How to Save Money on a New Home Construction
In case you decide to construct your home from scratch, the customization to suit your needs and liking can make the construction quite expensive. The good news is that there are ways to control the cost of building a new home if you are smart. That way, you will be able to build your dream home within your specified budget, and come away as a delighted homeowner.
Set a Budget
Consult your financial advisor to figure out how much you can spend without feeling the pinch or draining your bank account. Once you have a ballpark figure, you know that you have to work within that amount. Just make sure you resist the temptation to exceed the budget.
Be Flexible with the Base Price
The base price reflects the basic structure of your new home, lot cost, finishes, and landscaping cost. This price does not include the extra structural elements, such as a fireplace, cabinetry, interior and exterior upgrades, and room extensions. Be a little flexible with the base price but make sure you do not overspend.
Select Your Contractor with Care
Make sure you get quotes from multiple commercial general contractors in Santa Rosa before you decide to choose one. Compare the different quotes so that you can select a contractor who offers you more reasonably priced upgrades and incentives. Make sure your chosen contractor offers high quality as you do not want to spend your hard-earned money on faulty or substandard designs and features.
Compare Closing Costs
Initially, you will have to make a down payment to the contractor. However, do not wait until the last moment to speak to your lender about the cost of closing the loan. Also, check with your builder about their preferred lender, as many offer incentives if homebuyers go with their lenders. If you can save a few thousands in closing costs with one lender and get a good interest rate, go for it.
Opt for DIY
There are many things in your new home that you can install yourself. This will save you money as you will not have to hire a professional. Remember, kitchen sink and counter tops among other things, have to be installed by the builder. However, there are other things, such as cabinet pulls, that you can install yourself, and save a significant amount.
These are some of the ways to save money when you are building a new home. There are several more that you can look into and use so that you can build your new home without breaking the bank. You may also consider hiring Holly & Associates for any renovations or while building your home. Our interior designers and architects have years of experience in constructing commercial and residential buildings. Call us today at 707-541-0700.
- Posted On December 27, 2019