Building your dream custom home can be an exciting journey. With so many design decisions to make, from floor plans to fixtures, it's critical not to let the costs creep up on you. Creating a budget helps with that. Here's how to budget for your custom home.

Determine Your Must-Haves

Before meeting with builders or architects who build custom homes, make a list of the features you need in your new custom home, like a large kitchen, spa bathroom, or media room. This will provide guardrails for your budget, ensuring you get the essential things on your wish list while potentially saving on nice-to-haves if needed. Be brutally honest with yourself while making this list. Anything you list as a must-have will be harder to eliminate later if the cost is too much.

Get Accurate Upfront Pricing

Armed with your must-have list, meet with a custom home builder and ask them to provide detailed pricing on constructing the home you described. This will give you a realistic baseline budget to work with. Be sure the quote includes everything from permits to labor and materials. Expect this upfront pricing process to require some patience as custom homes have many variables to consider. Once you have this quote, you can budget accordingly.

Pad Your Budget

Once you have the detailed quote in hand, avoid the temptation to use that exact quote as your budget. Bumping up your budget by at least 10% to 15% more than the quote will give you helpful wiggle room. Building a custom home often involves unexpected costs due to changes, delays, and upgraded finishes you'll undoubtedly add as construction progresses. Going into the project with this buffer will ensure you can create your dream home without busting your budget along the way.

Building a custom home from the ground up is a fulfilling journey. According to This Old House, the national average cost of building a new house is $329,000. Armed with a detailed budget and prioritized wish lists, you'll be able to bring your unique vision to life without breaking the bank. Stay disciplined, get creative, and enjoy the process of designing your perfect oasis. If you're ready to learn more about building custom homes, contact Graham Construction today. We cannot wait to assist you.