How much does it cost to build a new home on a vacant lot?
Using our home affordability calculator is a great first step, but you may need more help with cost estimates than that. To help clients estimate the cost of new constructions, I’m currently using $175/square foot to estimate the cost of construction. But that does not factor in utility installation costs. If your home has public city and sewer and you won’t have to run electric and gas a great distance to reach the home, $40,000 is a ballpark estimate to work around. That consists of $20,000 for a water tap, $10,000 for a sewer tap and about $5,000 for electric and $5,000 for gas. Prices will vary widely between municipalities, especially for water taps. I’m happy to help you obtain bids for each of these utility installs as part of my services when representing you on the purchase of vacant land. Also, note and when buying land without public utilities, your total cost will be closer to $50,000 as septic systems are currently running about $20,000.
Let us do the heavy lifting on the feasibility study for your next build! Call us at 970-672-0775.