Choosing to purchase a new construction home is an exciting time full of many changes and decisions. Staying on a budget during new construction can be challenging! Here are some tips on how to build a dream home while keeping the budget intact!
Create A Budget
The first step to staying on budget, is to make one! Home buyers should consult with their builder on their input for pricing and the process needed for the construction. If you still have to hire a builder, having at least a few builders’ estimates is very helpful in establishing a general guideline of costs.
Remember to include non-construction costs. These costs include land fees, moving fees, permit fees, landscaping, financing and others. Note: It is also good practice to add a contingency section in the budget for unexpected problems with the land or construction of the home.
Wants Vs. Needs
Whether purchasing a new construction home or an existing home, deciding your wants and needs in the beginning is very important. Home buyers should let themselves splurge on a few things and stick to a home design that is based on the needs rather than the wants. Adding too many wants can take a budget from manageable to overkill quickly!
Buyers should think about the style of home. Each style home comes with its own price point. A larger ranch-style home will have a much larger roof and foundation space which can be more costly than that of a more narrow but taller 2-level home. Basements and a large amount of windows can also add to the price. Discuss these types of features with your builder. They may offer some additional advice as to ways to cost save with style.
Another area to think about is the livable space in the home design. If the floor plan has a huge garage or attic, while they can be good for storage, those rooms are not living space. If theses areas are not livable is it really worth the price of having larger ones? These are the type of questions worth asking.
Make Decisions Prior to Construction
Building a home requires numerous decisions from the style of the home to the type of hardware. To prevent last-minute decisions that may hinder the building process and in some cases increase costs, try to get all the design decisions made before construction. Browsing online and visiting hardware stores helps with inspiration for colors and materials.
Using recycled or salvaged building materials such as steel, bricks, doors or even lighting fixtures can all help save money throughout the process. Vintage and rustic is trendy now. Discussing various ideas of cost-saving materials with your builder can also lead to new ideas of avenues to take.
Even home buyers with the best intentions of making their new home, their final home should think about ROI. Will the home be sellable? Does it fit with the local area? Is the design too unique and catered only to the current home buyers? These are all things to consider during the home building process.
Final Inspections and Warranties
Once the home is completed, the builder should offer a home inspection to the buyer. This is an important time to note any and all defects. This way the builder can resolve them promptly. Reputable builders will guarantee their work and want to satisfy all of the buyer’s needs.
Builders will also often offer a builder’s warranty for different areas of the home during different periods of time. Both inspections and warranties are part of the cost of new homes and buyer’s should take advantage of them to get the most for their money!
More for Home Buyers
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Energy Efficient Home Design Ideas: Just Close
Do I Need a Real Estate Agent to Buy New Construction: Kyle Hiscock
5 Best Home Renovations of 2016: Ryan Fitzgerald
Resale Value: Should it be Important to Home Buyers: Teresa Cowart
Here at Michael Roberts Construction, we make people’s home dreams come true in the Coastal Georgia area. All it takes is a phone call to start the road to a custom home, addition, or remodel. (912) 663-3141
I offer helpful hints, tricks, and other information about the home industry, pictures to provide you with inspiration for your next project, large or small, indoors or out, as well as examples of my work on my Facebook Page, Pinterest and Google Plus!
Michael Roberts artfully combines the latest trends in home construction with classic elements to create an exquisite space for real families to enjoy. Licensed by the State of Georgia as a residential home builder, he thoroughly enjoys every aspect of the home building process. He offers an exemplary hands-on approach to his craft and insists upon working with his customers on a personal level to ensure complete satisfaction. Michael Roberts is a name synonymous with integrity, notable reliability, enthusiastic creativity, and award-winning design in the Coastal Georgia area. With high standards, and a detail oriented approach to home building, Roberts builds functional living spaces that make elegant southern opulence an affordable luxury.