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How to Stick to Your New-Build Budget

Among the many reasons to choose to build one of the new homes in Grand Forks ND is the ability to personalize your home from the start. However, those personal touches can also increase the price of  your home. If you’re working on a tight budget, it’s important to be prepared before building starts, because there are often things that look good on paper but don’t work in reality, or there are unforeseen delays and other issues that can be dangerous for your budget. Fortunately, with preparation and foresight, you can avoid financial building woes.

No matter how much planning you do in advance, there will always be unforeseen costs. Even though your builder will work closely with you to keep things on time and within budget, things happen. Your best bet is to create a contingency fund – multiply the total cost your builder gives you by 1.5 and save the extra for those inevitable extra costs that inevitably occur.

As part of determining your final budget, don’t forget to factor in all of the costs. While land costs and building costs are more obvious, keep track of exterior and interior costs, and break each down into subcategories to make sure you don’t miss anything. You should also factor in the costs of moving and possibly the need to rent someplace to live if your current home sells before your new home is ready.

Focus on the functionality of your home before the aesthetics. You want a solid home that won’t require costly repairs for years to come. Choose the better quality water heater, heating and cooling system, etc., and then the leftovers can be budgeted for the prettier but less important things like paint colors and cabinet handles. Somewhere in the middle are things like countertops, carpet, flooring, etc. Focus on things that are costly to change or repair.

Be diligent in tracking all of the costs, especially before considering any changes or upgrades. What may seem like a small change here and there can quickly add up and bust your budget. However, you can still have some splurges if you budget for them and stay cost-conscious on other items. After all, this is a home being built for you, so it should have some elements that really make it feel special to you.

Another way to make the home feel more like yours is by putting some sweat into it yourself. It’s also a great way to help your budget. Don’t be afraid to do some of the painting yourself or anything else that you feel  you can handle. Do leave the intricate stuff to the builders, though!

By having a clear understanding of your budget, planning carefully – including for unforeseen expenses – and keeping track of all costs, you have a better chance of staying within your budget. You will be rewarded with one of the new homes in Grand Forks ND that reflects you and feels like home from the moment you move in.

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This post was written by Crary Real Estate

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