There are a lot of reasons why you might choose to build your own home. The current cost of living crisis is creating turmoil in the housing market, with rising prices and low availability making it difficult to find the right property. And even when you finally find a house you want to buy, you could be faced with a lot of problems that will involve a lot of time and money to get right.

Building your own house allows you to truly create your dream home, built according to your taste and needs. But you may be wondering how much does it cost to build a house and if it is the better choice for you?

How much does it cost to build a house in 2023? Learn more in our useful guide.

Why choose to build a house?

If you’ve got the means and are willing to put the time and effort in, building your own house can have many benefits, including:

  • You could save money compared to buying a ready-built house. The cost to build a house from the ground up is around 25-30% less than it would be to buy a house with a similar specification.
  • You can choose the features that you want to help create your dream home. If you want an extra bedroom or a dedicated office space or gym, you can make it happen.
  • Moving into an existing property can come with a sense of the unknown. The quality of the build may not be as expected, and you could be faced with a lot of remedial work after you get the keys.
  • You will learn a lot about the construction process.
  • If you’ve got a vision for your dream home, this is one way to make it a reality by ensuring your new home is exactly what you want it to be.

The cost of building a house

How much does it cost to build a house in 2023? According to the Australian Bureau of Statistics, the average house now costs $473,000 to build. Meanwhile, the median house price in Australia currently sits between $1,074,676 and $1,065,447.

The average cost to build a house has increased in recent years, with the global pandemic and subsequent cost of living crisis increasing the costs of materials and even forcing labor costs upwards.

Every house building project is unique, which means the cost of building a house will vary according to its specifications. The size of the property, its location and the features you choose to include can all impact the overall cost.

Additional costs you need to think about

When building a house, there are some other costs you will need to consider, including your insurance and taxes, the cost of any accommodation you may need while your house is being built and of course, any problems that may arise along the way.

Building a house comes with a significant cost, but compared to the average house price, you could still make a significant saving by choosing to build your own home. Should you decide to sell your home, you could make a profit of up to 20%, or even more in the long run, making it a worthwhile investment.

Find out how much to build a house of your dreams

Choosing to build your own home is a fantastic way to get your dream house and build something from the ground up. Fortunately, it’s even easier to do with the help of an experienced construction company that specializes in self-builds.

At Edwards Family Homes, we can provide a fully custom-build service, bringing your ideas for your perfect property to life. We also have plans for new home types with ready-to-build floor plans that can be customized according to your needs, and we can carry out extensions, renovations and rebuilds on existing properties.

Having an experienced builder working with you can help ease some of the concerns you may have about building your own home, ensuring the process is managed carefully from concept to completion. At Edwards Family Homes, we have excellent recommendations from our previous customers, providing quality constructions that leave our customers satisfied.

To find out how much it will cost to build a house with Edwards Family Homes, get in touch today. We can discuss a quote that meets your exact requirements, so you can take the first step towards owning your dream home.