Are you interested in knowing the cost factors associated with building a Texan barndominium? In this episode of The Perfect Balance, I’m going to give you the barn door details about a special Texas project that might be for you. We’ll consider everything from plans and loans to materials and labor so you’ll know exactly what it costs to build your barndo.
Making A Plan
If you’re looking to build a barndominium, the first thing you’ll want to do is have a plan. I recommend talking with a designer or a company that specifically specializes in barndos. Make sure you see other completed projects in the area and ask the company to see their current projects.
You’ll also want to use the internet to research and get the skinny on the good, the bad, and the ugly of barndo builds. Additionally, before you even decide to put a barndo plan in motion. Take your plans to a local county to see if you will be able to get permits to build. Although it’s a popular building in Texas, it’s not always approved in your specific area.
Obtaining Financing
When your plan is approved, take the plans to a loan officer like me. I’ll help you see what types of loans you can do, such as a new construction loan. This is a short-term loan that covers only the costs of custom home building. It’s different from a mortgage and is considered specialty financing. Once the home is built, the prospective occupant must apply for a mortgage to pay for the completed home.
Another loan that might work for you is an interim loan. Unlike a traditional mortgage, an interim construction loan is a short-term loan that lasts only as long as it takes to complete the construction. During this time, the lender will closely monitor the construction process and give you money in chunks to complete the project.
Estimated Costs
Some of the challenges for 2021 are materials and labor; here are some estimated costs for 2021. For the living area, expect to pay $140 to $150 a square foot. A shop will cost $45 to $55 a square foot. Porches are priced at $40 to $50 a square foot.
Additional costs might include fireplaces, overhangs, and custom specialty finishes. Additionally, the price doesn’t include utilities, specifically the distance to and from the barndo project. These utilities include propane, power, and water. It also doesn’t include gravel, a road, or roads, depending on how big the lot is.
Building Your Barndo
The most important part of building your barndominium is the research and planning. I help people just like you buy real estate, and I’d be happy to assist you. If you have additional questions on barndominiums or something specific, please reach out and I’ll be glad to connect.
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