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Old 11-27-2012, 12:08 PM
 
8 posts, read 27,668 times
Reputation: 13

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My wife and I have lived in the Green Valley Ranch area of Henderson for a number of years. Although we love the community, its amenities, and the location, we really would like a basement and a larger lot (about 1 acre). We don't foresee finding that in our area, so we're considering purchasing a lot and building a custom home in the Paradise Hills area of Henderson (south of I-95; near College Drive).

We're in the very early stages of considering this option, and we're trying to get a ballpark estimate of costs to determine if we could likely afford what we're looking for:

Larger lot (~ 1 acre)
Basement w/ one story home (about 4,500 total sqft)
5-6 bedrooms; 3.25 or 4.25 bathrooms
Granite counters
Hard floors in traffic areas (most likely tile, though stained concrete is also an option)

Can anyone with some recent experience in building a custom home give some general cost information that will help us determine a ballpark estimate for something like this?

Could we do some of the work/finishing ourselves to reduce costs? For example, could we hire our own interior painters or people to install things like garage door openers, etc?

Also, if we want to move forward and find out more information about specific costs, what would be a recommended path to follow to take small steps down the road? Do we talk to builders first to get rough estimates, or do we talk to an architect and draft plans first?

Any practical and recent information would be greatly appreciated.

Thanks in advance!
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Old 11-27-2012, 02:14 PM
 
1,681 posts, read 3,045,853 times
Reputation: 1776
I've been down this road a few years back. I just looked recently at lots in the area you're interested in.

There was one lot off Patti Ann Wood, an acre, for I believe $95k, not sure if utilities are available at the lot or how far away.

If you do owner builder (most do in the range you're looking at, unless you're flush with cash), which means you're acting as your own GC, figure as a starting place, $100 a square foot for typical construction assuming you have utilities directly in front of the house. That wouldn't include any landscaping and I doubt you'd be able to block wall an entire acre at that price (that's a lot of block wall). If you hire a GC, add $15-$20/sf.

If you have to extend utilities, it can get expensive real quick. My quote to extend a sewer 180ft, including engineering, bonds, and construction was close to $28,000.

On that site lot and house, you'll need a 1" water meter. The cost of the water meter and connection fees alone are close to $15,000.

Also, all new homes in Henderson are now required to have fire sprinklers in them.

You also have to deal with a construction loan, unless you have cash. Construction loans are hard to get nowadays and loaded with fees.

Not trying to dissuade, but you need to be willing to pay to get what you want, knowing if you could find what you want as a resale, it would be cheaper. You'll move in and have lost money already. That said, inventory in the area you're looking at is pretty slim right now and has been for awhile. That's easily the most desirable custom home area in Henderson that doesn't have a HOA.

OwnerBuilderBook.com has a lot of good information.
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Old 11-27-2012, 02:22 PM
 
8 posts, read 27,668 times
Reputation: 13
Thanks for the information.

Do you happen to have any insight into the costs/viability of having a basement underneath a one-story home? I know a number of the custom homes in that area have partial or full basements, but I often hear (uninformed third-hand) horror stories of ridiculous costs.

I was thinking that a 2,250 sqft home with a full basement (4,500 sqft total) would be relatively cheap as long as the foundation and basement could be created economically.

Thanks again for your help; I appreciate any information we can find.
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Old 11-27-2012, 03:47 PM
 
1,681 posts, read 3,045,853 times
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I don't have much to add on a basement.

My guess is it wouldn't be that inexpensive. The excavation in the soil out here is expensive and a basement is considered "speciality" work since hardly anyone has a basement. Only a small number of contractors have experience with the drainage design, etc. required to build a basement. The last thing you want is an incorrectly built basement.

My guess is, if it was cheap, you'd see it more often.
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Old 11-27-2012, 06:00 PM
 
8 posts, read 27,668 times
Reputation: 13
Thanks again. I've heard that the caliche rock can make basements difficult, yet I see a fair number of custom homes in the area that have full basements. I'm sure it's a cost efficiency issue more than anything else.

I agree that our best bet would be to find a nice custom home in that area as a resale, but inventory is so stagnant right now. I know a number of those homes are far underwater, so I'm hoping there will be some movement in the coming months.

Are there any custom home builders you've researched and would recommend I might contact for some ballpark figures and beginnings of discussions to consider the option of building one ourselves?
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Old 11-29-2012, 10:06 AM
 
Location: Earth
4,506 posts, read 5,257,531 times
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Remember that a basements square footage is of much lesser value than the rest of the footage....often 50% value or less. If you do a walkout then it gets values higher but still not usually full value. Make sure it has proper drainage, waterproofing and egress.

As for being a sub-contractor on your own home....it gives the GC lots of ways to hold you accountable for stuff, including budget and deadlines. The GC may want you to have a business license and insurance to work under him....if he's smart anyway.

Whatever you think everything will cost, add 20-30% for realism/safety.
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