Common Home Construction Financial Mistakes

home construction financial mistakesYou have more financial considerations when building a house vs buying a pre-existing home. Without the right financial planning, you can find yourself making investments that you may regret later down the line. To help your custom home construction, we’ll outline the most common home construction financial mistakes.

Avoid These Home Construction Financial Mistakes

Building too Big—A spacious 6,000 square-feet home is nice, but do you really need all that living space? Homeowners have lamented how they regret building a bigger home. With a larger living unit comes more maintenance issues and costs. The average home construction also costs about $105 per square-foot. That means you can save $105,000 by downsizing the construction by 1,000-feet.

Adding Every Possible Feature—Do you really need that granite kitchen counter or built-in mahogany cabinet? Decide what you need, and make that a priority. Don’t be afraid to scale back on the nice-to-haves. You can always add them in a future custom home remodel a few years down the road.

Not Checking in on the Construction—Some clients choose not to view the home while it’s under construction. They prefer to see it for the first time once it’s done and they’re ready to move in. Sure, this makes the moment more memorable. However, we strongly advise clients to regularly visit the construction site. This way, you can address anything you’re unsatisfied with before the work is complete. If you wait until everything is done, then you’ll have to pay extra to redo what you’re unhappy with.

Let Us Construct or Build Your Home

At Murphy Construction, we never proceed on a project without client input. This is why we have accumulated hundreds of positive testimonials over the years. We advise all future Spokane homeowners to be mindful of potential financial mistakes during home construction.

Spokane Home Construction and Remodeling

Serving clients in Coeur d’Alene, Spokane, Post Falls, Hayden, Rathdrum, Hauser, East Spokane, Liberty Lake, Spokane Valley and Area