In 2015, general contractors started building 109,000 single-family homes. The average price for these was $271.300, which tends to place them within the category of affordable housing construction.
By the end of 2015, however, there were 648,000 single-family homes completed with the following features:
- Air conditioning: 600,000
- Two or less bedrooms: 66,000
- Four or more bedrooms: 307,000
Recent homeowners have reported that their construction costs were $305,372. The specifications for this price range are for a house that is 2,000 square feet at roughly $150 per square foot. When having a new home constructed, it’s important to remember that the cost for a residential architect may range between 5% to 15%.
Rather than buying an older home, many Americans would prefer to purchase a newly-constructed home. A recent poll showed that when it comes to buying newly-constructed homes, 59% of the participants would prefer to have the following modern features:
- Larger closets
- Kitchen islands
- Open floor plans
- Pre-wired walls for flat-screen televisions
- Radiant floor heating
Another popular reason for purchasing a new home is the ability to customize it, which was the preferred option for 56% of prospective homebuyers. For 55% of home buyers, the costs associated with repairing and maintaining an older home were a primary motivator for wanting a new home construction.
It’s interesting to note that when the price is the same, 41% of United States’ home buyers would somewhat or strongly prefer purchasing a newly-constructed house. This is likely the case due to the possibility of having modern features, the ability to customize, and avoiding potential repair costs.
If you’re in the market for a new house, you may have already considered the benefits of a new home construction. In addition to exploring what is available with ongoing commercial construction, such as low income and affordable housing projects, you may also be in the financial position to have a house designed and built to your specifications.
When you contact a residential contractor regarding commercial construction projects, they will be able to provide you with information about what is currently available. Furthermore, they can inform you as to their residential construction services so that you can begin your path to home ownership.