When building a new home for yourself or your family, it’s going to be well worth your while to spend some time finding ways to cut costs and save on your bottom line, especially when this savings could result in you keeping thousands of dollars in your pocket once your home is completed.
To help you in doing this, here are three tips for saving money when building a new home.
Get Multiple Estimates
Once you’ve decided that you’re going to build a new home, one of the first things you’ll want to do is find a contractor to work with. While you might already have someone in mind to build your new home for you, you could be cheating yourself out of cost savings if you don’t get multiple estimates on your project before you choose who you’ll work with.
According to Becky Striepe, a contributor to HowStuffWorks.com, you should try to get at least three to five estimates on your project before you settle on a contractor. By doing this, you’ll get to see a good cross-section of what pricing structures are out there and what type of work you’ll be getting for the estimates you’ve received. Additionally, you’ll also find it easier to see if something is in a good price range once you have first-hand knowledge of what the actual price ranges are for your specific project.
Embrace An Open Floor Plan
The design and setup of your new home can have a big impact on what your final cost will be for construction.
To get the most bang for your buck, Laura Williams, a contributor to Money Crashers, recommends that you try to work in an open floor plan rather than sectioning off your home into too many separate rooms or areas. With an open floor plan, you’ll be able to put up fewer walls, which will save you money, while also making the most of the square footage that you’re including in your home.
Carefully Choose To DIY
For some people, doing any of the work on your new home isn’t going to be an option. But if you have the time and capabilities, you can save a lot of money by taking on parts of your construction by yourself.
To determine if this is a good idea for you, Laura Mueller, a contributor to House Logic, recommends that you really think about how handy you are and what projects would be okay with having work done that wasn’t completed by a professional. If you can find this sweet spot, you could save a lot of money on your construction.
If you’re wanting to save some money when building your new home, consider using the tips mentioned above to help you with this.
