What are a Few Hidden Costs to Understand When Building a Home?

Planning properly for the home building process can help keep the surprises to a minimum. Of course, there are some things out of your control, such as bad weather delaying the construction.

What are a Few Hidden Costs to Understand When Building a Home? Close
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What are a Few Hidden Costs to Understand When Building a Home?

Posted by MARK Z. on Thursday, October 23rd, 2014 at 9:29am.

What's the Real Price?Planning properly for the home building process can help keep the surprises to a minimum. Of course, there are some things out of your control, such as bad weather delaying the construction. You can gain more control over the financial side by understanding a few of the potential hidden costs of new construction homes.

Missing Necessities

Things, such as a fence, deck, appliances, landscaping and window coverings may get missed in your overall budget. Some builders will provide some of these things for you, but you cannot just assume your home will come with appliances, a fence or any of these other items.

Make sure you understand what your home will include and set up your budget with these types of missing necessities in mind. You don't want to get to the finish line only to find out you need to spend thousands of dollars on appliances.

Upgrades

If you decide you want upgraded features, such as granite countertops or bay windows, you must expect these to cost more. However, when you set up your budget, if you don't include the upgrades you want, you may be in for a surprise.

Make sure you budget for all the things you will include in the design of your home. Upgrades can range from hardwood floors to oversized bathrooms and you need to be prepared for all of the upgrades you want.

Defects

Even though the home may be brand new, there is the potential of hidden defects. These are also known as latent defects and they can be expensive to repair.

Some of the most common latent defects include incorrect wiring, a weak slab cracking, siding falling off or wood floors warping. Even though you may not experience any latent defects, they are possible and you should be prepared for them.

These are just a few of the potential hidden costs of building a new home. Make sure you ask plenty of questions and plan for all the potential expenses included in building a new home.

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