Building a Home to Budget

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Building a new home can be quite a glorious project, but you always have to remember your budget. There are a lot of cool things that you can do when you design a house, but just because you can think of it, it does not mean that you can afford to do everything you want.

Before you begin your project, you must determine how much you have, how much you will borrow and then sit down to create a budget. No budget is ever actually accurate but they can provide guidance and a great way to get a ball park figure. On average most people who stick very closely to their budget end up paying one third more than their proposed budget.

How to Get Started?

One of the first things you have to inquire about when building a home is how much it costs to actually construct the home. You should contact your local builders to find out how much it costs to build a home with the size, features and quality that you want. Most charges are given in square feet which will help you to calculate the total cost. Always ask about what is included in the price. You do not want a price that does not include materials as this will be a costly mistake in your budget.

After you speak with the local contractors, you should view homes that are similar to your dream home. Find homes that have the same features that you want, approximately the same size and style. You then find the price of both the land and the home. You should compare at least three to five homes for an accurate ball park estimate.

Your Home Features

Not every room in your home will cost the same amount to build. The costlier parts to build are normally the kitchen, bathroom, vaulted ceilings, high roofs, and even the specific types of windows. You should make sure these features are similar or included in the homes that you are evaluating for your budget. Ironically, larger homes have a smaller per square foot cost than a smaller home and two story homes cost less than a one story home. These larger details will make a huge difference in your budget that must be taken into consideration.

Smaller Features of Your Home

The smaller features of your home are normally forgotten about, but these smaller features add up. This means that you may be way off the price of your home if forgetting about these details. Some of the necessary details include the size of the home, the shape of the home, preparing the land to be built on and inflation of market costs. You should always include 10 percent for unexpected costs.