How much would it cost to own your own house and build it?

Answer 1

Many factors determine how much it costs to build your own home. The most important factors are how big the house is (square footage) and where it is built (costs are higher in some areas than others). The quality of the products used and how many "extras" (extra bathrooms, extra rooms, the quality of the cabinets, appliances, etc.) will affect the cost, too, as will preparation of the land, whether utilities need to be put in (and at the very least there will be hook-up fees), and other variables. Still, it is safe to assume that even a modest home could cost at least $100,000 to build.

Once it is built, you will have a mortgage payment (unless you pay cash, and that is rare), homeowner's insurance, property taxes, utilities, maintenance, and upkeep. All these costs are dependent on several factors, but at the very minimum, will propably be at least $500 a month, and the mortgage itself could easily be that much.

To get a good idea of what the cost of home in your area would be, check the local newspaper and visit some homes that are already built. Also, check on insurance and how much property taxes would be.