While a custom home can be a significant investment and one of the biggest you’ll ever make, you don’t have to break the bank to make your “dream home” a reality.
If you’re smart about it, you can keep your ideal home within your budget.
Here are a few steps to consider to help you do just that.
Establish Your Budget
Before you commit to meeting with a developer’s sales representative, consider how much you can afford to spend. A financial advisor can help you crunch the numbers if you’re not fiscally minded. Failing to take this step can lead to overspending. Try to balance the concepts of how much you want to spend with how much you truly can spend.
To give you an idea of how much to save, the average cost to build a custom home in Cincinnati falls between $90 and $150 per square foot. That comes to about $150,000 to $450,000, according to Cincinnati Consumer Affairs.
Whatever budget you end up with, pretend like the number is written in stone. You will prevent yourself from going over, even when tempted by fancy architecture, luxurious amenities, and other must-haves.
Choose a Base Price with Wiggle Room
Every custom home gets paired with a base price. This number comprises the cost of the basic structure and finishes. Some builders may include the cost of the lot and landscaping with that total, but not always.
At any rate, it’s critical to understand what the base price does not include. Structural options, like customized cabinetry, fireplaces, and interior upgrades can all increase the base price considerably.
Look for a base total that gives you plenty of flexibility. You’ll be able to infuse your home with the upgrades you want, without overspending.
Ask Your Builder About Budget
Communicate with your custom home builder that you’re on a budget, so you’re both on the same page. Your builder can identify the floor plan and amenities that complement your price range and aesthetic goals.
Your builder can help you find:
Attractive, Yet Cost-Effective Amenities
Don’t automatically assume that budget-friendly amenities translate to drab. Your home builder might have excellent prices on granite countertops, designer hardwood floors, or backsplashes for all your favorite rooms. Many builders get bulk discounts, which can result in much lower amenity costs.
A Simpler Home Design
It’s natural to want the biggest, most sophisticated home design. Just know that the more complex a building is, the more it costs to build. Every corner that is introduced to external walls slows down the building process, increases labor costs, and extends the timetable for the new home build. Going with simpler designs can save you money when it comes time to construct your dream home.
At some point during the design phase, you will be asked to choose your most coveted features. Here is another stage where overspending can easily occur. Instead of choosing traditional hardwood floors, opt for the highest-quality faux wood floors instead. This is just one example of how you can still be budget-conscious while “Leveling Up” your home.
Neighborhoods with a Nominal Cost of Living
Ask about the neighborhoods your Cincinnati home builder builds within. Would you prefer new construction in Blue Ash, Hyde Park, Loveland, or Clough Chase? Or maybe you’re looking to build on your own land, which is another terrific way to save.
Where you will live is an important detail to cover with your new home builder. Make sure you ask about the cost of living in your ideal neighborhood so that you know you’re making the right choice for your family’s financial situation.
Conduct Research Starting Right Now
If you are still in the consideration phase of building a custom dream home, start researching the elements you want now. Head out into the field and tour model homes. Walk into as many open houses as possible. And all the while, be observant, ask questions, and take notes. Then implement your favorite ideas into your new home build.
Being able to tell your contractor everything you want right off the bat saves immense time. Your contractor will thank you, as you will have a higher chance of staying on schedule and within your budget.
Choose a Builder with Experience
Look for home builders with a track record of enriching the lives of happy new homeowners. These are the professionals that work with the area's best designers, engineers, architects, and craftsmen. You can remain confident your home will be built to the utmost standards, efficiently. Choosing the right builder can help your new construction proceed like clockwork.
Can You Save When Working with a Cincinnati Custom Home Builder?
Yes, you can save time and money when working with an experienced custom builder. Ashford Homes in Cincinnati, Ohio, is your local “dream home” builder. We offer a range of distinctive home designs, and let you choose the features, upgrades, and amenities you want most. We’ll work to meet your budget and help you find the best lenders, if you need financing. Our custom-building skills go beyond new construction. We help you feel comfortable and informed about the process every step of the way.
Get started now by contacting Ashford Homes and start building in the finest Cincinnati neighborhoods, such as the City of Oxford, Crooked Tree Reserve, Madeira, Montgomery, Mt. Lookout, Oakley, Trails of Governor Hills, Trails of Greycliff, Sonoma Trails, or Union Village.