Building Your Wallingford CT Custom Home: Talking Dollars and Sense

If you’re considering building a custom home in the Meriden or Wallingford CT area you may be excited about picking the right floor plan, or choosing the flooring and cabinets for your new kitchen. You may be looking at magazines to get decorating ideas and decide on color schemes. You may be checking out the latest trends so you can be sure to specify exactly what you want. That’s all fun stuff—and it’s great! But what you may not be thinking about is how you’re going to pay for all this fun stuff.

We don’t want to burst your bubble, but figuring out your finances when it comes to building your dream home is one of the most important things you can do.

Occasionally we’ve seen situations in which a homeowner simply doesn’t have realistic expectations about what he or she can really afford. And as much as we want to give people the home they want, we hate to see people overextend themselves.

It’s a little bit like going into a car dealer thinking that you’re going to spend $25,000 for a new car. Then a model catches your eye and you love it—but it’s $28,000. It’s more than you budgeted, but you really like it and it’s not that much more. Then you start including options. You add $1,000 for the satellite radio system; $6,000 for the premium stereo system; $2,500 for the winter-package with heated leather seats and steering wheel; custom tires; a sunroof; custom metallic paint . . . Before you know it that $28,000 car has become a $38,000 car (and you’ve completely forgotten that you had budgeted $25,000!).

The same thing can happen with a custom home. So it’s important to make sure you know what your real budget is before you get started. Will you go over that budget? Maybe a bit—but you can keep it close.

Even when you’ve established a realistic budget and have committed to keeping it, you’re still going to need to finance the building of your home. Once again, this is an area that people sometimes don’t like to think about. But it has enormous implications. The wrong loan can cost you thousands of dollars in the long run—and it can tie you up for years to come. How can you avoid that?

Here’s a bit of help. Check out this helpful free resource to help you pay down your mortgage faster. Setting the right budget and getting the right loan can make building—and living in—your new home a whole lot more pleasant!