Building our Dream Home: Budgeting and Financing

We appreciate any and all feedback so feel free to send a text. Financing and Budgeting your Dream Home:Introduction: Today, we will discuss the financing and budgeting section of building our dream home. The first and most crucial step is establishing a budget before taking your position on the start line. We will talk about financing a build, budgeting, and managing the budget throughout the build. Financing your home building projectA construction loan was the only optionSeveral banks we talked to wouldn't finance the dealBanks would finance, but not if we were going to self-buildWilliam Hendricks - Integrity Home MortgageBudgeting the home-building projectCreating a budget based on each aspect of the buildSpecifications and cost codes for each (from clearing to closing)Using my knowledge and gut feeling, applying a guess on each line itemDeveloped a budget based on gut feeling to have a baselineLand, County fees, Materials, Labor, etc. Tip on saving money on your project: Don’t act like you know everything! Contractors are willing to help if you show humility and respect. Managing your budgetDiscuss the importance of tracking all expenses and comparing them with your budget.Set up a dedicated bank account for bank draws and paying invoicesHave a purchase order system or a means to commit trades and suppliers to an agreed-upon price before any work commencesRegularly review your budget and expenses. You might need to change your expectations or finishes to stay within your budget. Common budget pitfalls: Foundation, Framing, Overspending on finishesVendor of the week: William Hendricks Integrity Home MortgageConclusion: building our own home has been a long-term goal of mine, and it is an exciting time—financing, budgeting the build, and managing the home building budget. The project will be rewarding and exhausting, all in the same breath. Thanks for tuning in. Please subscribe to the show and leave a review as we read all reviews and make changes to improve the content.  #customhomebuilder #mcmahoncustomhomes #homebuilder #construction #purchasing #budget #success #banking #financeSupport the showCarolyn can be found on LinkedIn at: https://www.linkedin.com/in/carolyn-mcmahon-937b89158Joshua can be found on LinkedIn at: www.linkedin.com/in/joshuamcmahon15Email for feedback, questions, complaints, etc:[email protected] Journal: https://amzn.to/41p9aKE

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