How to Budget to Build Your New Home

Building a new home is an exciting prospect. Choosing your own style, finishes, and colors is a dream come true for many homebuyers. However, it can also be overwhelming, especially when it comes to the financial aspect of it. Creating a budget for your new home can be a bit intimidating, but it doesn’t have to be. In this blog post, we’ll provide you with some tips and tricks to develop a budget for your new home!

Determine Your Ideal Home Size and Type

The size and type of your new home are the most important factors when it comes to your budget. The larger the home, the higher the cost. So, ask yourself, what is the ideal size for you and your family? Consider the number of rooms, the layout, and other amenities that you desire. Once you have an idea of your ideal size and type, you can then start to determine the cost of construction and build a budget. Here are the home plans we currently offer at Simplicity Homes and some tips on selecting the right home plan to build.

Identify the Costs of Land and Building Materials

In addition to the size and type of your new home, there are other factors that impact your budget. One of those factors is the cost of land. The location of your new home can greatly impact the cost of the land. Additionally, you will need to consider the cost of building materials such as concrete, roofing, and framing.

At Simplicity Homes, we work hard to make the building process simple. With our exclusive Turn-Key Solution, we handle all the work from permitting to excavation. We also provide transparent pricing through our online Instant Quote tool, which gives customers upfront real-time pricing.

Create a Wish List for Your Home’s Interior

The interior of your new home is just as important as the exterior. Consider what features you want to add, such as cabinets, appliances, and flooring. Keep in mind that adding upgrades will raise the cost of construction. So, make a wish list for the features you want in your new home and prioritize them based on importance and budget.

Research Mortgage Programs for Building a New Home

There are specific mortgage programs available for homebuyers who are building a new home. Research these programs and find out if they fit your budget and lifestyle. Some programs offer lower interest rates and down payment requirements, which can help you save money in the long run. If you need funding, we can help. Our knowledgeable New Home Advisors can connect you with our approved lenders in Oregon, Idaho, or Washington.

Building a new home can be a great investment, but it requires careful planning and budgeting upfront. By following these tips, we hope you can create a solid budget that will help you achieve your dream home without breaking the bank. Remember to stay patient, flexible, and committed to your budget to make the process as stress-free as possible.

Our experienced team at Simplicity Homes is here to support you and make building your future home a positive and exciting experience. When you’re ready, contact us and we’ll get you started on the exciting journey towards your dream home!