If you have ever considered building a custom home, you have probably spent quite a bit of time thinking about your budget. It is not uncommon for people to exceed their initial budgets when building their dream home because it can be difficult to anticipate everything that may come up during the building process. However, it is possible to stay close to your planned budget while including the personalized details that make a custom home truly yours. By keeping just a few considerations in mind during the custom home building process, you can achieve the home of your dreams without straining your budget.
Decide between “must haves” and “would be nice” features.
When building a custom home, the options are truly endless. However, unlimited choices can tempt you into incorporating expensive designs and features that will eat up your available budget quickly. Instead of opting for everything, make two separate lists for what features are absolutely necessary and what features you would be fine without or okay with adding later. By staying organized and holding yourself accountable, you will be less likely to overspend.
Everyone has their own unique taste, so it can be easy to go overboard and include your personal stylistic choices everywhere. Unfortunately, over-customization can compromise your budget and harm the resale value of your home down the road. For example, if you really like the ocean and build an expensive floor-to-ceiling saltwater aquarium in your living room, you may have a hard time selling your home in the future if you cannot find a buyer who is as passionate about the ocean as you are.
Consider the ROI of each room.
As you plan out your custom home design, allocate a certain amount of money to each room in the house to avoid overspending on areas that do not add as much value. Instead of putting unnecessary amounts money into areas like your entryway or garage, delegate more of your budget to spaces that bring better return on investment in the future, like your kitchen and bathrooms.
Choose the right builder.
The most important thing you can do to avoid overspending is working with the right builder who will hold both you and themselves financially accountable. The right custom home builder will do everything in their power to deliver your vision while working within your budget through a trustworthy financing plan. At Whicker Construction, we use a Fixed Cost approach when building custom homes for our clients. Our unique approach allows potential clients to know exactly what they will get for their money and how much they will pay from the beginning, allowing for greater transparency and planning. We also take responsibility for any overages that are not related to change orders or allowances.
Are you ready to start the custom home building process?
If you are ready to plunge into the custom homebuilding process and work with a builder who can bring your vison to life, give Whicker Construction a call. For more than 20 years, we have crafted custom homes for families in the Indianapolis area and beyond. When you work with us, we will walk you through each stage of the building process to ensure that your finished home holds lasting value, complements your personal lifestyle and adheres to your budget — with no detail overlooked.