No one wants to pay
more than necessary when building a home. But only the experts know how to save
money on construction, right? Not necessarily. Here are 15 tips that may help
keep your building budget within reason, without compromising on the home you want.
1. Buy a large lot
with a friend or family member that can be split into two smaller lots. Some of
the most appealing properties may be much larger than what you want or can
afford, yet the seller may not be willing to break up a large parcel. So if you
can share the cost with someone else (preferably someone you don't mind having
as a neighbor), you may be able to pick up a great building site for a
reasonable price.
2. Consider a
so-called problem lot — a hillside, narrow, or in-fill property. Generally, these
types of lots are not as desirable as others, so they don't sell as quickly and
often go for a much lower price. With the right plan and a capable contractor,
however, a potentially difficult lot might be perfect for your new home.
3. Choose a canal or
bay lot instead of ocean or lakefront property if you must have a waterfront
site. These choices are usually less expensive but still water accessible.
Plus, they provide great protection against inclement weather.
4. Buy
low-maintenance building materials — vinyl siding and metal roofing, for
example. Even if they are somewhat more expensive at installation, they will
pay for themselves in the long run as you won't have to repair, replace, or
repaint.
5. Collect salvaged
materials from demolition sites. Old barn wood, used bricks, and distinctive
wood doors add inexpensive character to a home without exorbitant cost. Many
times you can have the materials at no cost, as long as you're willing to haul
them away. Just be sure to check first with the owner of the building being
demolished.
6. Splurge only on
those things you truly cannot live without. However, don't skimp on structural
components or doors and windows — for the safety and security of your home,
you'll want to purchase the best you can afford in these areas.
7. Don't overbuild
for the neighborhood. A home that is better and bigger than any other in its
area will not command a fair price at resale. Instead, the assessment will be
colored by the lower-priced homes around it.
8. Monitor
construction allowances as the home is being built to ensure you're getting
what you asked for (and are paying for). This includes decorative details as
well as structural elements. If you and your builder agreed, for instance, that
a particular brand of insulation would be installed, don't accept a lesser
brand — at least not without a cost adjustment.
9. Use only a
certified general contractor. The experience of a well-qualified contractor is
invaluable to the home-building process. In addition, seasoned professionals
have established relationships with suppliers and subcontractors — something
you cannot possibly hope to get without years of experience in the business.
10. Try to avoid
site preparation charges — hauling in-fill dirt, grading, clearing trees,
blasting rock. These processes are expensive and add time to the building
schedule right off the bat. Choose the best site you can afford and then pick a
plan that fits that site or can be modified to better suit the site.
11. Avoid change
orders — the changes in materials or blueprints that invariably occur in the
midst of the building process. Not only do change orders cost more money, they
add considerable time and frustration to the building process. Decide exactly
what you want before ground is broken — and then stick to it.
12. Keep the depth
of your home at 32 feet or less. Any more than that and roof trusses may need
to be specially designed, which can add significant dollars to the overall
building cost. If you have sufficient land and want a larger house, consider
adding width or additional stories.
13. If you really
want ceramic tile or hardwood flooring but feel you can't afford it right now,
consider vinyl flooring. Vinyl makes a good under layment, and the tile or wood
can be installed right on top of it at a later date.
14. Choose a stock
plan over custom-drawn plans. The savings in total cost are great and you can
probably customize the stock plan to get exactly what you want.
15. Do you really
need a three-car garage? If you only have two vehicles and you're counting on
the extra bay for storage space, consider other areas of the home that will
work just as well — attic space, space under a stairwell, or spare bedroom. Or
put up a garden shed, which is cheaper than building a huge garage.
