If you are determined to build a new home, there are many ways to keep costs down. This, of course, will make banks more likely to finance your new home construction project. Fortunately for consumers, prices for home construction products ranging from floors to tiles to drywall are very low as all manufacturers compete for consumers.
Here’s a list of his top money-saving tips on building a new home:
LAND:
Buying the right lot could save you a lot of money when building your new home. Before buying the land, do your homework and make sure it can be built on without excessive expenses like clearing and blasting rocks. Unbuilt land or a hillside retreat may look wonderful, but clearing the land of trees, rocks, and grading could add an additional cost to building your home. Also, virgin land may not have access to safe drinking water and proper sewer lines, and adding them will not only be necessary but will cost extra to build your home. Finding suitable land is increasingly difficult as areas continue to develop, so you must work onclose collaboration with a trusted real estate agent.
HOUSE TYPE:
The type of home you select can be one of the easiest ways to save money. It is generally more profitable to build a two-story house, rather than a ranch.
Saving on the foundation and roof can dramatically reduce the total cost of building your home. By simply choosing a two-story home plan, you could save $ 10,000 to $ 20,000 in construction costs without losing any living space.
HOUSE SIZE:
It boils down to square footage, because no matter how you cut it, every square foot you add to the surface of your new home will cost you money. The size of the home impacts all aspects of construction from the foundation to the roof to the last coat of paint.
DIY DISCOUNT
You have heard the stories and have probably even seen the television shows. If you are or have been successful in being your own general contractor, you could save up to 5% to 10% on the construction of your new home.