The idea of building a barndominium may scare some homeowners. Traditional homes are safe, well known, and available in urban and rural areas throughout the country. Barndominiums are less common and considered more of a risk, as no one knows whether these homes will remain popular in the decades to come.
Due to the potential drawbacks of building a barndominium, you may wonder, is building a barndominium worth it? Here is a closer look at the value of a barndominium.
Barndominiums Cost Less to Construct
Building a barndominium may cost significantly less compared to building a traditional home. Building a traditional home costs $100 to $200 per square foot. Barndominiums cost an average of $30 to $150 per square foot.
The cost depends largely on whether you build it yourself or hire a contractor. Paying for labor adds another $15 per square foot, depending on the state where you plan on building the barndominium.
Spending less on construction may make building a barndominium worth it. You can build a home of the same size for less. For example, a 2000-square-foot traditional home may cost up to $400,000 to build. A 2000-square-foot barndominium may cost $60,000 to $300,000.
You Can Build Your Own Barndominium
While you can technically build your own traditional home with a wood stud frame, it involves a lot more labor. You may need to enlist dozens of friends and acquaintances.
With a DIY barndominium building kit, you can construct a new home with minimal help. Constructing the frame is still a labor-intensive process, but requires fewer hands compared to building a wood stud frame. If you have experience in the construction industry or have completed a lot of home renovation projects, you may save time and money with a DIY building kit.
You May Spend Less on Heating and Cooling
If you select the right design features, your barndominium may be more energy efficient than the typical home. You can save on heating and cooling. Thanks to a more efficient design, you can definitely say ‘yes’ to the question ‘is building a barndominium worth it?’
Barndominiums have deep wall cavities that you can fill with extra insulation. You can also use an open floor plan which you can easily design on your own to maintain good air circulation or add underfloor heating to keep the home warm during the winter. These features reduce your utility bills, resulting in long-term savings over building a traditional home.
Barndominium Owners May Save on Upkeep
Barndominium owners deal with fewer repairs compared to owners of traditional homes. Wood can suffer from a variety of problems, including wood rot, mold, cracking, splintering, and settling. These issues may lead to structural problems, wall cracks, and other types of damage that require repair.
The average homeowner spends $2000 to $8000 per year on upkeep and maintenance. Weather is the main culprit behind high maintenance costs. Strong winds and severe weather can take their toll on your home. Wind may damage siding and roofing while heavy rain may lead to flooding and water damage. These issues are less common with barndominiums due to their durability.
Barndominiums Can Stand the Test of Time
Most homeowners stay in one home for an average of 13 years before moving. Yet, you may anticipate spending the rest of your life in the right place.
Barndominiums can easily last the rest of your lifetime and provide a comfortable home for future generations. Unlike wood, steel does not rot, split, or warp. Steel buildings can last 100 years or longer.
Barndominiums May Not Appreciate as Quickly
The value of a barndominium may not appreciate as quickly compared to traditional homes. Appreciation is an increase in the value of your property.
Several years ago, the national average appreciation rate of real estate in the United States was about 4%. The average appreciation rate is now about 14%, mostly due to a recent surge in home prices.
Barndominiums are relatively new, as the first ones were built in the 1980s. No one knows whether barndominiums can retain their value as well as standard homes.
Due to the low cost of constructing a barndominium, many future barndominium owners plan on building their own homes instead of buying used ones. This makes it more difficult to sell a barndominium for a profit.
The resale value of a barndominium may not increase as quickly compared to a standard home. However, real estate experts believe that barndominiums should at least keep their current value.
Does Building a Barndominium Save Money?
So, is building a barndominium worth it? Absolutely yes! And here’s more.
The cost of homeownership involves a variety of details. To determine whether a barndominium is worth it, you should pay attention to the cost of:
- Resale value
Barndominiums save money on construction, as they are cheaper to build. You may pay about half as much to build a barndominium compared to a standard home. Yet, obtaining financing for a barndominium is not always easy. Lenders are more cautious about approving construction loans for barndominiums due to the uncertainty of the resale value. Acquiring insurance for your barndominium may also present some problems.
Barndominiums are popular, but people are more willing to build a new one instead of buying an existing one, which hurts the potential resale value. While you may not lose money, your investment may offer less of a return. Luckily, you save money on other costs, including heating, cooling, and maintenance.
Conclusion: Is Building a Barndominium Worth it?
Building a barndominium may provide short-term and long-term savings compared to building a standard home. You may save on construction, which reduces the initial cost of building your dream home.
After the barndominium is built, you can enjoy decades of comfort and minimal maintenance. You are less likely to deal with expensive repairs, as barndominiums are highly resilient. The increased efficiency of a well-insulated barndominium may also result in lower utility bills.
In the end, the savings that you gain from building and living in a barndominium make it worth it. However, the extra comfort of a barndominium also increases its value. Barndominiums are often large dwellings with spacious interiors. Due to the lower costs of construction, you should be able to include more of the features that you have always wanted without exceeding your budget.