There are many factors to consider when buying a home. It is almost impossible to find what you need, in the location you want, within your budget. The only way to ensure your home has everything in it you want and need is to build it from scratch.
Budgeting for a custom luxury home is different than when you purchase a pre-existing home. In some ways, it will be a more complicated budgeting process. However, the reward is a house that is truly unique, a place to call your own that looks and feels like the home you’ve always dreamed about.
We want to help you get started with your budget. Here are several principles for getting your finances in order for your custom luxury home.
How to Think through Budget for Your Custom Luxury Home
Building the home of your dreams should be the experience of a lifetime. From consultation to conception, design to delivery, turning your dreams into a reality should be fun. These five tips will help ensure your budget fits your vision, so you get the house you always wanted.
1) Less is Not More
The design and construction of your custom luxury home is not the time to plan to cut corners. This house is a significant investment, so quality must weigh into your decisions more than cost. You do not want to end up with a product that leaves you disappointed in the slightest.
2) Remember To Factor in Your Homesite
When building a custom luxury home, the cost of your home site will factor in more than just in cost per acre. You have an opportunity to put your house exactly where you want it. Some of the costs you might have to consider include:
- Surveying and engineering consultation
- Environmental impact
- Grading and leveling your land for building
- Clearing timber
- Erosion control measures
- Running sewer, water, and electrical
- Road and driveway development
- Tear-down of existing structures
- Landscaping installation
Of course, some of these costs could be mitigated if you’re building within the city limits or in the development. Nevertheless, make sure your budget is prepared for these costs.
3) Don’t Skip the Exterior Elements You Want
If this is your dream house, it should look and feel like your dream house. Some exterior elements to consider.
- Look: Budget for the exterior look you want. If you like stone or brick, make sure your budget reflects that.
- Deck/Patio: One of the reasons you’re building a custom home might be because you found the perfect piece of land on which to build. Make sure you allow room in your budget for a porch, deck, patio that allows you to spend time outside enjoying nature.
- Outdoor living: In addition to your deck and patio, you may want to include an outdoor kitchen and entertainment area, water features, and a firepit, so your space is usable all year long.
- Pool: Do you want a pool that can be enjoyed year-round? Do you want something unique? Make sure your pool area is within your budget.
- Landscaping: Your dream home is not finished until your landscaping is installed. Make sure you budget for the look and feel you want your yard to have.
4) Plan to Treat Yourself with Interior Design
Your home’s interior is vital to the vision of your custom luxury home. It should be the work of art you always imagined it would be. As you develop your budget, make sure there is room to add furniture, art, and other elements that will make your house a home.
5) Dream Big and Consult a Professional Design – Build Team
ExCo Design – Build provides clients with a luxurious experience throughout the process of designing and building luxury homes. We take dreams and make them a reality. Our team can help you think through your budget and make sure your budget fits your vision and vice versa.
For a custom luxury home, it is important to give yourself some leeway so you don’t end up making potentially disappointing compromises during the process. You’ve worked hard to get to this point. It’s time to develop a budget that accommodates what you want in a home.
ExCo Design – Build specializes in delivering a luxury design and build process from start to finish. If you are ready to start designing your custom luxury home, fill out this short form for your free consultation.