New Home Budget Busters!

While buying a manufactured or modular home can be more affordable than stick-building, there are still certain associated costs that can be "new home budget busters"  for unsuspecting new home buyers. And while a competent manufactured or modular home dealer can give you a "ball-park estimate", actual final costs are likely to be higher once all the specific details of the home deal are figured. To be sure you're not going to bust your new home budget, talk with a lender FIRST, to determine how much you can borrow towards the purchase of a new home, and avoid setting your sights on a home that is out of your budget.  Also, make sure you remember to include the following associated costs when you're home shopping and comparing prices!

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• Land Cost (if applicable) - including any clearing, grading or landscaping that has to be done to prepare it for a home site, as well as pass specific county codes.
• Water and Sewer - including the cost of a conventional well and septic system or fees to connect into existing water and/or sewer taps. 
• Electrical - including new wiring connections or tying into existing utility services
• Foundation - including cost of brick over masonry, and any additional build-up that may be needed for a sloping or unlevel lot.
• Onsite construction services - including garages, basements, decks, porches or chimneys that have to built on-site.
• Upgraded Home Options - this is where the majority of new home buyers will "bust the budget". Remember that anything over the standard options that come with your home, will likely incur an additional, and in most cases, a higher cost. Such costly options can include upgraded insulation, cabinetry, granite counter tops, upgraded carpet, stainless steel appliances, hardwood and ceramic floors, 9' ceilings, cedar or log siding, structural engineering changes, as well as other popular home options. While its easy to be seduced by a low base price when home shopping, make  sure to pay attention to the upgraded options offered, that most likely will incur an additional cost over and above the standard base price. And although a low base price does not necessarily offer the best value, it can often be a wise choice when working within a tight budget. Keep in mind, also, that loading up a home with costly options, can affect the appraisal value. If the appraisal is lower than what you are paying for the home, the lender may reduce the amount it is willing to lend you. By removing options that cost more than the value it adds, you can keep your appraisal value in check. Most importantly, when comparing dealer prices, make sure to compare all specifications, whether standard or optional, in order to determine a true price value of each home considered.
  

At Frank's Home Place, we work with our clients to help figure typical associated costs UPFRONT, so there are no "surprise costs" in the end! In addition, by custom-quoting prices for our clients, we are able to provide a more comprehensive and detailed quote, with better cost accuracy. 

Call or visit us today to talk with a Registered Housing Specialist about your new home budget!