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How to Budget for Your Custom Home
Dated: April 10 2023
Views: 965
Be strategic to create a custom home that satisfies your wish list.
When you choose to build a custom home, you get to take control of what amenities and features you pay for. Instead of settling for an existing home that might offer some of your desired amenities, you get to choose what to work into your budget and build into reality! By being strategic and starting the process early, you can make informed decisions about what to include in your custom home, without unpleasant surprises for your budget.
Start Early
As soon as you’ve decided you’d like to build custom, begin the process of investigating prices in your area and brainstorming your wish list and must-haves. This longer runway will give you more time to adapt your budget and save up to make all of your custom home dreams come true!
You can also begin looking into financing options and getting pre-approved early on in your home building process. This way, you’ll have a realistic view of how much you can spend, and how much you might like to save up.
Determine a Baseline
Before you dig into the specific amenities you’d like your custom home to include, determine a baseline budget for the size and location of the home you’ll build. How much can you expect to pay for your lot and any lot prep tasks before building even begins? How many bedrooms and bathrooms does your family need, and roughly how many square feet will you be building?
Depending on the builder you partner with, these beginning stages can be smooth and painless.
Make a Wish List
Once you’ve made sense of the baseline costs in relation to your budget, it’s time for the fun part: making a wish list of all of the amenities and special features you’d love to build in your dream home! These can range from practical to whimsical: pet lovers often dream of a dedicated dog shower and plenty of nooks and crannies that can serve as dog or cat beds. The Stilley Team has had customers build homes with fun features like a bookshelf with a secret entry that leads into the home office. Design options are endless, from stunning spiral staircases to large tri-fold sliding glass doors that effortlessly merge your outdoor and indoor spaces.
In the last couple of years, outdoor features have taken center stage in home renovations and custom builds. Outdoor kitchens and dining spaces make hosting al fresco a luxurious affair, and a hot tub or swimming pool can make your own backyard a perfect summer day destination. For some, building a home geared toward reducing carbon, protecting our environment, or sustainability can mean including solar panels, compost areas, and gardens.
Regardless of your goals for your home, compiling a list of features early on will help you clearly analyze and strategize along the way as you get into the details of your custom build.
Price Out Your Options and Prioritize
Budgeting for your desired amenities will likely be a bit more complicated than simply ranking your wish list and selecting options until your budget runs out. Once you’ve compiled your wish list, it’s time to dive into research to find out how much each feature would cost. This will help you to further prioritize and choose which amenities to ultimately include in your custom home. For example, if a pool is on your list of desired amenities but you could build a gourmet kitchen, a dedicated home office, and your own spa-like bathroom for the price of the pool, does the pool still fall at the top of your list?
Determining specific pricing is crucial to making final decisions about your home and what to include. Getting clear on costs puts you in the driver’s seat and in control of your own budget and features. With the help of our dedicated team, and ongoing help from the dedicated project manager, understanding your options has never been simpler!
Ready to build the custom home of your dreams? Call The Stilley team today! 910-554-5973 for Christine or 919-631-3689 for Glenn.
Christine Stilley
Christine Stilley, Realtor® - Raleigh/Durham/Clayton/Apex & surrounding areasStrategy, care, and proven results. I help buyers and sellers move forward with clarity and confidence, especially ....
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