Deciding to build a custom home isn’t something you can do on a whim. It’s a huge responsibility and takes a lot of time to complete. It also requires money, which not everyone immediately has unless they’ve saved for it. Making anything can be challenging when trying not to splurge on materials.
However, you can still build a safe and beautiful home on a limited budget. This blog offers fantastic tips to save money before and during construction. So, keep reading.
Coordinate With A Reputable Building Contractor
If you have yet to learn to build a home, work with someone who does. A trusted and skilled building contractor will guide you through the process. They’ll be in charge of mostly everything, from planning to construction, while staying within your intended budget.
Consider sourcing building contractors near your area or where your dream home is. That way, it’ll be easier for them to go to and from the property. You’ll also have improved coordination and prevent mishaps caused by miscommunication. Communicating well with your building contractor is always ideal because mistakes made during construction could incur additional costs.
List The Basics Of Your Home
Before you get your construction loan approved or buy the necessary materials, determine what your custom home needs. Some of the essential factors you must take note of are the following:
- Square feet space
- Number of bedrooms and bathrooms
- Additional functions and features
Planning and finalizing these components help determine how much you’ll need to build your home. If it’s too challenging, you can work with your building contractor. You might go overboard with the custom designs and the size of your home, going beyond your price limit. The contractor should help you pick reasonable choices while following your budget and goals.
Consider Sizing Down
A smaller home may suit you if you’re strapped for cash. Tiny houses are getting quite the audience lately, not only for their aesthetics but for their budget-friendliness. You might enjoy living in one, especially if you live alone or have a small family.
But take note of the differences. Tiny homes are usually 600 square feet or less and cost under USD$100,000. Meanwhile, homes around 1,000 square feet could cost USD$125,000. Whichever you choose, you can still get the essential rooms like bedrooms, bathrooms, and a common living area. However, they’re a lot less spacious than usual.
The advantage of building a smaller home is using functional space-saving furniture. You can have a sofa that converts to a full bed or a foldable dining table to make more room. The best part is that most of these pieces look luxurious and won’t break the bank. So, your tiny home still gets some excellent interior minus the high costs.
Choose An Affordable Location
Some first-time future homeowners forget that location plays a significant part when budgeting for a house. It’s crucial to note where you plan to build your custom home. Certain regions in the United States have a high cost of living (COL).
For example, as of 2023, northeastern states like New York and Massachusetts are one of the most expensive places to live. On the other hand, the Midwest has a lower COL, and it’s cheaper to buy or build a house there.
Property lots may also be costly depending on their size and condition. When choosing a plot of land for your custom home, research the neighbouring lots for how much they usually cost. Check for records on excavations and existing infrastructure, like sewer pipes. The lot might also have obstructions or another structure you must tear down.
These factors make up the cost of a location, and your budget may have to adapt to them.
Use Cost-Effective Building Materials
One way to stay within your budget for building a custom home is by using cost-effective materials. These affordable items provide the same function and physical stability every home needs.
For instance, consider using reclaimed wood instead of buying brand-new wooden flooring. Visit a salvage store or search online for old yet reusable home fixtures like windows and doors. Look for a building up for demolition and request if you can retrieve certain materials. Check out this residence with reclaimed wood elements for inspiration.
Aside from that, you could use prefabricated panels and precast concrete. These materials are premade in the factory; you only need to buy and install them. Building the panels and pouring concrete on site takes several tools, time, and manual labor, which add to the costs. You can save much money using premade materials for your custom home.
Final Thoughts
You needn’t worry too much if you have a limited budget. You can still turn your dream custom home from fantasy to reality with money-saving methods and professional help.
Reputable building contractors will try their best to construct your home without overspending. However, cooperate with them by sticking to the plan, adapting when needed, and thinking outside the box when issues arise.
