rough Cost Estimate Details
How close will your rough cost estimate be to your actual cost to build? Well, we’ve checked this data with our actual Open Book Build prototype home project and the rough cost estimate was within 10% of the final cost. This is as close as you can expect to get for a preliminary rough cost estimate.
It’s important to remember that there are so many variables relating to your project at this early stage and therefore the numbers will only be preliminary. In fact, actual costs can vary up to 30% from the initial rough cost estimate. Also keep in mind, these numbers apply best to the construction of the typical average American home. If you are looking for something out of the ordinary like a log home, container home, or some other specialized home you will want to consider other options for creating an initial rough cost estimate.
This free rough cost estimate is for one total dollar amount. Meaning, there are no individual line item cost breakdowns because they wouldn’t be reliable at this stage of the project. Later on, your bidding process will give you line items for each individual activity and will provide a more accurate budget for bank loans and budgeting.
Details needed from the owner builder to produce the rough cost estimate for the new home: Project location, square footage of living space, garage square footage, foundation type...basement or slab, number of full and partial baths, ranch or two story, type of construction: stick-built or masonry exterior walls, level of finish: good (builder grade cabinets, flooring, hardware...etc.) or better (granite countertops, upgraded cabinets,...etc.) Disclaimer for this rough cost estimate.
