Despite the numerous benefits of custom home ownership, one thing is for certain: it isn’t without expenses. In fact, being a custom home owner may entail more than you realize. There is more to owning a property and your own dream home than your mortgage and building expenses alone. We seek to help custom home owners understand every part of the process, from designing to enjoying their custom home, which is why we’ve thought of any additional costs you may want to know about. As a custom home owner, these are some of the most common expenses that you may end up having to budget for.
Proper Insurance as a Custom Home Owner
If you have a home loan, you may actually be required by your bank or mortgage company to invest in homeowner’s insurance. That said, even if you aren’t required and are a custom home owner who used cash and purchased outright, you should still consider homeowner’s insurance. If anything were to ever happen, you want to know you have that level of protection in place to maintain the value of your investment.
Utility Bills as a Custom Home Owner
Your utility bills can fluctuate more than you think. Electric, water, gas, and sewage are all expenses that can vary month-to-month and are also highly seasonal. As a result, they can be difficult to precisely budget for, so you should always leave enough wiggle room such that you don’t need to worry about these expenses that keep your custom home livable.
A custom home owner can never forget about the rest of their property. Landscaping expenses like keeping your lawn, garden, and trees healthy and beautiful are often an essential part of your budget, depending on what kind of land and climate you end up with. You can choose the DIY route if you’re inclined to do so but you may also hire a landscaper to take care of the nitty-gritty details for you.
Regular Home Maintenance
Since you’ve already made a massive investment as a custom home owner, it’s important that you maintain that home after it is built. Keeping appliances running and the floors in top condition is an important part of home ownership. Cleaning fees can also play into this.
As the owner of a residential property, you need to pay property taxes. They’re annual expenses you’ll find out about in November and the earlier you pay, the more you can save.
You never know what’s going to happen. An appliance could suddenly go up in flames, leaving you in need of a replacement and out of a few thousand bucks. This is why it’s critical that you maintain an emergency fund for your home in the event that anything goes wrong.
Robin Ford Can Help You to Build the Custom Home of Your Dreams!
With over 30 years of award-winning custom home building experience, Robin Ford and his team of expert craftsmen have earned a stellar reputation for their commitment to quality. Click here to learn more about our financing options and how we can help you find a home within your budget.
As an Indoor airPLUS Partner, ENERGY STAR® Partner, Certified Green Professional, and Maryland’s only proud member of the exclusive Southern Living Custom Builder Program –Robin Ford Building and Remodeling, Inc. is equipped to build you a home that your children’s children will want to own.