One of the best things about breaking ground on a new home is you can customize it to fit your needs. From the wall paint to the floor transitions, there are endless possibilities when it comes to making your house feel more personal.
Outside of the build itself, another helpful customization project you can undertake is a budget spreadsheet. A well-made and updated budget spreadsheet can help you make informed decisions about your home construction project and keep costs under control.
What Are New Home Construction Budget Spreadsheets and What Do They Include?
A new home construction budget spreadsheet is a document that helps you track your expenses during the construction of your new home. The spreadsheet will list all of the various costs associated with home construction, from the initial excavation to the final landscaping. It can also help you stay on budget by calculating how much money you have remaining for each stage of the project.
There are a number of variables to consider when budgeting for a new home construction project. Some of the things you’ll need to account for in your spreadsheet include:
- Permits and fees: Before you can even start building, you’ll need to obtain the proper permits from your local government. Make sure to factor in the cost of any associated fees.
- Construction materials: Obviously, you’ll need building materials like lumber, drywall, bricks, etc. But don’t forget about the smaller details like nails, screws, paint, insulation, and so on. Get quotes from different suppliers and compare prices before making your final decision.
- Labor: Whether you’re hiring a contractor or handling everything yourself, you’ll need to account for the cost of labor in your budget. This includes wages, insurance, and any other benefits you’re required to provide.
- Equipment rental: If you don’t already own the equipment needed for the build, you’ll need to rent or purchase it. This includes things like loaders, excavators, generators, and so on.
Not all home builds are the same. You may need to account for additional costs depending on the specific project. For example, if you’re building in an environmentally sensitive area, you may need to purchase special permits or talk to an environmental consultant.
How to Use a New Home Construction Budget Spreadsheet?
Sit down and list out all of the anticipated costs for your project. This includes everything from the price of lumber to the estimated monthly utility bills. Once you have a complete list, you can start filling in the actual amounts as you incur them.
As you make purchases and pay invoices, be sure to update your spreadsheet. This will help you keep track of where your money is going and how much you have left to spend. You may also want to create separate columns for different categories of expenses. For instance, you could have a column for construction materials, another for labor, and so on.
You can also use your spreadsheet to compare actual costs to your estimates. This can help you identify areas where you’re overspending or places where you may be able to save money. For example, if you find that the cost of construction materials is higher than you anticipated, you may need to reconsider your supplier or look for ways to lower costs without sacrificing quality.
Additional Home Construction Budget Spreadsheet Tips
There’s no one-size-fits-all solution for creating a budget spreadsheet. The best way to approach it is to start with a blank document and add in the specific details that are relevant to your project. However, there are a few tips that can help you get started:
- Start with a template: If you’re not sure where to begin, try using a template as a starting point. There are a number of different templates available online, or you can create your own using a spreadsheet program like Microsoft Excel or Google Sheets.
- Adjust as needed: Don’t be afraid to make changes to your budget as necessary. If you find that you’re overspending in one area, look for ways to cut back in other areas or consider getting creative with financing options.
- Get multiple eyes on it: Once you’ve created your budget, it’s a good idea to get feedback from other people involved in the project. This can help you catch any errors or make sure that everything is accounted for.
Home construction is a big project, and there are a lot of moving parts. But remember, you don’t have to do everything at once. Focus on one task at a time and take things step by step.
Spreadsheets and Information Overload
If the stresses of new home construction and budget spreadsheets still bother you, consider talking to a professional like Winthorpe Design & Build. We have experts, designers, and builders that cover the entire design and build spectrum. Budgeting becomes easier when you have everyone involved under one roof.
Get in touch with us through our new process. And if you’re concerned about your budget, we’ll go through the expenses line by line with you. We’ll work with you to make changes where necessary and help ease your mind about the entire process.
