If you’re considering a new build for your next home, the many construction projects that go over budget may give you pause. How can you plan for every possibility without settling on features? Building a large project like a new home requires a trustworthy team, accurate project scope, and realistic expectations.

In this blog we’ll discuss effective budgeting strategies for the construction of a new home. We’re offering practical tips on how to manage expenses and keep costs low without compromising quality. Continue reading to learn how to budget for a large construction project, why homes go over budget, and how to select your deal-breakers.

How to Budget a Construction Project

Controlling a construction budget is a large task with a massive scope of work. Managing the building process, labor costs, material costs, and timeline requires an excellent construction manager. Because new build homes are such large projects, budget management is incredibly broad.

Keeping construction costs down is a priority for most homeowners, though construction companies may feel differently. Most homeowners are unable to perform the role of a general contractor and manage the building process themselves. Because of this, finding trustworthy partners is crucial.

5 Strategies for Not Going Over Budget When Building a House

Although going over budget is common in the construction of a new home, avoiding overspending is possible. Here are 5 strategies for reducing the cost of your new build without sacrificing on quality.

1. Avoid last-minute changes by committing to your plans.

Changing your mind in the 11^th hour can be a costly mistake. While finishing touches like paint color are less crucial, structural decisions are quite literally set in stone. Committing to your decisions from the beginning will save you grief and currency in the long run.

2. Choose an existing plan over a custom design.

Working with home builders who have a catalog of floor plans will give you a variety of options. However, selecting from a menu rather than building an a-la-carte home will reduce your costs.

3. Choose a smaller floor plan.

Without compromising on the quality of your home, less square footage will reduce your building prices.

4. Purchase a pre-developed lot.

By selecting a lot in an existing community, you can save significantly. Inspections, permits, and fees for open lots add up quickly.

5. Select an open floor plan to save money on framing costs.

On average, framing a house costs between $12,000-$40,000. Simply put, the fewer walls in your house, the lower your framing price will be.

Not every aspect of home-planning should be a compromise. Frugality is a wonderful attribute, but cutting corners on quality is not. When constructing your own new home, getting exactly what you want and need should be a given. We don’t recommend compromising on your budget, location, floor plan, and kitchen and bathroom layouts.

Reasons that Construction Projects Go Over Budget

A significant percentage of construction projects go over budget, including up to 90% of new builds. These unexpected costs usually happen because of poor project management. A project budget will fail in the absence of an accurate project scope and reliable cost estimate.

Choosing Must Haves When Building a New Home

Our Award-Winning Team is Here to Help you through the Homebuying Process!

At Landmark 24, we streamline entire process, perfecting the homebuyer’s experience at every turn. We are revolutionizing the home buying process and the production of our homes. You can select a community and design your own home with a multitude of options, working with Landmark 24 every step of the way. As a local new home builder, we offer transparency in financial planning to help you set realistic expectations.

Our floor plans cater to each buyer’s unique lifestyle and preferences in communities rich with amenities. Building a home with Landmark 24 offers buyers access to an expansive selection of high-quality features and options. Other local builders can’t offer the same variety of choices. Choosing a Landmark 24 floor plan design guarantees exceptional quality and individuality.

From amenities to budget to location, our priority is always whatever you desire. We'll work with you every step of the way to make sure that your brand new home in Georgia or South Carolina meets your needs.

View our home design plans here.