Over the years we’ve spent working in both new builds and renovation in the Elmhurst area, the most common question we get asked is: how much does it cost to build a house in Chicago? While it seems like a simple question that deserves a simple answer, the final price involves a lot of moving parts.
As the new construction experts, we are here to break down the various aspect that goes into totaling up the cost to build a house. While each new build is as unique as the homeowner themself, these factors can help create a ballpark price to structure your future budget.
Costs To Consider When Building A House In Chicago
There can be a lot of minor costs that pop up when building a house, but we can guarantee every project will see the same three large costs: land, permits and fees, and labor. Although these are not the most exciting three categories, each is important to ensuring your build is an investment that lasts a lifetime.
Land
Other than the home itself, land is the most expensive part of starting a build. As Chicago continues to grow, the cost of land does the same. Areas closer to the downtown area, such as Lincoln Park or River North, tend to have higher land prices and more expensive construction costs. On the other hand, areas further from downtown, such as Edison Park or Jefferson Park, tend to be more affordable (for now!)
Although it can seem daunting to find the perfect spot to plant your roots, this can be an exciting way to see parts of the city you never thought of previously.
Permits And Fees
We know permits and fees are the least fun purchase of this project, but are necessary to ensure your home is built safely. Building permits, electrical permits, plumbing permits, and zoning permits are all required when building a house in Chicago. These permits can cost several thousand dollars, but allow for peace of mind when move-in day comes.
Labor
Another essential cost to consider is the skilled labor required for every step of the building process. Here at Better Quality Builders, we’ve spent years developing our own labor skills and building partnerships to ensure the best professionals are working on your home.
The cost of labor tends to vary between $80 and $200 an hour, but level of expertise and experience level play a huge role in how much the labor total is.
Other Factors To Consider
When it comes to building a home in Chicago, there are many factors to consider that shift cost greatly. Location, size, and the choice of builder can all have a significant impact on the final result and your overall satisfaction with your new home.
Location
While location and land may seem similar, there are additional factors to consider under the location umbrella. Neighborhood, school district, convenience, and overall distance tend to be the most important location topics to any of our clients.
Depending on which you prioritize, there are ways to save or spend more for the total budget for your new build.
Size
This may seem obvious, but the size of your new build plays a large role in how expensive it will be. Typically, the bigger your home, the more it will cost. We advise during your initial planning stages, sit down and think about what you’re looking for in a home and how much space you really need. Every square foot you can eliminate will save on the final cost.
Builder
Finally, the choice of builder is a crucial factor when building a house in Chicago. It’s important to work with a reputable builder who has experience building homes in the city and can provide quality workmanship. Our company came to be because of how much we pride ourselves in homes built to last for a lifetime.
So How Much Does It Actually Cost To Build A House In Chicago?
With all of the factors we discussed added to the total price, the ballpark estimate for building a house in Chicago is between $250,000 to over $1 million. We know this is a huge range, but in our experience, location, land, and size are the three factors that tend to skew the price the most.
Feeling a bit overwhelmed with how to begin the home building process, keep within budget, and still check off everything off the wishlist? We understand this feeling more than anyone! Better Quality Builders was created to help combat these three big challenges every homeowner faces.
After years of fighting for our clients to get the home they deserve within a budget they can afford, we can attest anything is possible with proper planning. That’s why more than anything, working with the right builder is key to eventually saving money. With our help, we can ensure each factor is finished correctly with clear timelines and realistic goals.
How Do I Start The Home Building Process?
Building a home should be one of the most exciting times in your life. We understand the laundry list of expenses can be a bit deterring, but at Better Quality Builders we want to assure you that your dream home is within reach.
If you are interested in starting the home building process, please don’t hesitate to get in touch with us for any of your home inquiries.
