What to Budget For In Your New Home

Tips on Building a Budget For Your New Construction Home

Lot Cost, Home Design Costs, and More!

What to Budget For In Your New Home

Building your very own custom home is a task that requires a fair bit of imagination, and also a well-structured and thorough budget. In today’s blog, we’ll cover the essential items that you need to account for in your new construction budget, and provide you with some idea of what you can expect those costs to look like.

Want to see what homesites are available for building in Woodland Oaks?  The interactive neighborhood plat map gives you availability, type and pricing options. Want to reserve one of our 42 lots before they are all gone?  Connect with one of our new construction specialists! 

Determining Your Needs in a New Construction Home

If you’ve read any of our previous new construction blogs, you might be starting to see a trend develop. Determining the needs of your new home is the most vital first step when building a brand new home. You’ll want to determine how many bedrooms you want to have, how many bathrooms, approximate square footage, etc. when beginning to build your budget. Think about the ways that you use your current home, and ways that you could make your day-to-day life easier in your new home, and add those to your list of needs as well.

Get Pre-Approved with a New Construction Lender

Once you have a list of wants and needs, the next step to building your budget should be to talk to a trusted lender, and get pre-approved for a construction loan. Getting a pre-approval will give you an idea of what you can afford, and could influence your list of potential wants in a new home. If there are still items on your list that are outside of your pre-approval, you’ll need to consider whether you want those features badly enough that you are willing to pay out of your own pocket to get them.

Calculate the Cost of the Lot

One of the most important factors that you will want to account for in your new homes budget, is the price of your lot. You’ll also want to pay attention to the average cost of lots in any developments you are interested in, as well as determining what condition they are in. Are they fully ready for development? Are the utilities connected already, or do you need to tear down any existing structures on the lot? Getting a rough estimate on any of these additional costs when selecting your lot will pay dividends later on. If you would like to see the cost of our lots here at Woodland Oaks, you can visit the Plat Map on our website!

Cost of Creating a Home Floor Plan

Depending on the type of floor plan you are looking to build, there will be a cost associated with the design of the construction drawings. The more detailed and specific your construction drawings are, the more expensive the cost will likely be. On the other hand, if you are using a builder’s already existing floor plan, the cost will likely be relatively small in comparison to the cost of a fully designed construction drawing.

Cost of Building Your Floor Plan

The actual act of building your floor plan is going to be the largest cost of building your new home, so you will want to allocate a sizeable portion of your budget toward the building costs. You’ll want to cover the costs associated with the foundation of your home, all the way to putting the roof on it and finishing the interior of the home. If you want to get an estimate of what these costs will entail, it’s a good idea to talk to one of our Woodland Oaks builders to learn more about the costs of building one of their floor plans in Woodland Oaks.

Finishes, Selections, and Appliances

Selecting the finishes, selections, appliances, and all of those small details that make your new home truly feel like home is one of the most rewarding aspects of building your new construction home. It’s also important that you accommodate this aspect in your budget. When choosing your selections, you’ll want to take a considerable amount of time and land very solidly on these selections, as changing your mind during the build could mean a change order, which can cost you valuable time and money.

Learn More About Budgeting for Your New Construction Home By Talking to One of our Specialized New Construction Agents!

If you have any questions about budgeting for your new construction home in Woodland Oaks, reach out to one of our specialized new construction agents today! Our agents have years of experience in new construction, and can help you budget for your new construction home during a complimentary consultation! We can also schedule a private tour of any of our builder’s model homes so you can walk through one of our available floor plans and see your potential new home in person! Contact us today by calling (816) 268 4033, or by filling out the contact form below!

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