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Want to develop an app? Well, while developing an app, you need to consider several things. But the foremost thing is budget. Without a proper budget, you cannot take a step forward.

Talking about how much does an app cost? The cost varies according to your preferences. But at least $50,000 must be your budget to develop a little animation and decent app.

And if the budget increases, the quality of features of your app also increases.

We are in a world where we have to pay for everything. And if you are asking developers to develop a brilliant app on a low budget, then it can’t happen.

Several factors govern the cost of an app. From the platform where the app will launch, to the little features of the app, everything costs.

We have brought you the idea about what are the factors that lead to this much cost of an app.

Let’s discuss the factors that govern the costs of an app.

Major Factors Governing the Cost of an App.

By having the idea of these factors, you can manage your app cost thoroughly. The factors include:

Offshore and In-house Approaches of Software Development.

The expenses are required for offshore and in-house approaches to software development.

Now the question is for which approach, offshore or inhouse, you should opt for? Of course, for the one, that fits in your budget and provides the best services.

Just have a look at both aspects and decide which is best for your app.

Why in-house approach?

A team of working professionals or engineers works together in an office. They develop software within their company.

Following are the reasons why you should opt for an in-house approach:

You can have face-to-face communication with engineers for your or their better understanding.
You can have quick communication with developers if some problem arises
It automatically increases the process of customization

Why offshore approach?

In this, one hires developers or engineers from outside the country. Developers provide remote and virtual services.

The reasons why you should opt for an offshore approach:

It provides quality work if a decent company is chosen for software development
It is affordable whereas, for the house approach, you have to pay a high price
You can choose specific skills required for your app development
You can get approaches and ideas of foreign markets and new insight for the development of your app.

So, you can opt for either an in-house or offshore approach for software development according to your preferences of quality or budget.

What qualities do you want in your App?

Your budget or app cost depends on the qualities you want to be inserted in an app. Suppose you formed an on-demand taxi booking app. If you want more than many qualities in your taxi booking app, then it will cost more than usual.

The cost will depend on whether you want an android taxi app or an Apple iOS taxi app. If one wants the cheapest taxi service app, then they have to compromise with quality.

You have to prioritize your wants in an app. If you want an app that is quick, cheap, and good, it is somewhat impossible.

For an app to be quick and good, you have to pay a healthy price. You will need to compromise either with the quality or budget of the app development.

Fixed Price or Time and Material Costs- Which is good and affordable?

When you are developing an app, you need to choose a cooperation model. There are major two types of cooperation models that are fixed-price or time and material costs.

Fixed-price, as the name suggests, is a kind of model in which you will pay a fixed amount of money and in return, you will ask for the needed features for your app.

There will be a contract and you need not pay even a penny more than written in a contract. The work will have to be done within a fixed deadline.

On the other hand, time and material costs are opposite where you will pay according to the working hours. Both have their advantages.

You can go for a fixed time model if:

Your requirements afterward don’t change
You don’t have a decent budget for a project
If you have a small or not very big project

You can go for a time material cost project if:

Your requirements change day by day
You have a healthy budget for your app
You have a very big project to work upon

Hence, you can opt for a fixed-budget cooperation model if you have a low budget. Whereas you can go for a time and fixed model if you have a healthy budget.

There is an advanced tip for these processes. If you have done proper research on the app you want to get prepared, you know the technology.

You are aware of the ideas and features you want to instill in your app and your app is not a very complex one, then you can surely go for a fixed budget cooperation model.

You even need not think of a time and material costs cooperation model in that case.

Android or Apple iOS- Platform you are Choosing.

Your app budget depends a lot on the platform you are choosing to launch your app.

The Google Play Store or Android charges $25 as it’s a one-off payment. On the other hand, Apple iOS charges $99 annually to the launchers.

Now you have to choose between either platform according to the type of your app. You can even go for both platforms.

Agile or Waterfall- Process for App Development.

The App development process is also responsible for increments or decrements in the budget. There are mainly two kinds of processes you can choose between.

The agile method is processed in iterations where there is a series of project development and testing in the software improvement process.

On the other hand, the waterfall methodology works out in a proper sequence. That means you can move on to the next step only when the first step got over.

The waterfall methodology is quite affordable but the agile methodology is in trend. Because you can work on several aspects at the same time. So before going for a cheap one, you should ask yourself if it is worth it or not.

Ongoing Updation and Development Costs.

Launching the app is not an end process. You have to update your app continuously otherwise your app will get outdated and not usable for the users.

You will have to:

Continuously update your app with new features
Maintain your app continuously and thoroughly
Install the latest software whenever it arrives on the market
Engage users with new ideas and insights
Keep a backlog plan ready

Cost related to Complexity of App.

The cost or budget of your app truly depends upon the complexity of the app. For instance, simple apps can cost less than $50,000 whereas gaming apps cost higher from $200,000 to $250,000 or even more than that.

E-commerce apps or Marketplace apps require continuous updates and Maintenance, so it costs even higher. So, the budget of your app also depends on the complexity of the app.

You can have a look at the following statistics:

A simple app formation can be done in three to six months. The average price required to develop a simple app is about $70,000 to $1,00,000.
A medium app formation can be done in 6 to 10 months. The average price required to develop a medium app is about $1,20,000 to $1,70,000.
A complex app formation can take more than 10 months to complete. The average price required to develop a complex app is about $2,00,000 to $25,00,00 and even more than that.