Unseen Costs in Building Your Dream Home: What to Expect and How to Prepare

Building your dream home is an exciting eavor, but often comes with many unexpected costs. Below is a list of potential hidden costs that should be considered during :

Land Preparation and Unexpected Site Work

Prior to construction commencing on your new residence, extensive tasks must be carried out such as clearing vegetation, soil testing for stability, and relocating any utilities like gas, water, or electric lines. Professional contractors will ensure proper drnage away from your home and address any digging needs for a basement or filling of depressions.

Permits and Impact Fees

While building permits are expected, their cost can vary widely deping on the local municipality. Additionally, certn neighborhoods may charge fees related to school development, parks, road expansions, or other infrastructure projects.

Design Modifications and Architectural Changes

Revisions made during the design phase might require additional redraw fees. Engineering adjustments could also be necessary at extra expense.

Upgrades for Higher-Quality Materials or Finishes

Opting for premium options can significantly increase costs compared to standard offerings. It's crucial to carefully consider your budget throughout the project planning stage.

Utility Connections

Connecting new housing to water, sewerage systems, electricity, gas lines, and internet might entl additional fees that aren't typically included in initial estimates.

Temporary Accommodation Expenses

If you need to reside elsewhere while your custom home is being built, this is another cost you must anticipate.

Landscaping

Your custom home project isn't limited to just a house; crafting an outdoor living space as well. Beyond basic lawn care, consider the addition of trees, shrubs, patios, fences, and irrigation systems for cohesive landscaping.

Additional Interior Finishes

Window treatments, closet organizers, upgraded fixtures, or any other customized interior finishes can accumulate costs quickly.

Contingency Fund

It's wise to set aside funds, usually between 10-20 of the project total cost, for unforeseen expenses.

Cost Overruns

Almost every construction project encounters unexpected complications leading to increased costs. Being prepared for this and keeping a flexible budget is important.

Interest and Loan Fees

If your custom home's construction takes longer than anticipated, interest on loans accumulates, adding more expense.

Driveways and External Structures

Garages, carports, sheds, exted driveways, or additional parking spaces may require separate quotes if not included in initial plans.

Homeowner’s Insurance

Your insurance needs might increase deping on your location; flood coverage, earthquake protection, etc., will need to be considered.

Utility Costs During Construction

The construction team might require water and electricity during the build period.

Specialty Contractors

Unique design elements or systems may necessitate specialized contractors not typically part of a builder's usual service network.

Throughout your custom home project planning phase, regular communication with your builder and other professionals will help ensure clarity on all costs involved. Regularly revising and updating your budget can prevent surprises and keep your construction project on track.

At LaFollette Custom Homes, our team works closely with you throughout each stage of to bring your dream home vision to life. We provide a preliminary estimate for a cost estimate during initial discussions, enabling you to experience your future home through a virtual reality walk-through before construction begins. Contact us today to schedule a consultation.

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