If you’re working with a builder on a custom built home, you may see expenses everywhere. It might seem like every small upgrade or change can increase the amount you’re spending by a significant amount, but fortunately, there are some things you can do to save money. By making a list of what you really want and looking into ways to cut costs elsewhere, you can create the home of your dreams without going way over budget. Here are ten different places you can often reduce costs and save money while you’re building a custom home.
1. Know What You Want
Creating a list of priorities is definitely helpful, but many people aren’t even sure what’s on that list. One great way of learning what you want to spend money on and what you don’t really care about is to research your options. Go view model homes and attend some open houses in the neighborhood. Make notes on what features you see that you absolutely love and which ones you don’t like or could do without. This will help you make your list of must-haves so you know where you can focus your spending.
2. Keep the Lines of Communication Open
If your builder doesn’t know what you want or which features you want to leave out, they’re not going to be able to build your home the way you want it to be. Talk to your builder as often as possible to make sure you’re saving as much money as possible. In fact, tell your builder that you want to save money and discuss what parts of the home are lower priorities. The builder can often help you find savings you didn’t realize existed.
3. Understand Your Cost of Living
Do you know how much it’s going to cost you to live in the city you’re building in? If you build in an area with a lower cost of living, you’ll be able to not only save on building materials costs but on all of the expenses you’ll have to pay to live in your new home. This includes your property taxes, insurance, utility costs, and even groceries and other costs.
4. Shop Around
You don’t have to purchase the first appliances, materials, and fixtures you see. Take your time to find materials and supplies you genuinely like, and that fit your budget. Watch for sales and coupons, and make the most of store rewards programs and offers. You can save a great deal of money if you shop around. Keep in mind that your builder probably buys more quantity of these products than you do, so many times the builder’s recommendations are the best value.
5. Find the Right Loan Rate and Location
Likewise, take the time to shop around to find the perfect lot of land and the right construction loan or mortgage. If you put a little time into researching land costs and loan rates, you’ll be able to save money before you even begin construction.
6. Factor in Delivery Times
If you buy tiles, light fixtures, or other items that will take two to three weeks to be delivered, will your builders be sitting around doing nothing until those items come in? Will you have to pay expedited shipping to get some materials on time? Make sure you plan ahead, so you get everything you need when you need it and don’t have to pay extra for shipping. If you order those items on your own, you may need to deliver them to the job-site by yourself.
7. Ask for Recommendations
Your friends, family, and coworkers may be able to suggest places to shop to find great deals. Ask around for recommendations, especially if you’ve never built a house before and are unsure of what goes into the process. Also, be sure to always ask your builder. They’ve done this many times and are likely to know exactly where to go to get what you want at a great price.
8. Buy Closeout Items and Remnants
If you find the quality of materials you want doesn’t fit with your budget, shop the remnant and closeout sections at various supply stores. Sometimes you’ll find incredible deals on a pattern that is no longer offered. While these supplies are only available in limited quantities, you may not need that much. For example, it won’t take many tiles to do a half-bath or an entryway.
9. Focus on the Big Picture
Some people become so focused on the small details that they forget to pay attention to the overall look of the house. Keep an eye on the entire project instead of becoming so focused on some small detail that you spend much more on it than you intended.
10. Look for Credits and Rebates
Installing solar panels? You can likely get an energy credit or rebate for that. Look at different options to get money back. In many cases, anything you install that is environmentally friendly comes with a credit or rebate.
Work with Belman Homes
If you truly want to save money on building your custom home, make sure you partner with the best builder in the area. Belman Homes can assist you in saving money without sacrificing your dream home. Contact them today to learn more.