“How can I cut costs and save money building a new home?” You’ve probably been asking yourself this question from the moment you started thinking of making your home ownership dream a reality. Building a new home can be costly. However, it’s possible to build the home of your dreams with a well-defined budget and effective planning. Here are tips to help you cut costs on your residential construction without compromising beauty and comfort.
Save Money with the Right Contractor
The fact that a contractor is offering the lowest quote doesn’t mean they are the right fit for your construction project. You don’t want to end up with poor quality work that will become costly in the long run. It’s important that you take time to do some homework and only select an experienced contractor who can deliver high quality work at reasonable prices. The success of your project depends on the contractor you hire for the job.
Save Money during the Design Phase
The assumption here is that you already have picked your lot, developed a working budget, and decided on the type of house you want to build. When it comes to the design phase understand that the bigger the home, the higher the construction cost. Remember to stick to your budget. One way to maximize on your budget is to keep your floor plan small, yet functional. You can opt for an open floor plan if you want a bigger living space, without the added building costs.
Choose cost-effective must-have features during the design phase to avoid high costs when construction begins. You may also want to choose an economical aesthetic during this phase as well.
Source your Own Materials
How about you discuss with your contractor about sourcing your own building materials? Yes, you can buy some of the materials or fixtures separately and have your contractor install them. Note that, in some cases, the general contractor can source materials in bulk, thereby getting better prices. Sourcing your own materials can help you save thousands of dollars in your budget.
Consider Handling your Project during the Colder Seasons
You probably are aware general contractors and builders have a lot of projects going on during the warmer months. Summertime is usually the busiest season. What do you expect then? High prices since there’s high demand. How about you handle your construction project in winter? The fact that more contractors are available during the colder months means you can get discounted rates thereby saving money.
Build for Energy-Efficiency
Choosing energy efficient materials and appliances will help you save money in the long run. You can apply for applicable energy efficiency tax credits once your custom home is built as well. While you may be required to pay a little more for “energy-star” rated appliances, you’ll save money in the long run.
Even though you’re working with an experienced general contractor, you can handle some jobs yourself, especially if you’re handy with basic tools. Taking care of finishing details such as landscaping after the contractor has completed his work can help you save money.
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