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If you are thinking of building a new home, you may have often wondered, “How much will it cost?” You probably may have, what you believe, is a good quote from a builder. However, that is just a part of the overall cost. Arriving at the actual cost of building your home may be far more complicated because there are hidden costs that need to be considered. The hidden costs of new construction can blow your mind. Let us take a look at some of these hidden costs.

1. Site preparation

You may be dreaming about the “move-in” date; however, before construction can even commence, your building lot will need clearing and grading, with special attention needed for site drainage, which is an essential and integral part of the groundworks carried out on the site to begin the above ground construction and also avoid water clogging at the construction site. If your planned home has a basement, there will be a requirement for excavation. And surely, water and power lines need to be laid and immaculately connected to your home. Moreover, there is always a risk that your builder may encounter large rocks after they begin digging. Because it is almost impossible to know what lies beneath the soil, the expense to remove these obstacles falls to the homeowner. Before the rolling of heavy equipment, be crystal clear as to who is responsible for all these known and unknown expenses.

2. Landscaping

Several new builders include both front-yard landscaping as well as landscaping in the backyard. Talk to your builder and get down to the specifics of their landscaping policy. Pose questions regarding what is included and what is not: fences, decks, pathways, shrubbery, trees, driveway. If not, make it a point to set aside sufficient money to add everything you need so that you do not have to compromise on the safety or luxury of your home.

3. Modifications

You may think you have everything covered; however, in the middle of the construction process, you may feel that the living room requires additional pot lights or that you really need a double sink in your master bathroom. 

Keep in mind that modifications will translate into additional labour as well as material costs. What’s worse, they may slow down other sections of the project. This does not mean that you must never deviate from your original plan – especially if it means incorporating an element that is close to your heart – but be thoroughly prepared for project delays and additional expenses. To avoid roadblocks, it’s best to plan beforehand and consult with an expert to help you understand everything you need to know and chart everything accordingly.

4. Extras

If you plan on customising your home, be prepared to pay the price. Minor things such as upgraded cabinet hardware, or major things such as upgraded countertops can translate into a shock to your pocketbook. Your builder may generally offer a basic finish package, which may or may not include home appliances. If these are included, you may opt for swankier models, by shelling out more money, of course. In addition, unlike when you purchase a home from a different homeowner, you will be responsible for taking care of all the window treatments. Based on the shape, size, and number of windows that you plan on having, there will be a substantial rise to your initial budget.

5. Furniture

You may already have existing furniture; however, if you are moving into a larger home, you are likely to need much more. Moreover, even if you are in the process of downsizing, you are probably going to need to choose some exquisite pieces to up the “style” quotient of your new home that you have worked so hard and diligently to create.

The final word

Building a new home can be both satisfying and exciting; however, there is no doubt that it is a significant undertaking. Without proper planning and thought, expenses can spiral out of control. Always remember that no matter how you plan and research, the chances are high that a hidden cost will surprise you. So, set aside a little extra money for security, but we’re certain, with us on your side, you won’t need to spend it.