Build A New Home In Denver?
Our team at Ridge Construction often sits down with buyers who are interested in the potential of building a new construction home. While costs will vary depending on the circumstances – and we’ve seen a few crazy circumstances this past year! – we always seek to offer the most transparent and honest pricing and expectations.
Are you wondering how much it costs to build a new home in Denver, Colorado? Where custom homes differ from buying a previously-owned home is that they are often built to suit the buyer. Every home takes on the personality and design of the buyer through the design decisions that begin from day one. This can have an impact on the ultimate price of the home.
To give you some perspective, consider that In 2018, the average price of building a new home in the Denver, Colorado area was over $1,000,000. This comes to around 4,000 square feet of space at nearly $250 per square foot. While this may shock you – trust that homes come in all shapes and sizes, and at Ridge Construction our team is committed to helping you build a home that fits your needs and budget perfectly.
What Factors Into Home Building Prices?
When it comes to the final price of your new build, there are a variety of factors that will play into the final price. These can include potential utilities, permit and impact fees, soil conditions, materials, lot size, number of stories, location, and labor.
When you break down the potential price of each, you can begin to get a better idea of the price you can expect for a particular home in Denver.
Cost Of Land & Construction
When purchasing land for a home, you will need to prepare the ground for building. This can include clearing and excavating the site, as well as working with the tough Denver ground. Your building will want to take a look at any potential retaining wall needs, as well as zoning.
It is also important to consider the amount of square footage you are building. The bigger you build your home, the more labor, and materials that will be needed. This can increase the price as you build.
Hiring A General Contractor
You will want to hire an experienced and skilled general contractor to ensure that your home build happens on time and properly. At Ridge Construction, our team of experienced contractors will work with you to ensure that your home meets your expectations while still staying within a budget that works for you.
Your Ridge Construction contractor will be invaluable to you throughout the process, helping you with all aspects of the job. From hiring to paperwork, your contractor will be your go-to expert on the build.
Labor & Materials
Not only will you need a general contractor, but you will need a skilled and bonded team that will build your home with care. The cost of labor can vary based on the build itself, and material costs can vary depending on the market.
On average, labor for an architect on a build can vary from $75-$200/hour. Labor for engineers may range from $100-$200/hour, and land survey labor can vary from $500-$1,000. To learn the costs of a particular material or labor, contact the team at Ridge Construction for an estimate.
HVAC, Electric, & Plumbing
Your new build will also need to purchase and install a variety of systems. These may include HVAC, electric, and plumbing for the home.
The price will vary depending on the system you purchase, as well as the team that works to install the systems on your new property. It will be important to decide if you wish to install energy-efficient systems, as well as the various wiring, outlets, and other aspects of the build.
Similarly, you may wish to purchase and install systems such as home security, smart devices, and outdoor irrigation and watering systems for your lawn.
Appliances & Fixtures
Once the walls are up and the house is looking more like a home, it will be time for you to start picking out the finer details. This is where the price can begin to vary greatly.
Based on what you can afford in your budget, you may choose to install high-quality fixtures such as marble floors, quartz countertops, or under-cabinet lighting. The team at Ridge Construction can help you find alternatives to expensive fixtures that will offer the same results as the higher-priced fixtures.
Similarly, you will need to consider what appliances you will want for your custom home build. In general, the more you invest the longer your appliances will run. Many appliance styles are high-efficiency models, which can help pay you back in utility costs over time.
Extra Design Features
Finally, you will need to consider what extra design features you may want included with your custom build home. Common extra design features include:
- Professional Landscaping
- Decks & Outdoor Living Spaces
- Outdoor Pools
- Custom Staircases
- Fireplaces
- Vaulted Ceilings
- Walk-Out Basements
Knowing what you are desiring to have added to your build will give you a better idea as to where your budget will fall. Having an idea ahead of time, and working with a skilled contractor team, will help you stick to your budget and avoid unnecessary expenses.
Build Your Denver Dream Home With Ridge Construction
Are you considering building a new home in Denver? The team of contractors and design experts at Ridge Construction can help you develop and implement a home build design that exceeds your expectations and meets your desired budget.
Ridge Construction has years of experience working with clients to build their dream home in Denver. Our team will work closely with you from drawing table to close to ensure that your new home build is built to meet your desires and is completed on time.
Contact our team today to learn more!