I keep a running tally of our build costs so we know how much we’ve spent and in what categories (i.e. flooring, hardware, etc). I do this both because I love data and because I think it will be informative and helpful for others who want to build their own small home.
While adding items to the spreadsheet this morning, I glanced at the total and was pleasantly surprised by how low it still is. We’ve spent $6705 over the past 7 months on tools, materials, the door, windows, appliances, hardware, fixtures and small miscellaneous things. If you do not include the windows, door or appliances (HRV, heat exchange and hot water heater), our total is at $3550.
That means we’ve spent an average of $507 per month on building our house (We’ve actually been accumulating things for about 10 months which works out to be $355 per month; the bulk has been in the last 7 months though). While that may initially seem large, it really isn’t that different from a fancy car payment or the total spent on ‘entertainment’ objects/services (i.e. internet, satellite, netflix, etc).
While patting myself on the back for doing a good job being responsible in our spending, I thought, “Now, Chelsea, that total doesn’t include the house kit and labor. Maybe this isn’t such an accomplishment after all.” Okay, let’s look at that number.
For the kit, the upgrades and the labor, we spent a tad over $20,000. Add to that the money we’ve spent finishing the house so far and we’re at $27,000ish. The plywood for the walls, flooring system, tile and bathroom things will be our last big expenses, so let’s round up to $32,000. It’ll probably be a little higher once we’re through, because I’m sure other small things will crop up (i.e. permit and inspection fees, extra hardware, etc). But those are the big numbers.
So then I thought to myself – That number seems big but compared to the average home price of $188,900 (according to an article in The Huffington Post, published in March 2014), I’d say we’re doing a good job. And really, I believe our total spent will be shy of what most people contribute to a down payment. If we take the $188,900 ticket price as an example and use the real estate standard of 20%, the down payment would be $37,780.
Sooooo, yeah, that’s pretty exciting. See this update for the spending total as of 12/24/15.
For a full summary of our experience with Arched Cabins, please read Arched Cabin Summary.