Budget is a major concern for anyone going through the building process. You’ve probably heard someone complain, ‘I went WAY over budget; it’s difficult to stay within budget.’
Guess what?! This does not have to be your tale! There are methods to stay on budget when building a house! I’ve included 4 basic strategies below to help you keep your home construction budget in check!
IF YOU’RE ON A TIGHT BUDGET, LET YOUR TOP PRIORITY BE YOUR GUIDE
If you have a restricted budget, always prioritize the things that are the most important to you over the others. For example, if you have a large family and demand additional space, the size of your home should take precedence over the finish of your home. The utilization of inexpensive materials such as stock cabinets and laminate counters is required in order to accomplish this. You can always update the finishing but adding square footage after the fact is much more difficult and expensive than upgrading the finishes.
IF YOU OVERBUDGET IN ONE AREA, UNDERBUDGET IN ANOTHER
Now here’s something that will take your breath away: Because your allowances, such as those for appliances, will be so minimal, it will be difficult to stay on track with your budget. Let me be clear: I’m referring to ridiculously low prices. In this area, it goes without saying that the vast majority of people overspend!
Adding simpler (but still personalized) drawers to the bathrooms of your children, for example, will allow most of you to avoid exceeding their appliance budget without going over your budget. You could certainly add fancy five-panel drawers in the secondary bathrooms if you wanted to, but because you need to save money, you should go with plain flat drawers in the secondary bathrooms.
BE REALISTIC ABOUT (ALL) COSTS YOU WILL INCUR
Consider the costs associated with the building and relocation phases. As is self-evident, construction costs, site acquisition fees, and builder/architect fees must all be considered…. Additional expenses, however, must be considered. The entire cost of the home purchase includes legal expenses, permit and financing costs, relocation costs, and fun stuff like window coverings, furniture/decor, and gardening. If you want to construct a budget that is practical, you must account for all of this.
Make an honest assessment of the type of finish you desire
In the construction industry, it is commonly considered that you would OVERBUDGET when building a house. And I agree with this to a certain extent. Be fully honest with the builder about EXACTLY what you want before they bid on the house. As a result, the builder will have an easier time producing an accurate quote for your desired home.
Having said that, there is only one requirement: You must be totally certain of the level of finish you desire. For e.g., custom trim work throughout your home). When selecting high-end Subzero appliances, make certain that your builder includes a substantial (and pricey!) appliance allowance in your bid before proceeding.