If you talk to anyone that’s built a home, then you know the key to building a successful home is plan, plan, plan!
And then over plan and replan.
Okay, enough redundancy – you get the point.
This project may seem very overwhelming. The trick is to break it down into phases, so it doesn’t seem as scary. Download the home building budget template to start your budget plan!
PHASE 1
The first phase is the initial investment. Which is finding the perfect patch of land and making the purchase.
You’re going to see a pattern in all the phases, which is to do your research.
Do you know how much land you want to purchase, or can purchase? How much land do you need for your home? How much will the land cost?
Once you have an idea of what the land will cost you. Then do your research on the closing costs of purchasing the land.
PHASE 2
In the home building budget template, there are prefilled projects. These are to get your mind thinking of the possible projects you will have in each phase.
Everyone’s build will be different, which is why you’re building! You want your own customized home. So, your budget will need to be customized for your home.
The prefilled projects can be modified to fit your needs. The second column is to assign your contractor and/or vendor for that specific project.
Because you won’t just be researching costs, you’ll also be researching the best company to complete that project!
So, be sure to think of every little thing for each phase! The fewer surprise costs you have during the build the less stressed you’ll be during the process. And your budget will be more accurate!
In phase two, you’ll need to think of and research all the projects for the site preparation and utility hookups. Which is basically building permits and inspections, dirt work, and electrical/water hookups.
PHASE 3 AND PHASE 4
The construction will start in phase three, and you will actually be able to start picturing your future home!
Phase four is the rough work of the home. This phase consists of insulation, electrical, plumbing, etc.
In these phases, you will need to start consulting with a professional to be sure you aren’t missing anything. Once you consult with a professional on the projects needed for this phase. You may receive estimated costs.
But don’t let that stop you from doing your own research!
Be well-educated on the potential costs and how much they fluctuate. You will want to budget for that volatility.
PHASE 5 AND PHASE 6
Now here’s the fun part!
You finally get to start budgeting for what the home will actually look like. You’ll still be doing more research, but hopefully, it doesn’t feel like research.
Deciding on the interior construction involves selecting your color pallet and overall home design. Then budgeting for items that fall within your home design.
Because you can’t just budget for cabinets or countertops if you don’t even know what your design is!
The price ranges are too wide to make that mistake.
PHASE 7
Finally, the home is done!
But you’re not.
There are other additional projects that may be on your radar after the home is completed and ready for move in.
Such as landscaping, sprinkler systems, etc.
This phase is to budget for items that you can cash flow after the main construction is completed.
Hopefully, the home building budget template is valuable to your construction plan.
You may have several revisions to your building plan and budget plan. That’s okay. As I said, you’re going to over plan, then replan.
Then probably replan again and again.
Once you accept that, it makes the project easier to just start. Because you don’t have to perfect it in the first sitting. You just have to start!
And thankfully the home building budget template is a FREE resource, so you are free to print it as many times as you need for the replans!
Just focus on making your plans better than they were yesterday! Follow along for more budgeting tips!
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