Have you always dreamed of building your own home, but can’t imagine how you’ll finance a traditional home build?
Building a barndominium is an excellent alternative to bricks and mortar, and can be a much cheaper option for individuals dreaming of a custom home.
In this article, I explore whether you can build a barndominium in Indiana, so you can get a better feel for whether building one is a viable option for you.
So, let’s get started.
Trying to get yourself on the property ladder as a first-time buyer can be challenging, and the housing market can feel like being in a maze without a map if you don’t know where to begin.
Although building your own home can be just as, if not more of a challenge, the reward of building your own custom home almost anywhere in Indiana will be worth it.
The barndominium trend has grown exponentially over the past few years, with these custom homes being built all over America and aren’t showing any signs of slowing down. That being said, building a barndominium in Indiana has many benefits, and it isn’t hard to see why they have become so popular.
Benefits of building a barndominium
Overall cost tends to be lower - Building a barndominium is generally much cheaper than a traditional house build. Due to their pre-fabricated nature, they also take a much shorter period of time to build and get up off the ground. This means you can not only save money on materials but also on labor.
Quicker to build than a traditional house - A great thing about building a barndominium is how quickly the shell structure goes up, meaning you can start and finish the project much sooner than it would take to build a traditional house. Not only will you be able to save money, but you will also be able to add as many interior features as you like and spend more on the interior design of your custom home.
Easy to customize - The large, open building plans make customization reasonably easy, meaning that you can really make it your perfect home. Although it’s common to have the workshop or barn on the first story and living quarters above, single-story homes are becoming popular, too!
They can be built almost anywhere - Instead of waiting for your dream property to turn up on the market, a huge benefit of building a barndominium is that it is an inexpensive way to build your dream home anywhere you like. They can be built on an existing plot of land or one that you purchase specifically for the job, providing you with the freedom to build your dream home almost anywhere.
So, what’s the cost of building a barndominium in Indiana?
Typically speaking, the cost of building a traditional home in Indiana is between $90 and $150 per square foot. At this price, not everyone can afford to build the house that they have always dreamed of. On the other hand, building a barndominium in Indiana is a much cheaper project.
The cost for this can start as low as $80 per square foot, although the majority are priced at around $100 per square foot, making it much more attainable for someone who may not otherwise be able to afford to finance building their own home. This price, of course, doesn’t include the furnishings, so you will need to budget for those, too.
Alongside this, you will also need to consider the prep fees as well as the permit fees. Before you start drawing up your building plans, it’s crucial to contact your local permitting office to ensure you’re able to get a permit.
The fee of a permit tends to differ depending on where you live, but this is something you’ll need to budget for. Following on from this, the prep fees will entail anything that you need to do to prepare the ground to ensure that it is ready to be built on, including clearance of the area to having the land graded if it isn’t flat.
What are the drawbacks of building a barndominium?
The main drawback of building a barndominium is financing your project. Obtaining a mortgage can be a challenge, and the majority of mortgage lenders will not finance one as they are multi-purpose structures.
That being said, if you haven’t got the cash to finance your project you will have to look into other means of financing it, including talking to your bank about loans.
You could be eligible for a personal or construction loan to finance your project, but it is essential that you talk to your bank before committing to a project of this size.
That being said, make sure that this is one of the first tasks that you carry out to ensure that you have the right kind of financing to be able to afford to build your own barndominium.
Finding the right barndominium builder
Something else that you will need to consider is finding a reputable builder in Indiana to take on your project. It can be challenging to know who is the most qualified and can get you the end product you have been looking for.
Although you might initially want to undertake the building task yourself, I highly recommend you look for a builder with experience that can offer you help and advice on the type of project you’re hoping to build. Working with one of them can ensure that everyone involved knows what it takes to make this project as successful as it can be.
Always make sure that you research a builder’s reputation, too, by checking for reviews on the internet. If their clients appear happy with the work that they’ve produced, then it is much more likely that you will be happy with the outcome.
Alongside this, it is always reassuring to know that you’re hiring someone that you can trust to get the job done efficiently and to a high standard.