Save vs. Splurge: Tips for Custom Home Building
When building a custom home, you are working with a blank canvas. From custom cabinetry, swimming pools, heated floors, media rooms, high-end appliances, outdoor living spaces, and so on and so forth, the possibilities are endless. Creating your budget can become a balancing act between your desired wish list and reality. Saving on some features will keep you from breaking the bank while splurging on others will pay off in the long run and add value to your home.
Each client has a different budget and different wish list for their custom home so there is no “one-size fits all” formula to help you make these important decisions. However, throughout our years building custom homes we’ve gained knowledge on some of the best spaces and features to splurge and save on while bringing your dream home to life.
Where to Splurge:
A general rule of thumb is to invest in permanent parts of the house that will be nearly impossible or extremely costly to change in the future such as foundation, insulation, windows and framing.
Structural Materials: It may seem like common sense to spend more money on the materials that give your home a quality structure but skimping on structural materials could lead to cracked walls, leaks, and other expensive damages. These are the features that will keep your home safe, secure, and structurally sound:
Foundation
Windows & Doors
HVAC System
Insulation
The Kitchen: For most, the kitchen is considered the heart of the home. It is the space where you spend your time cooking, eating with family, entertaining friends, and gathering for special occasions or holidays. With the amount of time spent in the kitchen, you want to ensure you end up with a space that meets the long term needs of your family. These are some features to consider when designing your kitchen as they add a special touch to the room and are difficult to build in after the fact:
Kitchen Layout
Appliances
Storage & Countertops
Labor: To yield the best results and create a quality home, it’s important to choose a homebuilder that is experienced, licensed, and highly rated. Cutting costs by skimping on labor can result in project complications like inconsistency, poor communication, or low quality craftsmanship. A reputable and professional builder will help your project run smoothly and seamlessly. When looking for a builder be sure to:
View previous projects
Check references
Interview multiple builders
Where to Save:
In line with our general rule of thumb in where to splurge, It’s logical to save on features and items that are not permanent and don’t affect the structure of your home. These features tend to be less expensive to replace, upgrade, or add in the future.
Finishes & Fixtures: When staying within a budget for your home, you can always find a standard of something and choose to upgrade in the future. Faucets, light fixtures, and cabinet hardware are great places to save when you have a tight budget. These are also things that tend to go out of style faster so planning to change them out down the road will keep your home current and on trend!
Low Traffic Flooring: There are areas of the house that get less traffic than others. Bedrooms or bathrooms are typically less trafficked throughout the day. Therefore this could be a great spot to cut costs when needed. If hardwood floors are out of your budget, you can choose a stained concrete or carpet in the bedrooms and plan to change them later. Also consider who will be using the room, some parents will opt for a less expensive carpet in playrooms knowing their children will be the ones using that space and will likely have to replace it down the road due to wear and tear. While main flooring in high traffic areas like the living room and kitchen are areas to splurge on, less used spaces like bedrooms, basements, or playrooms are a great option to save on.
Function vs. Space: In most cases the larger the house, the more expensive your build will be. When looking to maximize your budget opt for functionality over space. Instead of looking to build the largest house, focus on the features of your home and creating the most efficient layout to minimize wasted space. An open floor plan will allow your home to feel larger and is a great way to maximize your square footage.
When building your custom home, you want to maximize your resources to produce a result you will love! At MCH, we’ll work with you every step of the way to respect your budget while building a home that is both aesthetically beautiful and fulfills the functional needs of you and your family. Contact us today if you’re ready to get started!
