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Real Estate Blog & Resources

How to Budget for Your Dream Home: Part Two

In our last post we discussed four major factors you should consider when building your dream home. Today we’ll follow up with a few more things to think about that play a vital role as you begin your planning.

91952314· The shape of your home. Homes based on squared designs, or on combinations of rectangles, cost much less to build. That’s because angles, dramatic edges and corners cost more in labor fees.

· Features. Of course, the main benefit of building your dream home is that you can customize it to fulfill all of your specific needs and desires. List comprehensively all of the amenities you truly want in your home. When you look at that list, you’ll quickly realize that these can add up quickly, especially any special features. It’s important to prioritize which things are truly the most important to you. Traditionally, the kitchen and bathrooms will be the most expensive (because of plumbing, appliances, and fixtures). But another factor many people don’t adequately plan for is windows. The more windows you have, the bigger they are, and the higher their quality, the higher their price tag. Vaulted ceilings, crown molding and trim, and high-pitched roofs can also all dramatically affect the cost of your home because of the additional materials they require.

· Economy and inflation. Another complicated thing to plan for is external factors affected by the duration of your building project. To maintain the beauty and integrity of our neighborhoods, Southstar Communities requires that construction be completed in our master-planned communities in no more than one year after it begins. Be aware that the cost to build a custom home increases about 3%–6% each year, so the faster you can finish, the better for you financially. Be sure to allow for inflation if you won’t actually begin construction for a few years. The market is notoriously difficult to predict, so don’t rely solely on projections. (This is another reason it’s a good idea not to allow your construction project to drag out.)

Of course, there are literally hundreds of things to think about and discuss when you’re planning to build a new custom home. These are just some of the larger, more significant ones we want to be sure you consider when buying land with Southstar Communities. Planning carefully, working together, and negotiating your true priorities will help get you to the best financial situation possible for your project.

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