While a home is a significant investment, building new construction is expensive. The labor and material costs can take up a massive chunk of your budget, so before you jump into the project, here are seven tips for saving money when building a new home.
1. Create a budget
The first thing to do when building a new home is to set a budget. Determine how much you are willing to spend and stick to it. Consult a financial advisor to help create a reasonable budget covering all expenses from the beginning of construction to the end. After developing the budget, communicate it to your contractor and insist on abiding by it regardless of how tempting costly options are.
2. Use stock house plans
If you have an eye for design and detail, you should consider choosing a premade home plan within your budget and vision. This allows you to cut the additional expenses of custom blueprints. Once you select an ideal plan, you could hire a professional to handle minor adjustments to meet your desired specifications while eliminating the cost of a fully customized design.
3. Buy building materials yourself
Most subcontractors may offer to reduce their bids when someone else is responsible for buying the building materials. For this reason, you should seek referrals and recommendations from friends and relatives to a reliable building material distributor then purchase supplies yourself. Some distributors may even offer discounts for upfront payments. However, be sure to compare pricing to avoid paying more than you should.
4. Look for coupon codes
If you have to buy some of your building supplies online, ensure that you first look for coupon codes. Coupons can save you up to 20% off online retailers.
5. Take on some tasks
If you are handy, you should consider taking on some tasks. Use online platforms such as YouTube to equip yourself with knowledge about handling DIY projects, including installing light fixtures, faucets, and floors or painting. This helps you cut down the construction cost significantly as you do not have to pay a contractor to handle these jobs. Alternatively, have friends and family members manage the less-skilled jobs for a certain stipend. Your friends and family may not charge as much as a contractor would.
6. Return unused materials
Contractors will require you to buy more materials in case of emergencies. Some materials may break during construction or require more materials than they had estimated. If you have a surplus, you should consider returning them. Be sure to check your supplier’s return policy before purchasing to avoid problems in the future.
7. Hire the right builder
Your builder can make or break your home building budget and experience, so you should take your time to identify the right person for your project. Check the builder portfolio, seek referrals and read online reviews to find an affordable and respected home builder. An ideal builder should provide quality work within the specified timeline while offering additional ways to reduce expenses.
Endnote
You do not have to break your bank to build your dream home. Create and stick to your budget, choose stock house plans, use coupons, purchase materials yourself, and hire the right builder to save money when building.
