There are probably a million ways you can save money when building your home. To really save, you should start by thinking about what’s really important to you. This will allow you to see where you can save during the construction process. It can be anything from picking the builder to choosing appliances. All these choices will determine how much you will end up spending on your dream home.
Decide what’s important to you
Before you begin the construction process it’s important to sit down first and figure out what’s important to you and anyone else you will be living with. In what areas are you willing to compromise? In which not? Having clear expectations of the home building process will ensure that the costs will not skyrocket in the future.
Research before starting construction
Check model homes and figure out what you like and would want to have in your house. Also, think of what you can cut out and thus save money. This will give you idea of what you want or don’t want.
Find the right builder
Choosing the right builder is one of the most important decisions you’ll need to make. A good builder is one who can build a good home, working within your budget, and without extra overages or many problems. A bad builder might underestimate costs. Arrange a few meetings with builders and get references for them.
Good communication with the builder is key
Make sure that the builder understands well what your priorities are. Explain to them what is important and ask for their input. They might recommend other ways to save.
Calculate the living costs of the build area
When looking for a place for your home construction, a good way to save in the long run is by buying a home in an area which has lower cost of living. You need to take into account the cost of the home, property taxes, costs of daily necessities and other.
Try to get a good mortgage rate or a construction loan
It’s also important to find a good home loan which will have the right rate. You may or may not need a construction loan. Some of the bigger construction companies can finance the building on their own. Otherwise, you might have to shop around different local banks to find the best rate.
Shop around to find the best prices for big appliances and construction supplies
Shop around when looking for big ticket items, such as water softeners, for example. You can save by buying items on sale or using coupon codes. Do your research and try to find the best deal. You can check this Soft Water Lab site for a good guide on the best water softeners.
Ask for builder’s discount
When shopping around for construction supplies, ask the builder if he has any discount. Often they can get items with wholesale prices.
Buy things at a discounter
Some of the items from high end fixture stores you can also find similar alternatives at a discounter for much less. If you fell in love with an expensive item, shop around because you can find a similar item at a discount store.
Buy closeouts or seconds
Sometimes stores selling building materials hold closeouts selling returned items. Such seconds and remnants you can buy at a fraction of the cost.
Complete some of the work yourself
If you are handy with tools, you can do some of the work yourself, that is if the builder will allow it. You could install yourself, for example, the easy to install fixtures or flooring.
Buy furniture ahead of time on sale
While construction is in progress, start shopping around to find whatever furniture you’ll at discounted prices on sale. Try to find coupons, rewards programs or sales on cash back sites.