When it comes to building your custom home on your new land, you may be surprised at just how many moving parts there are to keep track of. From having your land cleared, to finding the best contractor, to pouring over your home plans and blueprints that are piling up, it can seem as though there is never any downtime when you are constructing a home.
One of the most important aspects of your new construction that you need to keep a very close eye on from planning through completion is your budget. Before you even begin to go out and look at available land to purchase, you need to have a solid budget in place that will help guide you through every decision that goes into creating your perfect custom home.
Before You Buy
As mentioned, you need to have a budget, or at least a strong, flexible outline of your potential costs in place around the time you begin searching for the area that you would like to look for available land in. Nailing down the area of the community that you want to build will give you a good idea of how much you will likely spend on the land purchase.
Finding the right plot of land at the right price will all depend on what type of property you are interested in building, the area of the property and its value, and of course, the size of your home.
The pre-construction expenses should include the cost of the land (minus the budget for the home build if you are rolling the land purchase into your mortgage) as well as permits, fees, and installation of utilities.
Some people choose to buy construction floor plans from online sources, trusted family members, or have them drawn up based on homes that they have seen and wanted to replicate. Choosing to buy a floor plan at this stage from someone other than your contractor will cost you several thousand dollars which must be factored into your budget.
Meeting with Your Contractor
Though many first-time home builders envision pouring over blueprints and mastering 3D home building software to design their dream homes, most people opt to review premade plans that their contractor has to offer. There will undoubtedly be many types of homes that you can choose from, and selecting one as-is will give you a definitive price-per-square-foot to work into your budget.
Every custom features to your home, from taller ceilings to wider door frames, will increase your budget, so be sure to have a plan in place before construction begins so that your contractor can provide you with a proper estimate.
Finishing Details
Just as your home building materials will weigh heavily on your budget, do not forget to budget (or over-budget) for the details that will make your home uniquely your own. Things like large tiled floors, flagstone patios, and long, paved driveways are all factors that need to be added into your budget before you finalize your budget.
