Plan for Hidden Costs

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It's important to dream, but before you get far into the planning process, be sure you know how much you can safely spend. Don't depend on the advice of friends or family. Talk to your banker, accountant or financial adviser.

As you plan your budget, don't forget the hidden expenses. You are likely to run into a bundle of costs that aren't included in the building contract. These may include:

• Telephone and cable TV connections
• Refrigerator, stove and laundry appliances
• Furniture (Chances are you'll want many new items for your new home)
• Curtains and window shades
• Carpets
• Flowers, shrubs and trees

Also consider that your new home may come with higher living costs. Be sure your budget includes:

• Utility costs
• Yard care
• Maintenance
• Taxes

Don't forget the land!

If you have not yet purchased a lot for your new home, talk with Realtors to get a rough estimate of land costs. Although there may be exceptions to this rule, in general expect that 20 to 25 percent of your new home project will go toward the land.

Learn More About Building Costs:

• How to Build on a Budget
• Building Cost Estimators
• How to Choose the Best Mortgage

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