These questions have undoubtedly crossed your mind if you are thinking about building a timber frame home. You need facts and figures to plan your budget and set design expectations.
Plainly, because you intend to build a timber frame home, the cost will be more than a conventionally framed house. How much more? Many home renovation websites estimate that timber frame homes cost ten to twenty percent more than a typical home. Yet, since many people are building their dream homes, the cost for a timber home can inflate beyond this approximation.
Size of Home – As the size of the home increases, so does the amount of material and labor you need to build it. The type of square footage will also affect the cost of your dream home. In essence, square footage can be divided into livable area, garages, and outdoor spaces. Livable square footage costs more than garage or outdoor space.
Design Complexity – While square footage is always important, the more elaborate your design is the more your home will cost. One element of design complexity is your home’s footprint or its shape on the ground. A home with four corners is easier to build and less costly than building a design with 50 corners.
Timber Framing – How much (the density) and how intricate the timber frame in your home will impact your home’s price tag though not as much as your home’s size or complexity. The wood species you select and the cost to ship your timber frame from the shop to your build site is negligible in comparison to the other cost factors.
Finishes – Finishes generally include flooring, fixtures, appliances, and exterior materials. Your decision to opt for modest finishes, like Hardie board siding and GE appliances, or luxury elements, such as real stone and Wolf appliances, will affect the cost to build your home. However, do not fall into the trap of thinking you can lower your cost by choosing lower-end finishes. Acquiring the finishes you need to complete you homes does have a significant cost.
Build Location – Where you plan to build effects construction costs. In remote locations, labor and materials are harder to get and cost more. The demand for builders in popular destinations, like ski resort towns and lakes, can increase labor costs as well.
The building industry commonly uses the cost-per-square-foot statistic. It’s easy to calculate; divide the cost of a home by its square footage. Many timber frame home builders follow the industry standard and offer cost-per-square-foot estimates to show what it costs to build a timber frame home.
However, when comparing cost-per-square-foot, make sure you are comparing apples to apples. Is the timber frame company providing a cost-per-square-foot for the turnkey cost or the package price of your home?
‘Turnkey’ usually refers to the total cost of building a home, not including land purchase or site improvements. The term comes from the idea of a homeowner ‘turning the key’ of their finished home.
Package or kit prices usually only include the products that the timber frame company is offering to sell you. Some companies’ packages may only include the timber frame itself while others may provide additional materials and services. It is extremely hard to compare package prices as each one is different. In addition, companies that provide packages or kits may charge extra fees to customize your design.
It is important to get a total estimated cost to build, not just a material package price, because the turnkey cost is the number you need to match to your budget. This will help you easily compare designs to each other. In addition, talking in turnkey terms helps set realistic expectations about the relationship between your dream home and your budget.
Start by getting an idea of what you like, the level of customization you want, and the space you need. Then contact someone who builds those kinds of homes. Tell them where you plan to build. They should be able to give you an approximate cost-per-square-foot for turnkey construction.
Riverbend offers a free cost analysis to help you better understand what it might cost to build the timber frame home you are envisioning. Fill out our questionnaire about your dream home and one of our knowledgeable client representatives will email with information about what it will cost to build.
Not quite ready to discuss your future timber frame home? Watch our 45-minute webinar, What Will My Timber Frame Home Cost?, that dives into the details of each cost factor.
Whether you’re looking for more information or would simply like to learn more about us and our services, don’t hesitate to contact us. Please follow the link below to access our online form or call us at 888.486.2363 in the US or 888.999.4744 in Canada. We look forward to hearing from you.Start Your Custom Home Design Contact Us