If you’re in the market for a new home, you may find that you have many different options. If you’ve started your home buying process by finding out what you’re pre-approved for, you’re giving yourself an advantage. It’s often a good idea to know what you can afford and what your options are before you begin your search, especially if you are hoping to custom build your home. Often, it’s better to build under budget than it is to use the full amount that you were approved for. Today, we’ll walk you through some aspects to consider when buying your home.
Start With A Monthly Budget
A common metric for budgeting suggests that your home or rent should be less than 30% of your total household income. Unfortunately, when banks or lenders are developing their rates, this isn’t taken into account, and you may be offered a loan that would cost you 50% of your budget. It’s sometimes better to develop a full monthly budget and then work backward to what you can comfortably pay monthly. As you develop this budget, remembers to include factors like property taxes, insurance, and maintenance costs.
Give Your Builder Your Budget
Having your builder know your budget upfront is one of the best things you can do. Not only does that let them help guide you to a design that works with your interests and desires, but it ensures that they’re not left out in the cold too. No builder wants to go over budget — having unhappy customers who can’t pay is not something that reflects well or helps them get more business. But they can’t work with you unless you give them all the details.
Contact Homeland Builders, LLC Today!
Homeland Builders is honored to help you build your dreams. We proudly serve the custom home needs of families throughout Anne Arundel County, Calvert County, Queen Anne’s County, Prince George’s County, Saint Mary’s County, Montgomery County, and Howard County. If you’re located in Maryland and have a vision for the perfect home for you and your family, don’t hesitate to give us a call at 443-336-1164 or email us at firstname.lastname@example.org today, and we will be happy to answer all of your home building questions. Let us provide you with your complimentary consultation to discuss your project design and budgeting requirements.