Every person has a dream to own or build their house. Indiana is a popular place to build a house regardless of its size. In major Indiana cities like Indianapolis and Columbus, large tracts of land can be purchased.
Average cost to build a house in Indiana
The cost per square foot for more square footage is usually lower than the square footage. Larger homes are more expensive than smaller ones, and use more intricate materials. This raises the cost per square feet.
There are two main categories of home building costs. The cost of smaller homes is typically between 100k-140k. Larger homes, on the other hand, will usually run from 140k to 220k. This article from Koopy.com offers great tips for saving money on building a home.
Indianapolis is ranked number one on the list of largest cities, making it a great place to live if you want a large backyard. Zillow estimates that Indianapolis land prices average at $8.92 per square feet, but can rise to $64.75 per sq. foot. The median price does not include any fees the government may charge for properties that are undeveloped or developed within the city.
Permits and other fees
The Department of Business and Neighborhood Services can issue residential development permits. However, the applicant must be either a licensed contractor (or a property owner) to file the permit. The permits can also be paid online by creating an account on Citizen Access Portal.
Cost per Square Foot
After you own your land, it is important to account for actual construction costs and contractor fees. Although it is easy to give a ballpark figure for the cost per square foot, there are many factors that can drastically affect the final price. The type of home, interior/exterior finishes and foundation you choose will all impact the cost.
Indiana Housing Market Analysis
Investors and those who are looking to purchase their first property in Indiana can find positive results in the real estate market. The residential property value has increased by 6% over the past half-year and we expect even greater positive numbers in future. Although this may seem like a significant increase, keep in mind that Indiana has a small population and is not used to increasing real estate values.