In our continuation of the series of Steps To Building A New Home, this week we’ll discuss Establishing A Budget.
While a budget should be in any goal statement, it’s such a key piece of the project that it’s included here as a separate task. When making your budget, of course you’ll begin with what you can afford, and how the cost of your house fits in with your overall plans for the future. When you’re ready to get down to details, include everything that will go into the project: the cost of the land, permit fees and taxes, design and engineering fees, and construction costs of subcontractors and materials based on the level of finish you desire (not just of the home, but the landscape, plus furniture and decorating). Your builder/general contractor will work with you to establish that portion of your budget.
As with any complex project, things will happen, and the road from point A to point B will have a detour or two, so you’ll want to add a healthy contingency. Make sure that these little side trips won’t send you over the edge!
Contact Smart Builders if you are considering building a new home or have a new construction project in Chicago’s Northwest Suburbs or Chicago’s North Shore neighborhoods. Check back often for information and pictures of our current projects in Glenview, Lake Forest, Arlington Heights, and Barrington.
…next week #3. Find some land — (or a neglected older house).