Building a brand-new home is a major achievement. For many people, it’s a once-in-a-lifetime chance to create their dream home. It’s the perfect opportunity to outfit your living space with every must-have feature you always wanted, but never had. These could include a gourmet kitchen, picture windows, a huge walk-in closet or a master bathroom fit for a spa.
Unfortunately, all these amenities can quickly add up. The budget can quickly swell, leaving the aspiring homeowners with no other choice but to cut down in an attempt to rein costs back in. The key is to distinguish between the features you really want and those you absolutely need.
Follow these tips to make an objective decision when cutting down your wish list to fit the budget when working with a custom home builder in Pennsylvania.
Start off with a budget
The cost of a project can quickly skyrocket without having an established budget to keep it in check. Start by laying out a project budget with the help of your custom home builder in Pennsylvania. As a general rule of thumb, the cost of the home should not exceed two to three times your annual income. This will help ensure you’re not taking on more than you can afford. Plus, your builder will help you stick within your budget by suggesting lower-cost alternatives if they know you are trying not to exceed a certain price point.
Identify the must-haves
Next, sit down and identify the must-have features you need to have in your custom home. Rank the importance of each item to better understand which items are vital and which can be omitted to save some money. It’s important to be realistic during this step. Most people can’t afford every item on their wish list, and it’s easier to make these important choices before construction begins.
Pick the right splurges
Think about what you really want in a new custom home. Are you dead set on a large patio perfect for entertaining, or marble countertops? If so, make sure there’s room for those things in the budget. Allow yourself a few places to splurge, and invest in the items that top your wish list. That way, you will feel more comfortable cutting costs in less significant areas.
Don’t forget to plan for the unexpected
Building a custom home isn’t exempt from Murphy’s Law. Unexpected issues will inevitably come up. This could be an issue with the soil or surprise fees from the city. Budget an extra 15 to 20 percent for contingencies. You won’t be faced with the hard decision of choosing what items can be left out if disaster strikes. This way, you’ll also have some extra money for finishing touches if the emergency fund isn’t actually needed.
Communicate with your custom home builder in Pennsylvania
Always keep an open and honest line of communication with your builder. Make them aware of your priorities, and ask them whether they can recommend any ways to save. An experienced professional will be very familiar with the best ways to save money when building a custom home.
Call WSL Incorporated today to speak with a custom home builder in Pennsylvania about your dream home project!