Appreciate some feedback
I am looking for some feedback from someone with perhaps some more experience than I in terms of building a home. I have a refundable deposit on a property in Rockland County, NY. It is a lovely development, in which a few homes were build pre-crisis and then development stopped for a number of years and is now starting again. The way the build works is the sell you the lot, in this case the lot is 350k. There is a builder who is partnering with a real estate agent and will likely build most of the homes in the development and has built most of the homes that were developed pre-crisis. The arrangement is you pay the builder 50k to be manage the construction process and then you take pay all the costs.
I really like the builder, however, I get concerned that the quote he is giving me for the construction of the home is a very low. For instance, I gave him floor plans and we discussed an evelation based on something he's already built for a 3800 sq foot home and he roughly quoted it as 350k plus his 50k. That is barely over $100 a sq foot. Just from reading the board that seems very low. When I question him on it, I always get the response, "you have to realize these are wholesale prices and so long as you don't go crazy upgrading things you will be fine."
While this is certainly not a luxury build, I can't imagine Rockland county is an inexpensive area to build. It's not a low end home, it will have some stone, hardi plank siding, 3 car garage, basement, wood floors throughout. Does this rough quote seem way off to people with more experience? It seems if I google that $200-250 sq ft seems more reasonable. That would double the cost of the home and at that price I can't afford it.
Any thoughts would be appreciated. Further work on the plans would cost me money and I don't want to spend it if the quote is way off.