Monument, Colorado, offers a unique blend of serene mountain living and convenient access to more urban amenities. Monument's picturesque landscapes, with rolling hills, lush forests, and stunning views of Pikes Peak, provide a perfect backdrop for custom homes. It doesn't hurt that the town also boasts excellent schools, family-friendly parks, and a growing local arts scene, making it an attractive place for families and individuals alike. These are just a few of the reasons people love to call Monument home.
The cost of building a custom home in El Paso County, and Monument specifically, varies widely based on factors such as location, size, scope of work, and the finishes and features you choose. In the following sections, we'll explore these factors in more detail to give you a clearer picture of what to expect when considering building your dream home in this picturesque Colorado town.
What are the typical cost ranges for custom homes in Monument?
In Monument, Colorado, where you have access to gorgeous landscapes and the amenities families depend on, the average cost for building a custom home could be $900K to $1.3M in 2024. Of course, your custom home cost will depend on the factors we mentioned. For example, a larger luxury estate in Monument, Colorado, could range from $1.5M to $3M in 2024.
HOW ARE THE COSTS OF BUILDING A CUSTOM HOME in Monument, Colorado, Calculated?
When you're planning your overall budget to build a custom home in Monument, Colorado, there are several factors to keep in mind, such as:
- Cost of land
- Cost of utilities, well installation, and septic installation
- Site development
- Tap fees and permits
- Design, engineering, and estimation
- Construction costs
- Landscaping, furnishing, and other finishing costs
Are there any additional expenses beyond the base cost of construction?
The cost of building a custom home will include expenses such as:
- Soft Costs: These include land acquisition, surveys, geotechnical reports, design fees, engineering fees, various permits and inspections, and financing and closing costs. Soft costs can consume a significant portion of the overall project budget, so it's important to include these in your planning. If you choose to build your custom home through the traditional route (hiring your architect and builder separately) your design and engineer cost could be 3% to 6% of your total home cost; whereas when you work with a design-build firm like Elk Ridge Custom Homes, you can expect a lower cost, such as around $25K to $40K.
- Site Development Costs: These costs are related to preparing the site for construction and can vary greatly. They include demolition and clearing, excavation, utility connections (water, sewer, electric, gas, cable), and site work like driveway installation and trash removal.
- Allowances, Upgrades & Exclusions: Allowances for items like appliances and lighting can lead to overages if not carefully managed. Upgrades can significantly increase costs, and it's important to clarify what is excluded in the builder's quote.
- "New Home" Expenses: These are costs incurred after moving in, such as landscaping, major appliances, and new furniture. These expenses are often overlooked in the initial budgeting phase.
Planning for these costs and including a contingency fund in the budget can help manage your investment amount.
How much does Land Cost in Monument, Colorado?
If you don't already own land in Monument to build your custom home, this will be your first expense to consider. Land prices in this area are shaped by factors such as development level and access to utilities and local amenities, like shopping and schools. In Monument, Colorado, expect land that's suitable for a custom home that is .5 acres to 5 acres to cost between $200K to $600K.
THINGS TO CONSIDER WHEN PURCHASING LAND TO BUILD a custom home IN MONUMENT, COLORADO:
- Evaluating Lower-Priced Lots: Lower-priced lots in El Paso County may have hidden issues like limited access to utilities or legal complications. It's important to investigate these lots thoroughly and consult experts to assess their true development potential.
- Researching Utilities and Other Costs: Utility availability—such as water, sewer, gas, and electricity—can significantly affect land costs. Urban areas usually have easier access to municipal utilities, while rural areas may require installations like wells and septic systems, which can add up to as high as $70K. As for utility tap fees and permits, closer to the city could cost $20K on average while a rural lot could cost around $50K.
- The Importance of a Soil Test: A soil test, typically under $1K, is crucial for identifying potential construction challenges such as soil composition and stability. This helps in planning the right foundation and landscaping solutions.
- Additional Costs of Land Preparation: Preparation costs like excavation and clearing vary based on the land's condition. Factors like terrain ruggedness and environmental regulations can increase these costs, impacting the overall budget for building a custom home. For example, a lot with heavy tree density that requires a lengthy driveway could cost around $20K to develop; whereas a clear lot with a shorter driveway could average around $5K.
The Benefits of Choosing a Design-Build Firm to Build a Custom Home in Monument, Colorado
Working with a design-build firm to design and construct your custom home offers numerous benefits, streamlining the entire building process. Firstly, it fosters a seamless integration of design and construction, ensuring that both aspects work in harmony from the project's inception. This unified approach leads to enhanced communication, reducing misunderstandings and potential conflicts between separate design and construction teams. Additionally, design-build firms often provide cost efficiencies, as the integrated team can identify budget-friendly solutions early in the design phase, avoiding costly changes later.
The streamlined process also results in faster project completion, as coordination between the design and construction phases is more efficient. Clients benefit from having a single point of contact, simplifying decision-making and communication. This client-centric approach ensures that your vision is central throughout the project, leading to a final product that closely aligns with your desires and expectations. Furthermore, the collective expertise within a design-build firm means that clients have access to top-tier professionals in both design and construction, ensuring high-quality results for your custom home.
If You Have More Questions, We're Here for You
At Elk Ridge Custom Homes, we want you to feel informed and confident when you begin your custom home endeavor. That's why we're transparent about all of the costs that can go into building a custom home in Monument, Colorado. We understand that this can be a lot of information to absorb, so we're here to guide you through the entire custom home-building process, from your initial consultation to your move-in date and beyond. Contact us today to schedule your consultation by filling out the form below.
Current Project: 3 bed, 3.5 bath, 3,300 sqft modern farmhouse rancher with crawl space with all high-end finishes including beamed vaulted ceilings.
Build Cost (includes everything except the land cost)
Current Project: 4 bed, 3 bath, 3,200 sqft Mid-century modern rancher with walk-out basement with medium finishes throughout + vaulted beamed ceilings.
Build Cost (includes everything except the land cost)
Current Project: 3 bed, 3.5 bath, 4,100 sqft modern minimalist rancher with walk-out basement with all luxury finishes throughout.
Build Cost (includes everything except land cost and landscaping)