Nobody wants to pay more than they have when building a home. With these tips, you can keep your building budget to a minimum, without having to compromise.
*Only cash out on things that you truly cannot live without. However, don’t forget structural components or doors and windows. For the safety and security of your home, you’ll want to purchase the best you can afford in these areas.
*Consider using the ‘problem lots’ such as a hillside, narrow, or in-fill property. These types of lots usually are not as desirable as others, which means they don’t sell as quickly and are cheaper. With the right planning and a capable contractor, your potentially ‘difficult’ lot might be perfect for your new home.
*If you really wanted ceramic tile or hardwood flooring, but you just can’t afford it right now, that’s okay! Choose vinyl flooring instead. Vinyl makes a good underlayment, and the tile or wood can be installed right on top of it at a later date.
*Monitor construction allowances while your home is being built, this ensures you’re getting what you asked and paid for. Including things like decorative details as well as structural elements. If you and your builder agreed that a particular brand of insulation would be installed, don’t accept a different brand until the cost had been adjusted.
*It’s a good idea to consider buying a large lot with a friend or family member; that can then be split into two smaller lots. Some of the most appealing properties may be a lot larger than what you want or can afford. So if you can share the cost with someone else (preferably someone you don’t mind having as a neighbour), you may get a great site for a reasonable price. For ideas on the cost, check out My Build Estimate.
*Only use a certified general contractor. The experience of a well-qualified contractor is invaluable to the home-building process. Not only that, seasoned professionals have made relationships with suppliers and subcontractors which is something you cannot possibly hope to get without years of experience in the business.
*If you’re counting on the extra bay for storage space, consider other areas of the home that will work just as good, like attic space, space under a stairwell, or spare bedroom. Or put up a garden shed, which is cheaper than building a huge garage when you don’t really need one.
*Avoid changing your orders. (Like changing the materials or blueprints.) Not only do changed orders cost more money, they add considerable time and frustration to the building process. So be sure to decide exactly what you want before the ground has been broken and then stick to it.
*Don’t go too big for the neighbourhood. A home that is bigger and ‘better’ than any other in its area will not command a fair price at resale. Instead, the assessment will be coloured by the lower-priced homes around it.