Tip #3: Determine Your Budget to Balance Your Goals

Now that you have defined your space and style, let us talk about the most powerful thing in the planning process: money!

Money is often the center of many projects. How much can you spend? What kind of budget won’t break the bank? How can you get the most bang for your buck? These are the types of questions you may be asking yourself as you plan your dream home. “Plan ahead and shop around” is the advice most people will give you, but what does that mean?

Consider your Financial Strategy:

  • Is this a stepping stone home? A short-term starter home?
  • Will you live in this home through your retirement?

Calculate your Monthly Budget:

  • Consider more than just the mortgage payments; such as the insurance, property tax, possible HOA fees, lawn care, utilities, etc.
  • What about escrow and a rainy day fund? Don’t max out your budget with routine costs and be unable to afford emergencies.

Control your Project Spending:

  • Plan your budget and stick with it. We are not encouraging you to compromise, but to be steadfast with your budget/plan.

With UBuildIt, you will have a consultant assigned to assist you during each step of the building process. This person is experienced in shopping around for the best deals and ensuring that there is not any wolves in sheep’s closing trying to take advantage of you. Contact our local office today to discuss your options!

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