6 Crucial Tips To Stick to Your New Build Budget
Buying and making your dream home is one of the most significant investments you’ll ever make, and when you have the option to build a house with every aspect customized to your liking, you must understand and control your budgets. If you’re smart about your overall costs, you can build your dream home and keep it within (or even under!) your account. Here’s how:
1. LET YOUR TOP PRIORITY BE YOUR GUIDE
It's essential to know not just how much you want to spend, but how much you can. Imagine you go grocery shopping, keep adding 'n' number of items in your cart without being sure about what you need and how much your shopping budget is. The cashier's job will not guide you with your items but bill you for what you selected.
Similarly, when building your home, you need to prepare and list down your must-have items.
Decide on the future home elements that are most important to you. For example, if you have a more prominent family and need square footage, focus your budget on your home's size rather than the level of finishes. If you are more interested in doing customized details in your home like window seats, crown molding, high-end appliances, custom cabinets, focus your budget on the finishes rather than square footage.
2. GET YOUR PLAN IN PLACE
Planning is the most critical part of the construction process. Perhaps you've heard of the Winchester Mystery House? This San Francisco area mansion was built over 38 years by an eccentric widow who thought she'd fall prey to vengeful spirits if she stopped construction on the house. The house is a labyrinth of stairs that dead-end in to ceilings, hallways that grow narrower and narrower until they disappear, doors that open onto two-story drops. This is what happens when you build without a plan. It's fascinating but not a very welcoming abode.
Make sure you get a precise plan of the complete details of your house.
3. ALLOW SOME FLEXIBILITY IN YOUR BUDGET
Be realistic about all the costs you will incur during the entire building process. You not only have construction costs, land purchase, and builder fees, but there are also so many other expenses you need to take into account. These expenses may include legal fees, permits, and financing costs, moving fees, and more. It's essential to keep all of this in mind when creating your new build budget.
In addition to add-ons you might not have considered, you need to budget for unforeseen circumstances. For instance, you might want the luxury of changing your mind should any of the fittings or materials not match your expectations.
4. CHOOSE THE RIGHT CUSTOM BUILDER FOR YOU
You should look out for your builder as carefully as you look out for your future home. This is the most critical decision you make in the home building process. Whichever builder you choose, you're going to be working with them for many months. It's essential to get the choice right at the outset to head off problems down the road.
There are several factors to consider while choosing a builder. These factors may include the builder's credentials, past work, personality, work style, price, and processes. It may also help determine which technologies the builder uses and if he follows the 2021 trends to stay current.
5. PREPARE YOURSELF TO ASK THE RIGHT QUESTIONS TO YOUR BUILDER
The people who say 'I was 40% over budget' likely had many change orders and 'upgraded' their home while building. You can certainly choose not to go over budget by getting all your questions answered right at the beginning of the process. The builder needs to educate the customer, clarify things, and prepare them before starting the work.
At Green Bay Development and Remodeling, we ensure there are no change orders by understanding the customer's requirement end-to-end. Check out our blog to know the questions to ask your future builder here.
6. COMMUNICATE CONSTANTLY
Throughout the process, communicate with your builder often. Get regular updates on the progress of construction and check-in. If you have laid out what you want and the details you see as non-negotiable, construction will run much smoother. Lastly,
Get your documents organized and in order.
Set the right expectations to avoid problems.
Ensure that your builder has captured your requests precisely.
Make 2021 The Year to Build Your Dream Home.
Keeping your new build budget on track doesn't have to be a strain, but good planning will reduce stress. You will be paying for your home for years to come, so the choices you make now will affect the way you feel about your new place later.
Located here in the Bay Area, Green Bay Remodeling loves to help homeowners by giving them the right insights and suggestions to optimize their budget while making their home vision come true. We learn and study your project in detail and do our due diligence to ensure you don't exceed your account while also check-marking your wishlist. Your vision for your dream house is our priority, and building that trust and confidence right from the beginning is our goal.
If you're thinking about building your new home in 2021, get in touch with us to schedule a free consultation. Our new construction projects have satisfied customers for over a decade, and we'd be pleased to offer you our advice and customized design to build services.