If you have always wanted to build a home in Oklahoma, you’ve come to the right place. Before you start the process of building, check out this list of tips from our team. We cover the cost of building a home in Oklahoma as well as some info about the process to get you started on the right foot.
To Build or Not To Build…
You know the rest. Suppose you’d like to own a home in Oklahoma, but you’re still deciding if you should build or buy. Building versus buying a home is a big decision that depends on factors like budget, preferences, timeline, and location. Buying a turnkey home is typically faster, but you might have to forgo some things to make it work (location, that dream floorplan, etc.)
Now let’s talk about the advantages. If you decide to build, you have a lot more control. Looking for an open kitchen? A mudroom? A large master bath? Building lets you customize, which means way more control over layout and design, and when it comes to value, newer homes also tend to appreciate faster than older homes. They also offer the benefit of more modern technologies and standards such as higher energy efficiency and lower maintenance costs…another win/win.
New Construction Costs
So you’ve decided to build! Now it’s time to think about construction costs. The average cost of a new construction project is around $130 per square foot; of course, your charges will vary depending on the property type, square footage, and any customizations.
Let’s look at the cost breakdown:
Hard Costs
A hard cost is an expense directly associated with construction. This includes things like materials and labor, and installations like electrical, plumbing, or walls. Costs on these vary a lot depending on what you are looking for, but we can give a rough idea of what you can expect to spend in this process.
Building Materials
Building materials are roughly half of the overall price of construction. In Oklahoma, this is estimated to be around $50/ft2. These expenses cover things like your flooring, drywall, siding, and lumber.
Contractor Charges
It’s a contractor’s job to handle construction and hire other professionals. Very few people are qualified enough to be their contractors as it requires someone who knows the process well and how to coordinate everything in the building process. Contractors charge roughly 10-20% of the total value of the construction depending on things like property type, materials, detailing, and workforce; but a good contractor is worth their weight in gold.
Electrical, HVAC, Plumbing, and Roofing
All of these costs are a necessity (obviously,) and most depend on the size of the house you are building, the materials you are choosing, etc. So they can vary greatly. Look to cut costs on things that aren’t as important to you so you can spend more on things that do.
Here’s a ballpark of what you can look to spend:
Electrical
Runs $3 to $6/ft2 and includes rough-in and finishing work.
Roofing
Depends on the materials, size, and type of roofing you are hoping to add.
Plumbing
Costs around $4.50/ft and includes faucets, toilets, bathtubs, sinks, etc. You also need to pay plumbers to fix pipes and lay the sewer lines as well as install things such as washers and dryers.
HVAC Installation
Costs $7,000 to $20,000+ depending on the size, type, brand, etc.
Soft Costs
Outside of all the materials, home construction has soft costs which means things that help the building process (like land, permits, design, etc). You may not even take these things into consideration when you are budgeting for a new build home, but these are important steps in the new construction process.
Land
Before you start building that dream home, you need somewhere to build! Land costs in Oklahoma average $40-$50k/acre according to recent stats. Land costs are broken into two parts: land purchase cost and land preparation. Once the land is purchased, it needs to be fully cleared and prepped which runs between $1,500-$3,000. This amount can increase significantly if there is uneven terrain.
Building Permit Costs
Contractors need a building permit before starting any new construction. The permit costs and building codes vary per county and are based on the type of construction, occupancy, home building area, and scope of the project.
Home Interiors
The fun stuff! Once your home is built, you’ll need to buy things like furniture, electronics, and other home essentials. Your budget on this can vary greatly, but it’s a good idea to figure around $20,000 for furnishings on average.
If you aren’t the design type, you can also hire a professional to help with the interior design of your new home. Plan on around $5,500 for this type of service.
Why Build in Oklahoma?
We love Oklahoma’s expansive lakes, rolling hills, and natural beauty. Add to that one of the most affordable costs of living in the entire country, and it seems like a no-brainer! If you are looking to build a home in an affordable state with loads of natural beauty, then Oklahoma is the place for you!
Still interested??
Fantastic!! Homeownership is a big part of the American dream. Owning a custom-built home in Oklahoma can help make that dream come true! While the process might seem grueling, proper planning can help you find experts to help you achieve those dreams. Our team is here to help make your dreams of owning a home a reality.
Contact us and let us help get you started!
