Planning new home construction is a huge undertaking. It’s also a big investment. Your home is probably one of the biggest investments you’ll ever make, so it requires careful planning and budgeting. If you’re feeling overwhelmed by all the decisions and expenses involved in a custom home build, here are a few tips that can help you budget smarter.
Do Your Homework
According to the experts at This Old House, new residential construction projects are estimated at $881 billion in 2022. That’s a lot of money. One way you can ensure that you’re not spending too much on your home construction is to do plenty of research beforehand. The planning phase of the project is where you need to do some deep dives on what your options are. You don’t want to complete your home and then discover there are ways to do it more affordably. You need to do a lot of research on building methods, materials, and potential contractors in your area.
Schedule Multiple Quotes
Fight the temptation to go with the first contractor who quotes you a price. You need at least three thorough price quotes before you make a decision. When you get multiple quotes, you can compare prices and get a better idea of what fair pricing will look like. You can sometimes negotiate a better price with a contractor once they see what another business has offered you.
Document Everything in Writing
Building a home is a huge undertaking and you need to be protected. One way to protect yourself is by getting everything in writing. This applies to the realtors selling your land, contractors, sub-contractors, and even building code officials giving you instructions for permits. Get everything in writing. This will save you so much time, money, and stress later if there is a problem or some type of confusion.
Consider the Long Term Investment
When you’re working with custom home builders, you need to keep the long-term goal in mind. Your home is an investment and if you decide to sell your home in the future, the decisions you’re making right now will influence the price you can get for your house.
These are just a few tips to help you budget smarter for your custom home. If you’re looking for custom home builders in your area, please contact Frey & Son Homes today.
