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Stretching Your Budget When Planning to Purchase a New Home in New Jersey

By Amy Wood in New Jersey Homes, in NJ luxury homebuilders, in budgeting for new home in NJ


6 hours ago

It’s impossible to underestimate the importance of deciding on a realistic budget when you’re considering purchasing a new home in New Jersey. It’s a decision that will impact your life for years to come.

There are, however, two sides to consider when establishing the budget for your new home. You don’t want to spend more than you should, lest you find yourself strapped for cash and unable to pursue other interests. That’s not a comfortable position to be in.

However, setting the budget too high can lead to an equally uncomfortable situation. If you focus too much on saving money, you can end up with a home that doesn’t meet your expectations now—and may not meet your needs down the road.

For instance, if your family situation changes, you’ll want the home you build to be able to accommodate those changes. It could be that you’ll have additional children in the next few years. If that’s the case, you’ll want a bit more room than you currently need.

Or you could have extended family (an aging father or mother or other relative) who you’ll want to take care of. It’s entirely possible that you’ll want something more than a bedroom for an extended family member. You may want a guest suite that ensures privacy for your loved one and for the rest of your family.

Those considerations might require stretching your budget slightly when you plan on purchasing a new home. That can sound a bit intimidating at the outset, but it can actually be a smart financial move in the long run. Here’s why.

Stretching your budget a bit up front can actually save you money. It’s a lot less expensive to add size, rooms and features before construction begins than it is to come back in later and try to accomplish the same thing. Here are a few examples using our Brentwood home in Hillsborough as an example.

Increase Garage Size

The Brentwood comes with a two-car garage as standard. But what if you’ll have additional drivers in the future (whether older children or an aging parent)? Or perhaps you’ll want more storage space for tools or a hobby. Adding that extra space when you build is a lot cheaper than tearing out part of your existing garage, adding a concrete slab and expanding the garage later.

More Space for Family Meals

If the size of your family grows, you may want more space in the common areas used for casual family meals. The Brentwood’s standard plan includes a breakfast room off the kitchen, but if your family grows (with either more kids or adult family members), you may want or need more space for those family meals. Selecting the morning room option gives you a lot of extra space for that purpose. Will it add to the cost of your home? Yes, but it’s a lot more affordable to do when building your home than it is if you try to add it later. There are also expansions available to increase the size of your most commonly used areas such as the sunken family room, kitchen, and study if desired!

Second-Floor Laundry

You might decide that having a laundry room on the second floor is just what you need. The extra carpentry and plumbing will cost you a bit more, but trying to add laundry facilities after your home is built will cost you much more than incorporating them where you wish to begin with.

Princess Suite for your Princess

The Brentwood plan give you the option of turning bedroom #2 or bedroom #4 into a Princess Suite.  A Princess Suite has become popular as it is a larger bedroom with access to a private full bathroom.  This is also a great feature to have, even if you don’t have a princess in your life, as it can make a great guest room.   

When it comes to budgeting for your new home in New Jersey, it’s important to consider current and future needs. Nobody wants to spend more than they should, but there are times when stretching your initial budget can actually save you money in the long run. Also, we’d recommend talking to any friends who have built new homes. It’s very rare to hear someone say that they wished they’d spent less. It’s much more common to hear homeowners say that they wished they’d spent a little more up front to get what they really wanted.

Amy Wood

Vice President of Operations at Country Classics

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