Why Budget For a New Home Build by Chafin Communities

Buying a new home is a big life decision, and we want to make your investments worthwhile. Although a new home build can come with a bigger price tag upfront, it ensures that you don’t miss out on any of your must-haves. By budgeting, you can create a home comfortably within your financial range and save yourself from spending extra money down the road.

Budgeting 

First, decide how much you will be comfortable spending. A general rule of thumb is to calculate 30% of your monthly income. It is recommended that you spend less than that amount per month on housing costs. An alternative method is to multiply your annual gross income by 2.5. These calculations can give you a rough estimate of your price range. 

Staying Within Budget 

Planning is the key to staying within budget. It is a good idea to set money aside for the down payment, closing costs, and extra money for leeway. If you factor these totals into your budget ahead of time, you can focus on the fun components of designing your new home. 

Personalization

Every penny should go towards something that you love. You are not only choosing a floor plan and location that fits your lifestyle but also designing a home to your taste. With a new home build, you can handpick flooring, paint colors, appliances, and so much more. The possibilities are endless, so make a list of your “wants vs needs” before getting started. This approach secures your favorite aspects of the home without losing sight of the budget. During the building process, we can prioritize your necessities. Once those are covered, we can start to add in your other desires as fit. 

No Competition 

Cutting out the competitive aspect relieves a lot of stress that comes with buying a new home. It can be disheartening when you find the right home, but it gets swiped off the market. A benefit of building your new home is knowing you are building it for your household, not the market. There is no outside pressure from other homebuyers. This can save you money trying to outbid, and otherwise, overpay.

Move-in Ready 

New home builds are the definition of move-in ready. On move-in day you will confidently walk in knowing that everything is exactly how you want it. There is no need to save up for projects later. The details have already been taken care of, so you can truly enjoy your new space. When making such a big purchase you want it to be exceptional. Do not let the anxiety of your budget hold you back from building your dream home. By taking the right precautions and planning, you can personalize your home-buying experience. 

If you are wondering if a new home build is right for you, we would be more than happy to show you all that we have to offer at Chafin Communities. View our move-in ready homes here!

Happy building!