How to Budget for a Custom Home

Building a custom home is an exciting and rewarding experience, but it can also be a daunting task. It’s important to have a clear budget in mind before you begin the process, so you don’t end up spending more than you can afford.  When it comes to preparing for a custom home, the biggest question that arises is how much it will cost. Understanding how to budget for a custom home can get pretty complicated, so let’s break it down.

Budget Breakdown

In simple terms, there are three areas you should be thinking of when budgeting for a custom home: Cost of land, Design and Construction, Furniture, Decor, and Landscaping.  Ultimately, the total cost of this project will be broken down into these three sections.

Cost of Land

When purchasing a lot or plot of land, you’ll want to make some observations to determine how much you will realistically have to spend. How much does land typically cost in the area? What kind of infrastructure will the lot need? Is there an existing structure that needs to be torn down? It’s important to take into consideration how much easier and money-saving it is to purchase a lot ready for construction. If your lot isn’t already connected to utilities or excavated and leveled, there will be added costs that will cut into your budget.

Design and Construction Costs

Whether you’re working with a custom home construction firm, an architect, or a builder, there will be costs for designing and creating plans for your home. This will vary based on who you work with and what you’d like. The more specific you’d like your floorplan to be, the more you may have to budget for these design costs. When it comes to home designs, you get what you pay for. If you want your custom home to fit your needs and lifestyle perfectly, you may find it worth it to budget a bit more for a firm that will deliver top-quality service. What will likely be quite a large chunk of your total budget is the construction of your custom home. Any task from the foundation to the windows will make up this cost, so you’ll want to leave some room in your budget for these expenses. 

Furniture, Decor, and Landscaping

After considering land, design, and construction costs, you’ll need to think about the finishing look of your home. You’ll have the ability to choose what cabinets you want in the kitchen, what bathtub you want in the bathroom, as well as every other little finish you can possibly think of. These choices are what will ultimately make the house feel completely like your home. It’s essential that you make these decisions sooner, rather than later. Certain selections can take weeks or even months to ship, so it is best to be making decisions in a timely manner. Once you’ve looked into each of these areas, you should have a pretty good idea of how much you will need to budget. As you start to move towards the process of creating your custom home, the team you choose to help you will be able to provide you with more precise estimates and guidance. For a quality custom home building team, look no further than Curington Homes. Make your dream home a reality and contact us today!