fbpx
What is “Over Purchasing” or “Over Building”, and why to avoid it?

What is “Over Purchasing” or “Over Building”, and why to avoid it?

12.02.20

For most people, the first and foremost consideration when purchasing or building a new home is to decide their budget. This is the starting point from which all other decisions stem. It can factor into the location, size, and style of property you choose to buy or build. But what does this budget really mean, and what should it include?

A common scenario I come across is a client who finds themselves having spent so much of their budget on the purchase price or build, that they have much less than needed to complete the interior to the standard they desire. They may end up with unfinished rooms, or having to make major compromises in the quality of materials and decor. In other words, they are faced with a less than ideal final result. This is what I call a case of “over purchasing” or “over building.” It can happen in many ways and for many reasons.

Real estate agents may encourage you to extend beyond the initial budget or scope. It’s always tempting to stretch to the next price point, but will this get you to your end goal? Are you envisioning a beautifully finished home within months of completing the purchase or build? A larger space or more expensive property won’t get you there if you’re living in unfinished rooms. Architects are artists, and for them and their clients it is exciting to imagine all the possibilities, but it’s important not to lose sight of the bigger picture. Additional expenses always come up, such as town and wetland permitting, lawyer fees, closing costs etc., which may not have been initially anticipated and accounted for. All of these can eat away at the overall budget.

Completing your project over a longer period of time is certainly a valid strategy. This could well be your intention, and the interiors can be planned accordingly. But if that’s not your plan then it’s wise to be aware of falling into the trap of “over purchasing” and “over building”. When setting or spending your budget, rather than thinking of it as buying or building a house, think of it as making a home, which includes everything from the physical footprint, the rooms and other spaces, to the fixtures, furnishings and decor. Keep this in mind when making all purchasing decisions throughout the lifecycle of your project.

My goal, as an interior designer, is always to exceed my client’s expectations. When a project has been planned with the end goal in mind, it will lead to a result that delights, rather than disappoints.

https://www.douglasgraneto.com/

Abode Affiliates

  • Alleyne Real Estate
  • Blevins Franks
  • Coldwell Banker
  • Crane Resorts
  • Monaco Real Estates
  • RDO
  • St Francis Links
  • Unique Home Stays
  • Yoo
  • Worldwide Dream Villas
  • Enigma Yachts Limited
  • Cornerstone Tax Advisors
  • Pedini London
  • Alexander James
  • Moore Stephen
  • Ibiza Transit Express
  • Oyster Yachts
  • Jumeirah
  • Wall Street Luxury
  • Heron Real Estate
  • Edenhurst
  • MG&AG
  • Gama Property
  • Touch Design Group
  • St Edward
  • Ultra Villa
  • Luxury Italian Living
  • Habitat First Group
  • BDO
  • 7Storeys
  • Worldwide Property
  • Dimora
  • Dominic McKenzie Architects
  • Harry Manning
  • Smart Living
  • Isle Blue
  • MAS Marbella
  • Millgate
  • Jersey Finance
  • guernsey-relocations-logo
  • viberts-logo
  • kpmg-logo
  • author-interiors
  • Wilkinson Beven
  • BoConcept
  • Ante Vrban
  • Deborah Garth
  • You home
  • Ra Shaw Designs
  • Caudwell Collection
  • accanto-interiors
  • Fritz Hansen
  • capital-rise
  • jarrods-staircase
  • neil-davies-logo
  • Tina Shone Group
  • Taplow riverside
  • Aimo
  • ns-ceramics-logo
  • Rusk
  • Consilium Expert Group
  • Ben Krupinski Builder
  • Swoffers
  • Guernsey Relocation Services
  • Douglas Graneto
  • Strutt & Parker
  • wilsons
  • MJC Associates
  • plainspace
  • Fine & Country
  • Bramble Ski
  • Penthouse queen
  • Sarco_Affiliate_Logo
  • taylor wimpey
  • cooper-gardner
  • M Design Architects
  • codan
  • Lovells
  • London DE
  • HELENA JORNET FINQUES
  • Prime Lands Group
  • Bellegarde Estates
  • Sinclair
  • Pippa Paton
  • Ecole d'Humanite
  • Benedek Lewin
  • Inspired Villages
  • Huelin Homes
  • Gaudin
  • Lovells Property
  • Racecourse Lodge Logo
  • Paseo
  • Lemay + Escobar
  • Octagon
  • Locate Isle of Man
  • Newlands of Stow
  • Hawksford
  • Holdun
  • St George's International School
  • Schule Schloss Salem
  • AR Architecture
  • lazaro
  • Sella Concept
  • Blakstad
  • SAREG
  • miller interior
  • Harrow
  • Pearson
  • Wealth Club
  • Yellow House Architects
  • Designer Touches
  • Zafiro
  • Nicole Murray

Enter your dream destination