Owning a house is a dream come true for many Americans. But many potential homeowners are torn between buying an existing home and building one from scratch. If you opt for a custom build, you can capitalize on benefits like customization, low competition, low maintenance, and sparkling living spaces, given that you are the first occupant. The basic idea is to keep home construction costs to a minimum.
If you’ve spent seemingly endless hours scrolling through real estate listings only to find that your dream home doesn’t exist on the current housing market, it may be time to consider a custom build. While the allure of building a custom home attracts many homeowners in-the-making, there are potential cost-related downfalls. For example, during construction, unanticipated hidden costs can drive expenses far out of your budget’s grasp. Additionally, there is no room for price negotiation when building a new home.
Construction is expensive and can quickly leave you penniless. However, this doesn’t mean you can’t lower costs while refraining from compromising quality. That said, below are some innovative strategies you can devise to slash your construction costs.
Opt for pre-drawn house plans over custom plans
Rather than purchasing a pre-drawn house plan, you decide to opt for a custom plan so that the final product is worthy of your wildest dreams. While there’s nothing wrong with displaying creativity in your new home, it can stretch homeowners well beyond their means. Additionally, a custom house plan can take ten times longer to construct than a stock house plan. Not to mention, these custom builds can cost up to 10 percent of the total construction costs.
In light of the above, take advantage of pre-drawn house plans. They’re affordable, and even when you make significant modifications, they’re still cheaper than custom plans. Furthermore, pre-drawn designs save you tons of design-related time, condensing your home construction timeline.
If the idea of pre-drawn house plans appeals to you, consider Monster House Plans when shopping for pre-drawn house plans. There are thousands of house plans to choose from, making the house-hunting process significantly less daunting.
Select your contractor wisely
Rather than rushing to start your home construction, take time to screen contractors that have cleared your top-choice list thoroughly. It will save you a lot of headaches (including costs) in the future. For best results, pick the contractor that is willing to work with your budget without compromising quality.
As a general rule of thumb, don’t hire the first contractor you stumble across. Comb through the hundreds of contractors available and compare their customer reviews. Additionally, make use of references to narrow your search.
If possible, procure for materials yourself
Talk to your contractor and subcontractors regarding the sourcing of construction materials. In some cases, your contractor may manage to spot reduced prices when buying in bulk (for items like lumber and paint). While these deals are good relatively, you can get your hands on cheaper building materials with some thorough digging.
You can scroll through online sources like Amazon, eBay, or Home Depot for new materials. If you have Habitat for Humanity ReStore in your neighborhood, contact them to inquire about when they receive donations. Here, you can find unique, high-quality materials at a fraction of the retail price.
Even if you aren’t one of the handiest folks, the motivator of staying under budget can refuel your dwindling energy supply. Roll your sleeves up and tackle some home-construction-related tasks like installing the sinks and lighting fixtures. If you have extensive knowledge of plumbing and electrification, you’ll be more than ready for the tasks at hand.
Opt for forgiving floor plans
Floor plans usually determine the complexity of the construction project. The more elaborate your floor plan is, the more expensive the construction project becomes. A simple floor plan reduces your construction costs since you don’t need to hire extra workers or deploy machines for walls with unusual curvatures. Put simply, when your floor plan has fewer angles, the construction material costs nosedive.
There’s a thin line between being frugal and being a cheapskate when building your home. For example, a penny-pincher will forgo essentials like air conditioners, despite having the money to pay for it. A frugal homeowner (who knows when to splurge) will devise cost-saving strategies mentioned above without cutting corners that compromise quality and comfort.
When you finally see that your blood, sweat, and tears were well worth the payoff, the construction-induced aches and pains will seemingly vanish.