When building a custom home, it’s easy to get carried away and fall into the trap of making financial mistakes. Avoid the burden these mistakes can cause and make smart decisions now.
Don’t build too big.
Dreaming bigger than your resources is a common mistake. Don’t build bigger than your budget. A bigger house doesn’t necessarily mean a better house. You can make the most of the space that you have and stay within a more reasonable budget. It may seem a like a big dream house is a good idea, but it may become more of a burden and more of a nightmare than a dream. Eliminate unneeded space and save on an unneeded financial burden.
Have a plan before you start building.
Planning out your house before you start building will save you time and money in the long run. Don’t just have a floor plan in place but look ahead to how the rooms will be designed and decorated. Avoid any chaos or need to rebuild or redesign things by making all decisions upfront. Work with a professional contractor and designer to make a foolproof plan, then move forward with the ease of mind that your home is underway.
Keep your mortgage reasonable.
Your dream home will no longer be a dream if it is drowning you each month in payments. Be realistic when setting up your mortgage and keep it affordable. You can always add to your home later or refinance your mortgage.