Budgeting Tips from Our Custom Home Builders: How to Stay On-Track

Building your own home from the ground up is an exciting endeavor, but it requires careful planning if you want to avoid ending the process with a completely drained wallet or, worse, running out of funds midway through. At Gibson Custom Construction, we have decades of experience in the custom home construction industry, and we want to help ensure you can get your dream home without breaking the bank.

Below are some trusted tips from our custom home builders to help you budget for your build.

1. Set Your Budget First – Before you begin discussions with a custom home builder, sit down and outline your overall budget. This way, you can find a builder who can work within your constraints.
2. Prioritize Wants and Needs – Create two lists, one with things you absolutely need and one with things that would be nice to have but that aren’t essential. Custom homes come with endless possibilities, so outlining your wants and needs early helps you focus and allocate funding accordingly.
3. Consult Professionals – You don’t have to do everything on your own. Along with your custom home builder, it’s helpful to consult with experts like an architect and a financial advisor who can offer you invaluable insight.
4. Include Contingency Funds – Expect the unexpected and plan to have a generous contingency fund to draw from when you need it. Approximately 10-20% of your total budget is the generally recommended amount, and this safety net will help cover you when surprises pop up.
5. Be Realistic About Costs – Custom homes are meant to realize your dreams, but keep in mind that things like custom features, complex designs, and premium materials or finishings can quickly add up. Go back to your wants vs. needs list and make sure you’re sticking to it as you plan out details within your home.
6. Avoid Scope Creep – While it’s natural to have new ideas pop up once the construction has begun, carefully assess any last-minute ideas or additions to ensure they align with your ultimate goal and your overall budget.

Budgeting for your custom home is a crucial part of the journey, and it’s a continual process that you must diligently stick to throughout the process. By following these tips and working closely with your custom home builder, you can get the home of your dreams without overstraining your finances.