The most expensive purchase the average person makes is a new home. And, many of us think building a brand-new, dream home is far out of reach. The thought of dollar signs passes by as we consider hiring a builder, getting permits, selecting flooring, cabinets, and windows. We understand! Let us walk you through the cost of building a new home in Wisconsin in 2020. You’ll be pleasantly surprised to learn your dream home is within reach!
Changes in 2020
2020 is the perfect time to build a new home. The combination of lower land costs and increased prices on existing homes presents a unique opportunity. New home consumers will find it may actually be less expensive to build new than to buy used.
According to a recent report by the Joint Center for Housing Studies of Harvard University, Milwaukee County is one of only two counties in Wisconsin that showed decreases in prices of land used for new home development.
As reported by the Greater Milwaukee Association of Realtors, as of May 2019, the seven-county Milwaukee metro area needed to build over 3500 homes to satisfy current demands. Wisconsin Realtors Association reports that this increased demand pushed the median Wisconsin home price to over $215,000 this year, a record for the state. Densely populated cities are experiencing the fastest rise in home prices.
These two factors give first-time homebuyers a chance to forgo a starter home, and, for similar costs, build a new home. The cost of building a new home in Wisconsin in 2020 is closer to this than ever!
New Home Costs
Understanding the general cost of a new home confuses many people. To help keep it simple, let’s start with the base price. A basic 1650 square foot, three-bedroom, two-bath ranch-style home with no bells and whistles averages about $157 per square foot. This means you’d expect to pay roughly $259,050.
Here’s where it gets tricky. A two-story home with the same amenities and size is less expensive than a single floor layout. The two-story homes’ footprint is smaller meaning the basement is not as expansive. There are stairs in a two-story meaning there is less usable space. When you start adding custom elements, the cost of your home increases.
Joseph Douglas Home Pricing
Many home builders offer low base pricing. They take the minimum cost to build your house and then add items such as building permits, surveys, excavation, sewer laterals, flooring, lighting, and so on. They require you to pay thousands of dollars to make your home complete. We take a different approach.
At Joseph Douglas Homes, our base pricing is the total package. We encourage you to compare our standard base price to that of other home builders. You’ll quickly see why we call it “All-Inclusive Pricing”!
But wait, there’s more. We take our pricing philosophy further! We’ve included the following common upgrades: Hardiplank ® siding, dimensional shingles, exterior cultured stone, granite kitchen countertops, solid surface tops in master bath, rounded drywall corners, custom wall painting, wood flooring in high traffic areas, ceramic flooring in baths and laundry, Armstrong® A/C and high-efficiency furnace, Heatilator® fireplace with surround, six-panel pine doors, and much more!
For more information on our All-Inclusive Pricing, contact Joseph Douglas Homes.