It's hard to get an exact estimate when you're building a home. Many factors can change your initial plans, and whenever there's a change, there's usually an added cost. Everything from time, design choices and weather conditions can add to the final expense of a project. Below are four factors you should keep in mind that can increase the cost of building a home.
Even if you calculate your budget down to the exact dime, you can never predict how long a project will actually take to complete. Be sure to prepare for additional costs since time is money. Even something as minor as completing the lighting fixtures might take time if your contractor is waiting for parts. Set aside a contingency budget to cover these costs so you aren't taken by surprise.
Unlike purchasing a home with a previous owner, building a house from scratch means there can be a lot of customization involved. A custom home will set you back additional funds since you'll be purchasing land and hiring an architect and contractor to work with you on the project. As your ideas develop, customization costs will also add up. Jim Sattler Custom Homes advises that you should anticipate several thousand dollars worth of extra costs when building a home. Having a custom home is great because you'll be building the dream house you've always wanted, but it will require additional care and attention. You can also customize your home by remodeling an existing house.
When you're building a home, it is better to hire trusted people who can help you. An architect will be able to help you achieve the design vision that is aesthetically pleasing to you as well as functional. Be sure to factor the cost of hiring an architect into your budget.
Also, raw materials cost money. When you and your architect and contractor sit down to outline a budget for raw materials, set aside an additional fund for contingencies. There are many moving parts to building a home, and sometimes more materials end up being needed.
It's exciting to build your very own home by planning out and designing it just the way you want it. But be sure to keep in mind that additional costs are likely to be incurred for several reasons.