Home Construction Savings
Finding the perfect house can be difficult. If your home search is coming up empty, you may want to consider constructing your own home. As you may imagine, building a home comes with more costs than buying an already constructed one. However, here are a few things you can do to cut down home construction costs.
Expand up rather than out
You can start your saving by simplifying your home design. Excavation and foundation are typically the most significant costs when constructing a home. The more a home goes out, the more foundation you need to construct. Instead, consider building a two-story home that equals the square footage of the one-story that you originally want to build.
Hire the right home builder
In order to build a cheaper house, you need to hire the best home builder, even if they are a more expensive option. It may sound counterintuitive, but this does actually save you money. A home builder who is inexperienced, uninsured, or unlicensed can actually cost you more money in the long run. An experienced builder can save you money by predicting potential problems. Search for reputable contractors with experience completing the type of home you’d like. Make sure that they are properly licensed and insured.
Become a general contractor
If you want to get more hands-on with the project, you can become a general contractor yourself. This can save you up to 20% on the cost of building your home. Make sure to bring in subcontractors to do the work you may not be comfortable completing, such as electrical or plumbing.
Energy-efficient appliances can mean rebates, tax credits, and more. While it may cost more initially, the long-term savings may be worth it.
Avoid change orders
A change order happens when you want to send back an item, such as an appliance or backsplash, and pick out a different one. This adds time to the schedule, as you are waiting for the items to arrive, and extra money to the budget.
Avoid site preparation charges
Choose the best site you can afford and design a plan that fits around the site or can be modified for the site. Extra work such as hauling in-fill dirt, clearing trees, blasting rock, and grading are expensive and add extra time to the schedule.
Buy a large lot – and split it
Do you have a family member or a friend who you would love to be neighbors with? If you find a property that you love but it too large for just yourself, split it with that person so each of you can build your dream home.
Waterfront property choices
Do you want a waterfront property? Oceanfront and lakefront lots are already more expensive than other lots. Instead, consider building your home on a canal or bay lot. They are less expensive but are still water accessible.
Submit paperwork on time
One of the most costly delays in construction is getting your plans approved. Seek input from the appropriate people to have the project signed off on early and ensure you’re filling out the paperwork in the correct way.
Be aware of the depth
Keep the depth of the construction at 32 feet or less. Any deeper and you’ll need to construct additional features, such as roof trusses. This can add to the additional cost of the overall building. As we mentioned before, if you want a larger house, consider adding another story.