Homebuyers: Keys for Saving Big When Building
Building a house is a big expense for homebuyers. But did you know there are a few things you can go cheap on that won’t make a big impact in the long run?
Here’s some advice on how on how homebuyers can save some cash when building a home.
Go Up Not Out
The first place homebuyers can start saving is by simplifying the design of your home. Building a geodesic dome is going to obviously cost a lot more than constructing a traditional rectangular box. The cost also goes down more if you decide on a two-story home over a one-story house of equal square footage, since the foundation of the two-story home will be smaller.
Foundations are the pricey part. Excavation and foundation work are by far the most significant cost when building a home. Anything you can do to make the footprint of your home smaller ends up saving you money.
Hire the Right People
In order to build a cost effective house you need to hire the best, most qualified home builder. This might sound counterintuitive, but an experienced builder is going to know exactly what needs to get done. This experience alone can end up saving you lots in the end.
An inexperienced, unlicensed, or uninsured home builder can end up costing you a fortune if construction goes over budget or you run into problems. But a good builder will save money by knowing how to avoid the problems.
Start your search by looking for reputable local contractors with experience with the style of house you are looking to build. From there, get proof that they are insured, bonded and licensed before agreeing.
Be the General Contractor
Do you have time to get hands on with this process? You might want to be your own general contractor. Taking on this responsibility can save homebuyers about 20% when building your house. It doesn’t have to be as scary as you think.
Subcontractors will be necessary for the things that you are not comfortable with. Plumbing and electrical are two places you for sure would want to sub out. But being your own general contractor definitely can be done.
Get Paperwork In On Time
The most costly type of building delay is the time between submitting your plans and getting your plans approved. You can avoid this by getting advice from the people where you are submitting your paperwork. If you can do it right the first time you can save yourself precious time completing your project.
Save on Supplies
Price out everything, right down to the smallest details. This will make sure you stay in budget.
If you can find things that are” builder grade” or “quality grade” you will save big over anything that is “custom.”
While getting pricing is important, homebuyers also need to make sure that you are using durable products. You don’t want to have to replace things sooner than necessary because you bought subpar products.
Avoid Change Orders
A change order basically means you want to send back something and pick out a different one. Change orders cost time and money. When you do this, you are wasting time sending things back and waiting for new things to arrive. In addition to getting knocked off schedule, you can also incur additional fees from your contractor.
Building a house is not for all homebuyers. But if you find yourself going down this road, make sure you are prepared for everything that comes with it. From the costs to the responsibilities, this is a process that needs to be closely monitored in order to be successful.