If you’re looking to find your forever home, a great option is to build it from scratch. Building your home ensures that you get everything you’re looking for, from design to space, down to every detail.
Like homes that are already built and on the market, the cost of building a house in Minnesota is going to vary based on many factors. Here are a few to consider when calculating what it would cost to build your Minnesota home.
Location
One of the biggest factors that will influence cost is the location in which you’ll build your home. Of course, proximity to cities, school districts and other sought-after amenities will drive the price up, but costs will be influenced by the specific lot choice as well. If you choose a lot closer to a lake or other body of water, the price could be higher than one that isn’t. The same concept applies to lots with sweeping views or other natural features.
Lot and Home Size
Another important factor to consider is lot size. Land is in high demand, so the greater the acreage, the higher the cost. Bigger lot sizes mean more privacy, so if that’s an important factor to you when looking for a home, the price can be worth it.
For reference, the lots at Lakeview in Orono, MN are all 2+ acres, so there is no shortage of privacy. The average lot size is 2.5 acres, and prices range from $225,000-$450,000.
The size of your home will be another major factor. Square footage is a good way to estimate the cost, though it’s always a little different based on the builder. For the actual construction, say your builder estimates $300 per square foot for the main level, $75 per square foot for the basement, and $150 per square foot for a second story. If you were to build a 2,600 Sq Ft two-story with an unfinished basement, the calculation would be 1,300 x $300 plus 1,300 x $150 for a total of $585,000 or $225 per square foot. This is just one example of what it could cost to build your Minnesota home, but a good frame of reference.
Materials
Part of the fun of building your home from scratch is the creative freedom you have while choosing materials and architectural details. While the upfront cost of building a home in Minnesota can seem overwhelming, consider the long-term benefits.
With older homes, you already have the building costs covered, but you’ll have to fork over money for repairs. Repairs necessary could be any number of things, from leaky windows that let in the cold Minnesota air to plumbing issues or even having to build a new foundation. None of these things are going to be cheap, so in the long run, building a new home could actually seem pretty affordable.
Features and Appliances
Conserving energy is a relatively new phenomenon and one that wasn’t considered when building homes even twenty years ago. Especially in Minnesota, where the climate fluctuates, your energy bill can add up quickly. In a new build, you can incorporate energy-efficient features and appliances like certain types of insulation, solar panels, double-paned windows, to name a few. Though they can be expensive upfront, these features will save you the money on your utility bills that you’d be spending if you were in an older home.
Of course, the more upgrades to your home’s features and appliances, the more expensive. Though energy-efficient appliances aren’t necessarily more expensive, the more bells and whistles you get, the more money you’re spending upfront.
Fees
Fees, such as Homeowners Association fees, can actually be a wash between new-builds and older homes. In general, the more amenities and services that the community offers, the higher the HOA fees are going to be. This is something to consider whether you’re building new or moving into an already-built home and community.
A Quality of Life Worth Every Penny
These are just some of the factors you’ll have to consider when deciding to buy any type of home, custom-built or already existing. Though cost can be the main factor when choosing your Minnesota home, you also have to consider where you’re going to be happiest. To set up a tour of our available luxury lots and see all that Lakeview in Orono has to offer, contact us today.