Building a Custom Home: 6 Money-Saving Secrets You Need to Know
If building the home that you’ve always envisioned is your goal, but expenses are tight, it can seem nearly impossible to make it come to fruition. Having a custom-built home shouldn’t be unattainable, and here are 6 money-saving secrets that can make it within your reach!
- Pick a flat lot: Searching for land to build your home on can be an overwhelming process, but try to stick to property that will make your building journey easier. Hauling extra dirt off the lot is a huge hidden expense that isn’t talked about often, so starting the process with a flat slate will save you time and money. This also allows you to have a bit more flexibility when it comes to varied house design plans. If a piece of property is slanted or hilly, it could pose issues when it comes down to your envisioned layout.
- Fall in love with the Craftsman: The Craftsman-style home is a beautiful and simplistic design for builders to understand. It’s structured in a way that is considerably easier to build, therefore saving you on structural costs. When looking at different design styles, it’s easy for Modern designs to be eye-catching, however, they tend to come with flat roofs and a more complicated infrastructure, which are a larger expense.
- Pick a plan the builder has built before: If your contracted builder has experience creating the plan you’ve selected, there is a very high chance they will know where the best cost savings are during the process and will also have a great idea of what the cost per square foot is. It can even cut down the building timeline by 4 to 6 months. Collaborating with a builder’s in-house architect to personalize a floor plan rather than starting from scratch with an outside architect can save you anywhere from $50,000 to $150,000.
- Understand your estimate before you proceed: Before hitting “GO”, sit down with your builder to go over every line item to understand the builder fees and ensure the right amount of money was allotted for the build. Ask a lot of questions. This is an opportunity to see if there are missing items or certain fees you don’t understand. Feeling confident in the process and budget before signing a construction agreement will alleviate uncertainty and any stress revolving around expenses.
- Let your builder set your allowance budget: With years of experience and several builds under their belt, a builder will understand where larger and smaller allowances should be placed. You have the flexibility to adjust these allowances to your own needs, but it’s a great starting point to understand where the value of a home lies, especially if you are on a tight budget or plan on selling down the road.
- Minimize changes during construction: Design deadlines play an important role in staying on budget and on time, especially in the 2022 market where we are seeing inflation and a delay in product availability. It’s totally acceptable to question or change a selection after a deadline, but be prepared to pay more for that change and possibly delay the timeline of your build.
If you are looking to start your home-building journey, our team would love to get you started. Contact Mandi Highland at firstname.lastname@example.org for a complimentary overview of our custom home program.