Building a new home is an exciting journey, but it also comes with its fair share of questions, particularly regarding budgeting. For many soon-to-be homeowners, understanding the financial aspects of new home construction can be a daunting task. That’s where we at Coats Construction Concepts step in. We’re here to guide you through every step, ensuring that your dream home doesn’t turn into a financial nightmare. Let’s dive into the details of budgeting for your new construction home.
#1. Understanding The Basics
#2. Breakdown of Costs
<< Contingency Reserve
Always include a contingency reserve, ideally 10-15% of your total budget, to cover unexpected expenses. This is vital because most things never plan out precisely as you may have wanted. So, keeping a contingency reserve keeps your budget on track.
<< Additional Expenses
Don’t overlook additional costs like permits, inspections, and insurance during construction. Each city or county will have its own permits, so it’s important to check this before you start. An example would be the City Of Boise; click here to see the list of building permits.
#3. Financing Your Build
Most homeowners opt for a construction loan that converts to a traditional mortgage upon completion of the home. It’s important to shop around for the best rates and terms. If you’re new to the idea of a construction loan to a mortgage loan, check out Bankrates article.
For a calculator to give you an idea of rates for a new construction loan, check out WaFa Banks’ Online Calculator.
#4. How Coats Construction Concepts Can Help
At Coats Construction Concepts, we understand that building a home is more than just a financial investment; it’s a personal journey. Our expertise ensures that we guide you through:
**Project Management**
Our team manages all aspects of construction, ensuring efficiency and cost-effectiveness. We have done this hundreds of times with success, so you know your project goes off without a hitch.
**Quality Assurance**
We guarantee high-quality materials and craftsmanship. We have a 2-Year Workmanship Warranty
**Transparent Communication**
#5. Conclusion
We hope this article was informative and gave you some valuable guidance on the steps and how to go about budgeting for a new home construction project.
As you can see, budgeting for a new construction home can be a complex process. But with proper guidance and commitment to the details, you can successfully construct a new home.
Remember, every construction project is unique, and costs can vary. For a more detailed and personalized estimate, contact Coats Construction Concepts today at 208-462-6615. We are here to build your future together.
