5 Ways to Save Money When Building a New House
Building a home can be more expensive than buying one. It does not have to be, though. And if building a home can yield you the home of your dreams or at least one that fits your life, then it can be worth the hassle and expense. But to help you cut down on the expense, here are some things you can do to keep costs down when building a home.
Shop Around for the Best Contractors
The best contractor is only sometimes the cheapest contractor. Sometimes you do get what you pay for. Skimping on a contractor can mean costly delays and subpar work. Those mistakes and delays can cost you more than paying for a better contractor. That does not necessarily mean you have to go with a top-of-the-line price tag. Go for the contractor in the middle of the price range but who has excellent reviews on websites like Yelp. You might pay more than the bargain basement contractor, but you will likely pay more than make up for it in quality.
Do It Yourself When You Can
Unless you are a master electrician, plumber, and contractor, you probably will not be able to do it all yourself. But there are specific projects that you can do yourself. And doing it yourself rather than outsourcing it will save you a lot of money. For example, installing an electrical panel is certainly a job for someone who knows what he is doing and has the certification and insurance to prove it. But you can do typical DIY on things you might DIY, like flooring and paint.
Purchase Materials Yourself
When a contractor purchases materials for you, he marks them up 30% to 50% of their retail price. Before hiring a contractor, see if he is willing to give you a list of materials and allow you to purchase those materials for them. If so, you can write that into your contract. Just remember, you are looking for more than just the least expensive materials. You are looking for not marred or warped lumber and fixtures that will fit in well together.
Keep It Small and Simple
One of the best ways to save on building a new home is with the design. It would be best to keep the footprint as small as possible without sacrificing functionality. Keeping the design simple and open is also an excellent way to reduce costs.
Build During the Off Season
When possible, build during the off-season. Contractors have busier seasons and slower seasons. Most contractors will charge a little less during the off-season to get the work done. Of course, working during the off-season may mean that your contractor has to lay road mats on the site to prevent construction vehicles from getting bogged down in the mud, but mud is a small sacrifice to pay. You should check with some contractors to find out when the busy season is and when they are willing to work in the off-season.
Building a new home is a big undertaking. It can be consuming both time and money. Let these tips help you to find ways to save on costs when you can.
