Want to build a custom home in Nashville? Plan carefully, and budget wisely! According to recent statistics, in the first quarter of 2022, Nashville had 26.6 single-family building permits per 10,000 people. It held the number four spot of metro areas when it came to building new homes.
But, the Nashville area has some of the most expensive regions in the state to build a home from scratch. Of course, the cost of a custom home can vary based on factors such as size, location, and level of customization.
The good news is: with the right financial planning and expert guidance from a custom home builder in Nashville, you can finish your project without going over your budget.
Research Your Location
Don’t build your dream home blindly – research your location first. When researching locations in Nashville, TN, consider factors such as proximity to schools, parks, local transport, and shopping centers.
Check any recent reports about overall safety and security in the area. Begin your search by looking at online resources such as local real estate websites, school district websites, and crime statistics. Also, you should visit the area in person and talk to the local residents.
Here are some more questions you can ask if you want to build a home in Nashville.
Find an Affordable Lot
Finding an affordable lot in Nashville can be a challenge. The city is growing at a rapid pace, and the land values are increasing. In 2021, Nashville took the top spot as a city with the biggest economic growth, with home values in the region going up by 31%. But there are ways around this.
Consider looking for lots in developing areas in nearby suburbs or outside downtown Nashville. Based on market data, Nashboro Village is the most affordable neighborhood to buy a home, with an average listing price of $280,000.
You want a lot that is relatively flat and doesn’t require you to demolish old buildings. It should be connected to gas, sewer, and water lines. Lots with views, water access, and other desirable features often cost more.
Choosing the Right Floor Plan
Think about the size and layout of the home. For example, how many bathrooms, bedrooms, and other areas with different amenities do you need? Consider how you are going to use this space, both now and in the future.
Review other factors, such as privacy and decorations. The floor plan you choose should fit your budget and meet the local building codes. Here is a more in-depth analysis of how to choose the right floor plan for your custom home.
Home Construction Budget Breakdown
Here is a quick list to break down your home construction budget when working with a custom home builder in Nashville.
- Determine the total budget for your project.
- Allocate funds for each major category, such as site preparation, foundation, framing, roofing, plumbing, HVAC, electrical, and finishes.
- Consider any additional expenses. For example, landscaping and appliances.
- Create a spreadsheet or use other tracking tools to monitor your spending. Then adjust the budget based on what you need to finish the project.
- Prepare a contingency fund for unexpected expenses.
Tips for Staying on Budget
- Create a detailed budget and stick to it.
- Hire a reputable builder with a track record of delivering projects within budget.
- Consider scaling back on non-essential items if the project costs more.
- Monitor your spending regularly.
- Stay involved in the construction process to avoid miscommunication and unexpected expenses.
Hire a Custom Home Builder in Nashville
If you are planning to build a custom home, it’s important to hire a custom home builder in Nashville who knows the local market and building codes. Don’t leave your dream home to chance: contact Donnelly Timmons today and turn your vision into reality! We can help you navigate the construction process and keep the costs under control.