Four Ways to Save Money on a Custom Home
Building a custom home can be a milestone event in your life. You may have moved beyond starter homes and budget-minded homes, and you may be financially secure enough to move forward with the construction of the home of your dreams. While you may have a reasonable budget in mind for the project, it is easy for the costs of a custom home construction project to run away from you. You can more easily manage costs and even save money on your project when you focus your attention on these helpful tips.
Find an Affordable Lot
Your lot is one of the most expensive aspects of your project, so close attention should paid on its selection. The size and location of the lot are typically two of the most important factors that drive cost, but factors related to vegetation on the lot, the slope of the lot and other characteristics may also play a role. If you prefer a lot with a view, ensure that the view will not be blocked by construction on adjacent lots at a later date. If you prefer a waterfront lot, think about slightly off-center lots. For example, a canal or bay lot can give you water views without the high price of a beachfront lot. Your lot can also escalate construction costs in some cases. For example, a steeply graded lot may cost more to build on because of the slope.
Know When to Skimp on Materials
When building your custom home, you have the ability to select most or all of the materials that will be used in the home. You may be inclined to go with high-end materials throughout the project to ensure quality. However, quality is not always represented by price. Focus on materials that will be durable and that require minimal maintenance. Inside the home, focus on materials that will have long-lasting appeal and that will not quickly need to be updated.
Get Numerous Contractor Bids
You likely will hire a general contractor to assist with the completion of your project. While you want to find an experienced contractor who you can get along with, price is a top considerable as well. In addition, the contractor who you choose to hire should make an effort to shop around for the best bids on sub-contractor work. When interviewing general contractors, talk about their relationships with various sub-contractors in the area as well as their approach to bidding projects out. In addition, ask the contractors about other steps they will take to help you contain costs.
Consider Making Post-Completion Upgrades
When you build a custom home, every feature in the home will have a materials cost as well as a labor cost. Some materials may cost more than others. For example, wood floor costs more than carpeting in many cases. Wood floor may also take longer to install, so the installation labor cost is higher. There are some projects that you may be able to complete after you move in at a much more affordable rate. In these cases, you can easily ask the builder to leave one part of the project undone or to use only the cheapest, builder-grade materials. You can then upgrade the item after you move in to save money on labor expenses.
Building a custom home can be a monumental event, but it also can be expensive and stressful. Budgetary concerns are a common source of stress. You can easily alleviate at least a few of your financial concerns when building a custom home by incorporating these tips into your actions and decisions.