MANAGING YOUR CUSTOM HOME BUDGET: THE POWER OF TRANSPARENCY AND STEWARDSHIP
When it comes to building a custom home, the budget is arguably the most important aspect of the entire process. For most people, building a custom home is one of the largest investments they’ll ever make, so ensuring that your money is managed with transparency and accuracy is crucial. At Gowler Homes, we take this responsibility seriously and pride ourselves on our financial stewardship.
One of our core values is stewardship. We understand that we are responsible for managing the time, money, and resources entrusted to us. That’s why discussing the project budget is one of the very first conversations we’ll have with you as a potential client. It’s our job to ensure that we can build your home within your budget, and if we can’t, we owe it to you to let you know early on, so you don’t waste time or resources.
Setting a Budget Early in the Process
The reality of custom home building is that we won’t know the exact cost of your project until the design, selections, and estimating process is complete during the Pre-Construction phase. However, before we get to that point, we like to ensure that we’re heading in the right direction from the start.
As part of our Needs and Wants Assessment, we’ll create a Project Proposal, which includes an Opinion of Probable Cost. This is a budget range based on the information we have at the time. For example, the proposal might suggest that we could build you a 5,000-5,500 square foot home with a 4-car garage for around $2M–$2.3M. This range sets the target budget as we assemble your project team and move forward with the design during Pre-Construction.
Adjusting the Budget Throughout Pre-Construction
As we begin the design process, it’s common for a client’s needs and wants to evolve. You might start with a target size of 5,000-5,500 sq ft, but as the plans take shape, you may decide to tweak, expand, or shrink certain areas. This is a normal part of the process, and when it happens, we’ll update the budget to reflect these changes.
We believe in having budget checkpoints throughout the design phase, so you’re never caught off guard. If changes impact the budget, we’ll present those adjustments for your approval before moving into engineering and structural design. This approach prevents surprises at the end of the design phase when costs could exceed what you’re comfortable investing.
Financial Transparency Throughout the Project
Once your project is underway, our project managers prepare monthly financial statements for review. These statements track all expenses to date, organized by cost code, and compare actual costs to the original budget. This way, you’ll always know exactly where your project’s budget stands.
Whenever we submit a request for payment, we provide full documentation, including copies of bills, receipts, and statements, so you can review the expenses for yourself. We’ve also invested in AI-assisted accounting software, which helps ensure accuracy and prevent errors in billing. This commitment to transparency and accuracy builds trust and reinforces our dedication to financial stewardship.
Let’s Discuss Your Project
At Gowler Homes, we believe that managing your custom home budget with care and transparency is key to delivering a successful project. If you’d like to learn more about how we manage project finances or if you’re ready to discuss your custom home or renovation project, click the link below to connect with a member of our team. We look forward to serving you!
