the most exciting parts of buying a brand-new home is picking
out the cabinets, flooring, fixtures and finishes to make it
your own. Going into a designer showroom is like being a kid
in a candy shop, and thereís a lot to choose from.
need to keep in mind, however, that it all comes with a price
tag, and the model home that made them fall in love with the
development features thousands of dollarsí worth of
upgrades. The standard or "included" version of a
home can look much different.
you create the home of your dreams without breaking the bank?
You will need to decide whatís worth spending money on and
what can wait. To do that, consider how long youíre planning
on staying in the home. If itís a starter home that youíre
planning on selling in a few years, get only the upgrades with
a good resale value.
you talk to designers, create a priority list ó and have a
budget. Most homebuyers spend an average of 12 percent of the
cost of a home on upgrades. Be sure to ask if upgrades can be
included in the mortgage.
itís a nice aim to have everything perfect by the time you
move into that new home, itís rarely practical. Many
cosmetic things can be done later and probably for less money,
but be sure to check the home warranty: You wonít want to
make changes that will void the builderís warranty.
upgrades for which waiting would not only cost more money, but
also a cause lot of headaches ó things such as cabinetry,
countertops and electrical.
buying a two-story home, the stairs often set the tone in the
entryway. Many standard homes will come with carpeted stairs
that have plywood underneath, so if you plan on having
hardwood floors, now is the time to add hardwood stairs.
add any electrical connections you think you will need. This
includes lighting, outlets, built-in speakers and alarm
systems. You wonít want anyone tearing into the walls of
your new home. This is also true for insulation. Getting the
highest R-value available will save money in heating and air
conditioning in the long run.
get caught up in the glam and glitz of selecting upgraded
lamps, hardware range hoods or even paint colors. These things
can be easily replaced and youíll have more choices than the
builder can offer. If the backsplash is a budget-buster,
consider leaving it out for now so it can be easily added
important thing is to do your homework. Come with a list and
have a pretty good idea of your top wish-list items, as well
as a must-haves list. Then, try your best to stick to it.
While fulfilling that wish list is often the most fun part of
buying a new home, budget differences and identifying needs
versus wants can also cause their fair share of headaches. Donít
be afraid to add the items you feel are necessary, and realize
that every $1,000 in options added to the price of the home
often results in $6 to $8 more per month in a mortgage.
Instead of spending your cash on hand, including it in your
mortgage can give you more flexibility and a slightly larger
tax write-off later.