Our 8 Steps to Building a Timber Frame Home series continues with a discussion on budgeting.

The defining factor in determining the end result of your timber frame home is your budget. At the start of the project, you’ll want to map out your preliminary budget and consider obtaining a pre-qualified loan from a reputable mortgage lending institution. (Yeah, there are still some out there!)

If you wish to stay within the parameters of your designated budget you will need to give thought to the types of floor plans you desire. For example, what will a large, open floor plan with fewer features provide compared to a smaller footprint or floor plan that contains upgrades such as an increased use of wood, advanced joinery, frame types, upgraded kitchens and bathrooms and more?

Many timber frame companies now offer “pre-designed” packages and models that will not incur design and architectural fees as the planning and design has already been done. In some instances when selecting these pre-designed timber frame or post and beam packages the cost to build could be lower by 10-20%! when compared to a custom design. Most companies will also allow you to customize their packaged plans for a fee. When discussing your plans with a timber frame company, be certain to ask about their pre-designed packages.

On their blog, Timber Frame Magazine points out, “As you start your budget process, the basic costs are easy to calculate. You know you’ll need timber, lumber, concrete, drywall, windows and doors, etc. These are the basics. Then you’ll get into plumbing and lighting fixtures, flooring, tile, countertops…the list goes on and on. This list is much more subjective and can easily create “budget deficits”. Then there are what we call the “silent” costs. Money will be spent on these items, but you won’t see a direct benefit.”

In addition to the actual cost of the frame and building your home, there are other costs that are essential to consider. Again, we’ll defer to the same post on Timber Frame Magazine but in summary, you’ll want to consider:

1) Initial and ongoing onsite maintenance.

2) Onsite prep and natural waste materials.

3) Substrate used in the kitchen (natural or composite counter tops).

4) Types of appliances.

5) Cabinets and vanities.

Your budget will be the deciding factor on the type of dream home you’ll build. Make sure you take the time to fully work through what you can reasonable afford and always build with this end figure in mind.

We hope this helps guide you on how best to budget when planning out a timber frame home.

Tags: Timber Frame Guide

This entry was posted by Pam on Monday, July 27th, 2009 at 4:24 am and is filed under Building your Timber Frame Home. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.