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8. “Offsite” – OVERALL BUDGET

Understanding your money when it comes to building offsite leads to the nasty “B” word:  Budget

Sometimes it seems that there is a stigma with the word budget.  Buyers are afraid to share what they want to spend or what they can afford.  The goal is that with your limits in place, your sales rep can help you get the best bang for your buck, spend where it is important and necessary and help you save where you can.

Nobody should consider building without knowing their limits for budget.  It is important to evaluate your lender’s restrictions versus your personal limits.  We highly recommend doing this before you walk through your builder’s door.  However, if you haven’t, we have some preferred lenders that we can direct you to so that you can become well informed!

With offsite building it is even more critical to know what your limits are because there are more moving parts and you sometimes can’t get all the answers immediately.  You don’t want to purchase a property and find out later that the whole vision can’t come together.  Overstreet can help you discern these pieces so that your build is successful!

Budget considerations are:

  • Selling / renting a current home – Do you have to sell your current home or are you renting now?  Do you plan to stay put until construction is complete?
  • Down payment – How much money do you intend to put down on the project?  What have you saved?  What does the bank require?  And what does your builder require?
  • Do you need a loan?  What do you qualify for?  How much will the bank allow you to borrow and at what interest rate?
  • Even if you qualify for a large loan, are you going to pay for anything beyond the down payment out of pocket?  From “offsite expenses” to appliances, some people don’t want to pay for all of it over the next 30 years.  Determine what your personal limits are and know that those may fluctuate as you dive into your building process.
Take a look at the next four pages to understand more about how your finances needs to fit together to make your dream home a reality!