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Creating a Realistic Budget

February 3, 2020

Tips to Create a Realistic Custom Home Budget

When thinking of homeownership, even with our extensive list of included features, you have probably spent many hours dreaming about things to add to your custom home in Gulfport MS. It’s easy to get swept up in the excitement of a home, especially one custom built for you. Maintaining a grasp on your budget as the planning moves forward is essential. Here are some ideas to help balance the budget and keep your expectations in check to reach a realistic budget amount.

Contact a Lender for Pre-Qualification

Pre-qualification is the first step in the mortgage process. Without working with a lender to see how much home you can afford you risk two things:

  1. Falling in love with a home that is out of your budget
  2. Sacrificing your wants and needs thinking they are not available within your budget

We recommend meeting with a bank or lender who can evaluate your finances and lifestyle. After considering your debt, income, and assets, a lender can estimate the loan amount for which you might expect to be approved.

Be Flexible with Your Custom Home Budget

While a lender may have provided you with a seemingly accurate estimate during the pre-qualification process, it is essential to remember that this amount is not guaranteed. The final approval amount depends on your credit score and mortgage options.

Building a home takes 5-7 months depending on the home size, features, and weather. During this time, things may come up that cannot wait. Be sure to keep in touch with your lender and do not make any major purchases without consulting them first. Lenders and banks do take the purchases after your pre-approval into consideration when it comes time to finalize the approval for your home loan.

Your home is your legacy and the Acadian Homes’ family is on a mission to build you a home that your children’s children will be proud to own. Are you ready to design your dream home? Contact us with your wish list and let’s get you started on your New Home Journey.

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This post was written by Acadian Homes