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#37 Understanding Cost Overruns on Custom Homes
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In this episode of The WB Download, host Jeff Wieland delves into the complex world of cost overruns in custom home construction. Discover why a client's dream home can unexpectedly cost over $1M and learn the crucial role of accurate cost estimates in the design-build process. Jeff emphasizes the importance of managing budget expectations to avoid costly mistakes and client dissatisfaction.
Join Jeff as he explores:
- The significance of transparency and clear communication in setting realistic budgets and allowances.
- How personal choices, such as fixtures and appliances, can lead to significant budget overruns and how to manage these expectations effectively.
- Key factors affecting construction costs, including design changes and fluctuating material prices.
- Strategies for handling labor costs, site conditions, selections, and permitting challenges.
- The necessity of contingency funds in construction loans to cover unexpected expenses and ensure smooth communication with banks.
- The essential role of regular updates and clear communication between builders and clients throughout the construction process.
Jeff also shares real-life stories and expert advice on navigating the financial complexities of custom home building, ensuring listeners are well-equipped to manage their construction budgets effectively.
Tune in to this informative episode and gain valuable insights into avoiding cost overruns and achieving successful home-building projects.
Recent Blog: Custom Home Cost Breakdown
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