#37 Understanding Cost Overruns on Custom Homes

WB Download

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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