Often times the advertised price of a New Construction home online is very different from the final price paid by the buyer. There are 3 main elements to consider when determining the total cost of your new home. These include:
1. The cost of the lot or land. You could purchase an individual piece of land to build on you can choose a lot in a development. In developments, builders will typically charge a "Lot Premium" depending on which lot you choose. These premiums can vary a lot by builder and by neighborhood, so it's important to find out the range of the lot premiums when you are considering a particular neighborhood.
2. The base price of the floor plan. Most production and semi-custom builders will offer several different floor plans and they will have a price that includes their standard finishes. A lot of times, the base price of the floor plan is what is advertised online. This can be misleading as it doesn't typically include the lot premium or upgrades so can be much lower than what the actual final cost of the home will be.
3. Upgrades. Most buyers will want to customize their home a little with some upgrades to the finishes. Every builder is different on what they include in their base plans, so the cost and number of upgrades a buyer will want can vary quite a bit by builder and based on your tastes. It is not uncommon for upgrades to $50,000+, so its important to consider this when deciding which builder you will use. Its important to find out upfront what is included and what you will be charged extra for.
The final cost of your new home will be the cost of the lot + the cost of the floor plan + the cost of your chosen upgrades. Your BHGRE - All Seasons new construction expert can help guide you through this process and help you determine the "True" cost to build in each neighborhood, so there are no surprises along the way!