Luxury Home Selections | Stay on Budget

Posted by Michael Foran on Sun, Dec 30, 2012 @ 03:40 PM
Michael Foran

Planning is most important when making luxury home selections if you want to stay on budget.

When buying a new luxury home most builders will give you a base price which includes standard selections. Some builders have generous selections, like granite counter tops, while others are set up to keep the price low. You make your selections and if they are more than standard, then that amount is added to your price. Needless to say if you upgrade everything then your house will be over budget. This is where I have seen some problems.

Most people start making decisions on what the builder needs first and have a tendency to upgrade on a lot of the early decisions whether these areas are important to them or not. I call them" the might as wells" because that is what people say early on in the project. What happens is when people get to a selection they really want to upgrade, they are already over budget and have to decide to go farther over budget or do without something they really want. This is how a home gets to be 20% over budget.

A better way is to start with a plan that lists all your selections. Go through it and decide what is important to upgrade and what is not. I like to build a book of the home with each room laid out separately with the selections that are needed. You also need a section for the exterior selections which would also include the landscaping.

The builder can now tell you how much your home will cost. This can take quite a bit of time, but it will keep you on budget

There are other benefits like: Your builder will love you because  decisions will not slow down the project. You will make better decisions because you will be looking at your home as a whole at the same time rather than making decisions over a period of months.

This method also works great with a cost plus contract because you can avoid the costly mistakes by proper planning.

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Topics: Luxury Interior Design, New Home Selections