How to stay in budget when building a custom home.
Many people go over budget when building their new home, but how can you get better control?
I am not sure of the percentage but I would say most people I have talked to go over budget when building a custom home. It is changes and upgrades that happen while the home is under construction that normally pushes the line.
So how can you stay on budget?
- Do you truly understand what your budget is and what it includes? The first problem is that when construction begins and people can actually see what their home is going to look like and watch the products going in is when they change their mind. Spend all the time you need researching the budget and the products it includes. Also visit homes that are similiar to yours so you can see the examples. Most homes are not so unique that there are not some like yours. Most home builders build witin the same style so you can go see other homes they are building as well.
- Take your time. If you are in a hurry, prepare to go over budget and possibly not get the best home possible. By taking your time to visit showrooms, other new homes, tradeshows and viewing websites for information, means you will not have done your homework, Obviously, you could spend years looking at products but if you are diligent you can learn enough to confidently understand what your home wll look like and the priducts going in to the point that you get excited. The more custom you intend your home to be, the longer it will take and obviously it depends on how much time each week, or month, you have to research.
- There are three types of new homes- Move- In Ready, Semi Custom and Custom Homes. Move-In Ready means that the home is complete or you are going to buy a specific model from a production builder. These homes are pre-defined as to what they include or what upgrades exist. A semi custom home is taking a floorplan that a builder builds and either building that or with minor alterations. A custom home is starting from scratch, creativity is endless. You can imagine how budgets can get out of hand as move from set price to custom homes. FYI, production builders normally offer better price per square foot because their costs are different based on their scale and the fact that it is a streamilned process.
- How much feedback and advice do you want or need? The more friends, family and consultants you involve the more money you spend. Not to say you should not seek out advice but you may want to limit how many trusted advisors you have!
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