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Local News and Information Archives for 2017-06

A Snapshot of New Home Constructions Costs

Mike Croxall

President, Home Builders Association of Greater Chattanooga

 

If you’re in the market for a new home, you may be wondering about the factors that contribute to the total cost of the home. The National Association of Home Builders recently published a Cost of Construction Survey, which details the various costs of building a typical new single-family home. Many of the results show that costs have remained consistent in recent years.

 

According to the survey, the biggest single component of a home’s price is construction costs, which accounts for 62 percent of the cost. The cost of the finished lot is the second largest factor at 18.2 percent. 

 

Survey respondents broke down construction costs into eight major construction stages: 

  • Interior finishes: 30 percent
  • Framing: 18 percent
  • Exterior finishes: 15 percent
  • Major system rough-ins: 13 percent
  • Foundations: 11.6 percent
  • Final steps: 6.8 percent
  • Site work: 5.6 percent
  • Other costs: 0.5 percent

 

The survey reaffirms the steady progress of our economy since the Great Recession, as home values have gradually risen. And, in each year since 2009, the size of single-family homes has grown as well. The average home in 2015 had 2,802 square feet of finished space, compared to 2,402 in 2009.

 

The size of the lot has increased significantly, too, jumping to 20,129 square feet (nearly half an acre) in 2015, from 14,359 square feet just two years ago.

Though building practices and the cost of labor, land and materials can vary widely across the country, these national averages provide an encouraging snapshot of the building industry and our nation’s housing recovery. The upward trend of home buyer confidence and home price appreciation is inspiring more and more consumers to build the home of their dreams.

 

To learn more about the home building process in the Chattanooga area, visit the Home Builders Association of Greater Chattanooga at HBAGC.net visit nahb.org for more information. 

 


Open Floor Plan Remains Top Pick for Consumers

 

Mike Croxall

 

President, Home Builders Association of Greater Chattanooga

 

Whether looking for a new home or revamping a current residence, home owners in the Chattanooga area continue to be drawn to the feelings of spaciousness, easy flow and welcoming togetherness evoked by an open floor plan.

 

Pioneered in the early 20th century, open floor plans are still popular today, according to a recent survey from the National Association of Home Builders. The survey found that 70 percent of buyers want a kitchen-family room area that is either completely or partially open, with 32 percent wanting it completely open.

 

Owners of existing homes are choosing to create open spaces, too. Remodelers reported that 40 percent of their projects involve opening existing homes’ main floors by removing interior walls entirely or by using countertops, cut-throughs or archways, rather than full walls, to define separate areas in a more open way.

 

Main floors with few or no interior walls between areas for cooking, eating, relaxing and entertaining allow cooks to chat with family members or guests, provide easy flow for entertaining and enable parents to keep an eye on children from different areas.

 

Open floor plans not only maximize space and flow, they optimize natural light. Windows serve more than their immediate area, illuminating the entire space.

 

With the increasing focus on accessible design, open floor plans meet another of today’s needs— with fewer doorways, they are easier to navigate in a wheelchair or with a stroller.

 

To find a builder or remodeler in the Greater Chattanooga area or North Georgia, visit the Home Builders Association of Greater Chattanooga at HBAGC.net