Budgeting: 101

Budgeting may not be an easy task for all of us. When it comes to designing and building your own home though, it can be the difference between a successful project completion and a halted or stalled project. We occasionally meet homeowners who don’t want to reveal their true budget numbers. This lack of disclosure is not in their best interest and almost always sets the stage for disappointment.

The adversarial approach is the least effective one when planning a custom home. You’re not engaging in a one-time transaction; instead, you are partnering with a professional who will transform your design vision into reality. Success demands that you choose a builder in whom you have enough trust to discuss how much you are prepared to invest. You can give a range rather than a hard number, but it needs to be realistic allowing for proper timeline management, expectations met (or hopefully, succeeded), and landmarks reached.

A reality-based budget is a crucial tool in the construction planning process. Most people have preconceived notions of what a home should cost but these assumptions seldom support the designs and products they’re envisioning, and the result tends to be frustration. Putting your budget cards on the table is the only way we can paint an accurate picture of what is possible.

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