When you think of building a luxury home, you want to be sure you get the value and service you expect, and the success of creating a luxurious custom home depends on agreeing on a budget between you, the homeowner, as well as the custom home builder you hire. For creating a custom home building budget, you’ll want to keep in mind the costs associated with the project.
There are three main budgetary factors for planning a luxury home:
- Land costs
- Land improvement costs
- Home build costs
Your custom home builder can provide expert feedback on what to expect throughout the process of planning a custom home build. For instance, the cost of land itself is only one factor in calculating the costs associated with your custom home. Land improvements may need to be made such as tree removal and demolition. Site Improvement assessments must be conducted ahead of time to determine what it will cost to get the lot ready for building.
The actual cost of building the home is more straightforward. The cost for the actual build can be estimated by the type of home and your list of “must-have” features. Figuring out what you need to have in your custom home before building commences will stop many unforeseen expenses popping up down the road.
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Luxury Home Budget Tips
Once your builder has informed you about the standard costs associated with your custom home plan, you can determine ways to stay within your preset budget. Here are a few ways to save on your custom home building project:
- Lifestyle Return: Choose what features you want to splurge on ahead of time. For instance, you could desire an oversized kitchen with stone countertops, top of the line appliances, and beautiful cabinetry. Or you may have a need for an oversized garage and space for your in-laws. The good news is that these don’t just accommodate your lifestyle, but ultimately add value to your new home.
- Reduced Footprint: Ask your builder about features that will improve your new home’s energy efficiency. A high performance home will not only include new high-end technology, but also high-end products and materials that naturally cut down on utility costs with features that may even make you eligible for tax incentives.
- Maximize space: One of the best features of building your own custom home is that you are buying the home with the exact amount of space you need. You choose the number of bedrooms, bathrooms, and floor plan to meet your exact specifications. For instance, open floor plans make a home feel much more spacious while reducing overall square footage. With custom homes, you don’t need to pay for the cost to build extra rooms you will never use. You could also create plenty of storage space with built-in cabinets and shelving.
- Low key design: The design aesthetic you choose for your custom home can help you stay within the budget you choose. For instance, if you are going for a minimalist or industrial design aesthetic, you won’t need to overdo design accents. Farmhouse style homes can fit into most areas well and they can offer simple benefits like open floor plans and transitional features that allow you to enjoy the outdoors.
Smart Planning will always make a large impact on how your custom home will improve your lifestyle and fit your budget. Speak with an experienced professional custom builder and develop them as a resource to align your design ideas with your project goals.