Budgeting for Your Dream Home

Keith Sawlor, May 17, 2013 | Posted in Research; Tagged Builders

Without knowing all the details regarding size, complexity, and product choices for a new home, it’s nearly impossible to estimate the cost per square foot.

A budget is a much more practical tool when determining whether you can afford a new home. Here’s how to create one:

• Select a plan from a plan book or a website. A photograph of a home you like can work as well.
• Make a list of the most important products and finishes you would like in your new home.
• Meet with a few reputable builders and ask them to estimate the cost of the house based on the information you have provided. Chances are there will be a great deal of variation in the “ballpark” quotes you receive. Calculate the average price based on the estimates you’ve collected, and you’ll have a fairly accurate and realistic price of what your new home will cost.

One final piece of advice: please do not eliminate any potential builders of your new home at this time! They are just making an educated guess of the final cost. If the average price is within your budget, you can proceed to have a complete set of plans prepared. Meet with your preferred builders again to get detailed, accurate pricing for your new home. Then, you can make an informed decision as to the builder who will fit your budget and continue on with the home building process, confident that your new home will be within your means.

Keith Sawlor

Keith Sawlor is the second generation Owner of Sawlor Built Homes. With more than 35 years experience building custom homes in Nova Scotia, Keith has built a team that mirrors his professional knowledge and values.

Keith is a Certified Residential Builder who is also certified with many leading industry organizations. He is a Passive House Institute US (PHIUS) Certified Builder, a Net Zero Energy (NZE) Certified Builder, a Natural Resources Canada (NRCan) R-2000 Certified Builder, and a Certified Aging in Place Specialist (CAPS).

Keith is a Past Board Member of the Atlantic Home Warranty Program as well as the Canadian Home Builders' Association Nova Scotia. He is involved in many other industry programs and associations, such as the Canadian Home Builders’ Association National and Better Business Bureau.