New Custom-Built Homes – Budgets & Schedules
Keeping track of your budget and schedule is an important part of any project, but it is especially critical for a new custom-built home.
It’s also complicated. It requires constant oversight and an attention to detail.
A new home project uses many contractors and suppliers – each of whom will be providing estimates based on the specifications you provide.
Any change to those specifications will impact their estimates, and ultimately, their invoices and your budget.
Even if you don’t change your specifications, contractor costs have been known to go over budget – especially if your schedule breaks down and contractors are not able to start work on the promised date.
Then of course, there are those unexpected costs – additional services or materials that were not anticipated.
Let’s discuss your options.
Please call 774-314-0108 or click here to schedule an introductory call or in-person meeting.
We can provide you with some general guidance about your budget and schedule, and how we can work with you in managing these important factors.
Preparing your “new home” budget and schedule
It would be simple to say the two most important tools for this part of your “new home” project are a calculator and a calendar.
But no, there’s another tool that will play a much larger role in this process.
It’s your phone.
Because when need to coordinate the estimates, schedules and work quality of many different contractors and subcontractors, as well as suppliers, you’re going to be on the phone a lot.
That’s why most of these projects are handled by a general contractor who has the contractor relationships and has experience in dealing with this entire process.
As you plan ahead, break down the project into the key parts:
Lot acquisition
If you don’t already own the property, you will need to factor that acquisition cost into your budget.
Site preparation
Land clearing is just the beginning. You will also need to prepare for water and sewer connections and inspections. And you’ll need a building permit.
Foundation
Based on the specifications of your home design, you will need to excavate to make room for your foundation. But be prepared. You never know what you might find when you start digging.
Framing
Your new home is coming to life. Don’t be surprised if you have second thoughts about different elements of your design when it finally see it being built.
Utilities
This stage will cover rough-in costs for electrical work, plumbing and HVAC. If you need a septic tank, this may be the time to handle that installation. Hopefully, your home design and framing has taken into account the necessary access for these utilities.
Interior Work
This could be your largest budget item – which covers interior construction of walls, floors, ceilings, staircases and closets, as well as more decorative work. And don’t forget your kitchen design which can take up a large portion of your interior budget. Your personal style could dramatically affect your budget.
Exterior Work
Your primary exterior work – siding, roofing, windows and doors – comes with your choice for good/better/best products. Exterior work also needs to consider options for driveways, walkways, lawn, patios, hardscape and landscaping.