If you are feeling frustrated with the lack of inventory on the real estate market, right now, you aren’t alone. Because of the market and available homes, prospective homeowners are increasingly choosing to build over buy. And of that group, many opt for a custom build. In fact, nearly 1/5 of single-family homes built in the past five years have been custom.
This is because many homeowners want to truly maximize their investment, and see the value in designing a forever home that meets their exact specifications and will provide comfort and happiness for many years.
In today’s real estate market, particularly in competitive areas like Connecticut, existing home prices can easily rival a new custom build, and that means you get a home that’s not fully customized to your ideals. Plus, an existing home may hide issues that you can’t uncover during inspections, adding unforeseen costs.
Average Cost of Custom Homes In Connecticut
The housing market in Connecticut is hot with low inventory, high demand, and rising prices. This influences the entire cost landscape of building and buying.
For a high-end custom build in this area, you can expect prices to start around $400 a square foot for the build itself, not including land. For a 2,000 square foot home, that means a luxury custom build will usually be around $800,000.
However, the cost can vary quite a bit depending on the scope and complexity of your project. Here are the different factors that influence the cost to complete your custom home build:
Five Factors That Influence Custom Home Pricing
1. Site Selection & Development
The first element that will influence the cost of building your custom home is the site you select. Purchasing land will add to the cost of your custom home, so if you choose an expensive plot, your all-in cost will be higher. Waterfront property, convenient locations, or historical neighborhoods can all be more expensive than a similar-sized plot elsewhere.
However, beyond the cost to acquire the land are the considerations you’ll encounter when preparing to build. A property with hills may require more work to grade and install drainage. A heavily forested property may seem nice and private, but will have a higher cost as trees may need to be removed. When choosing land, keep these factors in mind to get an accurate idea of total cost.
2. Size
The larger your home is, the higher the price will be. A larger home requires more materials, takes more time to build, and often requires more complex engineering to ensure it’s structurally sound, especially if a large open layout is your preference. When choosing the size of your custom home, be aware that size does directly correlate to cost.
The overall footprint of the home has a direct impact on the overall structure and less square footage but a bigger footprint will cost more than the same square footage on 2 stories. Master first floor plans are very popular in CT, but also more expensive, single story spaces add more cost vs 2 story structures.
3. Design Complexity
In addition to size, the complexity of your design can increase the cost of your custom build. A two-story house with bathrooms stacked on top of each other makes installing plumbing much simpler than a sprawling house with multiple wings, each with their own spa bathroom.
If certain design aspects like spa bathrooms or an in-law suite are a priority for you, you can work with your builder to understand how to incorporate them into your finished home while staying within budget.
4. Expensive Finishes
Part of what makes a luxury custom build luxury is the quality of the finishes. Finishes like natural fabrics, solid wood flooring and real stone countertops along with exceptional attention to detail all go into making the final product elevated and true to your style. However, the selections you make can add to your pricing.
5. Sustainability
Custom builds provide an opportunity to make your home sustainable, whether it’s through top-quality windows, solar panels, efficient appliances and more. While these costs may be higher initially, many of them provide long-term savings that make them a good investment for your home.
Pricing Questions to Ask Your Connecticut Home Builder
To make sure you are on the same page as your builder when deciding to build a custom home, make sure you ask specific questions about elements that will affect pricing. Here are some questions to ask and why they are important:
Is land included in the pricing?
Typically, for a custom build, land is not included in the price. It’s important to discuss with your builder the typical price of land in your area and how to plan out your budget so it covers the entire project cost, not just the build itself.
Can you help me find land?
While land is not usually included in the price, many custom home builders, including the Corbo Group, have relationships with real estate agencies to help customers find land with a smooth and seamless process. Learn whether this is the case, so you can decide how to approach the search for property.
Are permitting fees included?
Permitting fees vary from locality to locality. Many builders include them in the pricing, but to avoid any surprises after you’ve started your project, ask about this beforehand.
What warranties are included or offered?
Builders should stand behind their work, and part of this is offering warranties. A final walkthrough to assess any issues or concerns is usually one of the last steps before move-in. And beyond that, your home should be covered by workmanship, mechanical, and structural warranties. Inquire about this to learn what is and isn’t covered.
How to Build a Custom Home in Connecticut
At Corbo, our full-service, design-build process begins with a complimentary consultation. This is where we learn about your goals and requirements for your future dream home. After this, we’ll assess your site, work together on a to-scale design, and provide an accurate, detailed proposal.
After that, we’ll review contracts and financing to ensure your arrangements meet your needs. Then, we can finalize structural plans, work on permitting, and get to the build process!
To learn more about building a beautiful custom home in Connecticut, get in touch today for your free consultation.
