Financial Mistakes to Avoid when Building New Home
It should be no surprise that building a custom home is a complex process, but one that is well worth the investment. Still, this is a process that can be impacted by various factors, some of which can affect your budget. So, it is of the utmost importance for you to remain alert and engaged in the building project from start to finish.
As with any major financial undertaking, knowing what mistakes to avoid will help you reach the best result possible. Here, Trinity Custom Homes shares the six of the most common financial mistakes to avoid when building a new home.
Not Knowing What You Want in Your New Home
The key to a smooth build is the builder knowing exactly what you want before they break ground. During the design phase, you will have every opportunity to put together your home exactly as you want it to be. But, it’s always best to have an idea of what that is before you meet with your designer. Not knowing upfront what your most important needs and wants are will cause costly delays and changes later down the line.
Not Hiring the Right Builder and Contractors
The construction trade is unfortunately filled with a lot of people looking to make a quick buck. And, it’s easy for homeowners to be tricked by their low estimates. The thing is, they usually take the money, do a little bit of work, and then disappear. This is why is crucial that you only use builders and contractors who are licensed and insured. You should always check their references and you want them to have been in business for several years and operating under the same business name over that same duration.
Building Too Big
Back in the early 2000s, home buyers bought their homes based on a “bigger is better” belief. Today we know better. Just because your lender says you can afford a 4,000 square foot mansion doesn’t mean that it’s a good fit for your family. Not to mention the fact that in ten years, you’re going to have a lot of empty space to contend with. Buy a home that is sized appropriately for your family and you’ll get the best value for your money.
Not Thinking About Resale Value
Most homeowners don’t think about resale value when having a home custom built because not only are they just getting the home, they can’t foresee a time when they’ll want to move. But, life is filled with uncertainties. When building a home, always keep resale value in consideration so if something happens that causes you to have to move, your home will bring in the highest amount possible.
Not Keeping Your Mortgage in Mind
Designing a custom home is a fun and rewarding experience, but it’s important to know how to edit yourself when necessary. It can be all-too-easy to go “all-in” and order all of the bells and whistles. When designing your home, you need to keep your mortgage in mind. All of those luxuries might seem nice, but build the home you can afford. You can always add on or upgrade later when your budget can accommodate it.
Not Checking the Build’s Progress
Unlike at Christmas or on your birthday, surprises aren’t a good thing when you’re building a house because they almost always spell expenses. One way to keep surprises to a minimum is to stop by the build site every so often to check on the progress of the home. If you see something you’re concerned about, bring it to the builder’s attention as soon as possible and you’ll prevent a costly fix after the house is finished.
Trinity Custom Homes Can Help You Get the Home of Your Dreams
If you’ve done your due diligence and you’re ready to get started designing your new home, then Trinity Custom Homes is here to help. We have an experienced in-house team of designers and architects who can help bring your unique vision to life. We’re ready when you are. Just give us a call today at 888-818-0278 and let us show you what we can do.