Factors affecting construction cost of building

Real estate is an expensive business venture, and anyone who tries to keep up with home construction needs to be aware of the complexities involved in this process. In general, construction costs depend on many factors and can be strongly influenced by external factors. Before you begin to determine the cost of home construction, it is important to have a building plan. Without a good construction plan, it is almost impossible to do a cost analysis. The price of a house depended largely on two main factors: the location of the house and the cost per square foot to build a house in that area, as well as the total square foot of the house.

Major factors influencing the construction cost of building are discussed below:

Location of the project

Construction cost of building is directly related to the location of the building. If the home is an urban, or metropolitan area or a marketable place, a school, a nearby railway station, the price will be higher compared to a rural house.

Size of the project

Generally, the construction cost of building a home is measured in square meters. A large size project requires more staff and additional building materials. Thus, construction costs will vary greatly depending on the size of the project. For example, a house of 1000 sq ft will incur lower development costs compared to a house of 5000 sq ft.

Land Excavation

Project sites can have a significant impact on construction cost of building. Site conditions such as poor soil, pipeline availability, unequal land, archeological site, water resources and natural hazards may increase project costs.

The following factor affects costs: -

*Type of work (cleaning, folding, digging etc.)

* The amount of soil to be removed

* Season (summer, rain, cold seasons)

Foundation and Farming

The foundation begins next to excavation. It holds the house and the framing gives shape and divides the rooms as well.

The cost of the foundation will vary depending on the following types: -

- Concrete Slab - Concrete cost, low maintenance.

- Beam

- Basement

The cost of the framework will depend on: -

Number of carpentry work

The size of the house

Cost of Material

The cost of building depends largely on the materials used in the construction. The cost of the property will vary according to the size and type of the house. All these factors are related. If you build a home in a rural area where building materials are not readily available, the cost will vary.

Labour Wages

Labour wages vary according to the size of the house. Different states have different wage rates.In some areas it is charged on hourly basis whereas in some areas it is charged on daily basis. Thus, it is important to understand the wage norms before estimating the construction cost.

Approvals

Approvals from the local authorities can be costly as well as time-consuming.

Additional Features

It includes electrical and plumbing cost mainly. Quality and quantity of products being used decide the cost of construction.

Project Delays

The cost of building a project also depends on the speed of the project. Construction delays due to unforeseen circumstances could significantly affect the specified budget.Some of the problems that can cause construction delays include:

Increase in rental cost of equipments.

Contractor and employee salaries may increase

Inefficient use of equipment that may result in additional costs

Prices for material goods may rise at the moment.

The cost of storing supplies.

Finishing

Exterior finishing includes exterior walls, roofing and installation of doors and windows. The price and environment of the exterior appearance, doors, and windows will affect these costs.Interior finishing can include drywall, insulation, paintings, interior trim, electrical appliances, lighting, and flooring. Cost of building can also vary depending on a few other factors such as the number of building storey, the type of roof, design features, and finishing. If you are planning to add something extra to your dream home, it will also add extra costs.