Budgeting Your Dream Home
Many people who wanted to build a dream home have seen their savings decrease over the past five years due to the economic downturn. At one time, they may have had enough money to build the home that could fulfill their every need and want, but that dream may have to be modified to fit reality.
The positive reality is that in many respects there has never been a better time to build a dream home. Interest rates are at all-time lows, so borrowers can afford larger, more customized homes. If you want to take advantage of these promising conditions and build the home of your dreams, you can still do so if you are willing to compromise.
You will need to think carefully about the compromises you would be willing to live with in order to make your dream home a reality. There are many ways that you can go about doing this, and it is important to remain flexible throughout the entire process. For example, instead of hiring an architect and building a home that is entirely customized to your specifications, consider hiring a builder that will allow you to adapt an existing plan to your needs. By working from a base model, you will be able to significantly reduce the total cost of construction; at the same time, you will still be able to add the customized elements that are most important to you.
Alternatively, if you really want to create a home that is fully customized, you can consider building the home in stages. At first, you can just build the most essential elements to your dream home: the kitchen, bedrooms, bathrooms and living areas. Once you have saved up additional money, you can proceed to build the bonus additions, such as a large garage, a media room and a pool, that will bring your dream home completely to fruition.
Regardless of which option you decide to pursue, building a new home rather than purchasing an existing one provides much more flexibility in the layout and overall design of your house. This allows you to balance the restrictions necessitated by your budget with the plans created by your imagination. With an existing home, those plans are usually made for you instead of by you.
Although building your dream home may seem out of reach in this tough economy, a little forethought may help you achieve this ambitious goal. A tight budget does not need to prevent you from having the home of your dreams.
By Brian Lasonde on behalf of Richmond American Homes on choosing the right New Home for your Lifestyle.