When evaluating the cost to build a home, there are a lot more things to take into account than just the size of the home.
I’ll start with the cost of land. You can expect to pay anywhere from $100,000-$1,500,000 for a lot to build on in Summit County. Most lots in the county are in the half acre to 1 acre size range. You can find larger lots but will pay a premium for them. In the higher price range you can also be paying for convenience, whether it’s ski in/ski out or within walking distance to other amenities like shops and restaurants. In 2013 the average sales price for a piece of land in Summit County was $324,000. In the first nine months of 2018 that average has risen to $404,531. It’s worth mentioning to buyers that lots that are really steep or in or near wetlands may need special attention. Even if the lot price is low, the location and potential excavation, water, sewer or well and septic installation costs may run the price up. A reasonably priced lot may wind up costing a lot more to develop.
Once you have a lot picked out you can start with the design of your new home. This will include architectural and design cost that can range in the ballpark of $10,000 – $45,000 depending on the home. A Structural Engineer could add another $2000 – $10,000. You’ll have building permits to pay for, either through the county or town depending on the location of your lot. If you buy a lot with city water and sewer you can expect to pay a tap fee of $5000 – $15,000 or more for each. If your lot needs to be on well and septic starting costs can be in the $10,000 – $20,000 range for each but can easily go up from there depending on your lot.
When you get to the actual construction current costs are in the $300 square foot range for an average size home with more basic finishes. The cost can certainly go up depending on the size and high end features you would like to add to the home.
You must also consider the time involved. Excavating can only happen when the ground is not frozen. Depending on your location and extent of the project, permits can take weeks to get. Contractors can have projects lined up well in advance. A good, local, general contractor can handle all of this for you. Just be aware that it may take longer than you are anticipating to complete your brand new Summit County home.
This is meant to give you a basic idea of the cost to build a new home in Summit County. If you are interested in building, it’s a good idea to have an actual lot or location in mind. We can then put you in contact with some local builders. They can discuss the type of home you’d like to build as well as provide you more detailed information about the current cost to build a home in Summit County.
This post was updated on January 3, 2020.