Many people are looking for ways to save money when building a new home. Currently, the country’s economy is very fragile. Banks and other financial institutions are timid when handing out loans for home construction. Previously, loans were handed out left and right. However, the larger the loans, the bigger the homes built. Due to the large cost of funding the construction of a new home, banks and financial institutions have become reluctant when handing out loans.
The Evolution Of Customers
Now, customers have evolved to become smart, savvy and environment friendly. Therefore, they are creating green, smaller and very affordable homes with the financing available to them. If you’re planning on building a new home, there are many ways to reduce the cost considerably. With such notions, banks and financial institutions are more likely to fund your project.
Fortunately, since manufacturers are competing for consumers, the prices for flooring, shingles, drywall and other construction project have reduced as well. Here are some amazing ways of reducing the cost of building your dream house and saving a lot of money from any construction project.
When building your home, buying the right piece of land can save enough money for you. Before making any purchases, you need to research and find out if you can build on it without any extra expenses such as blasting rock or clearing. Building on a mountain side or raw land might be magnificent but the cost of clearing rocks, trees or leveling the land will increase the overall cost of the entire project.
On the other hand, you might not have access to proper sewage lines, drinking water and other amenities. Adding these amenities will increase the cost of your project dramatically. As more areas become developed, it’s tough to find a suitable piece of land to build on. That’s why working with a credible realtor is always advisable.
2. Type Of House
You can also save some money on a construction project by choosing the right type of house. For instance, building a ranch is very expensive than building a two-story house. If you plan on building a ranch on 3,000 sq. ft. you need a roof and foundation that will be twice the area, if building a two story house. The living space of a two story house about 3000 sq. ft is spread on 2 floors. Therefore, there is a smaller roof and foundation. The ranch, on the other hand, will require the roof and foundation to cover the entire space.
If you save on the roof and foundation, you can reduce the overall cost of building your home thus saving a lot of money. Another advantage of a two story home over a ranch is that it can fit effortlessly in a smaller or a sloped lot. You can also save a lot of money with a rectangular house with standard windows and simple rooflines rather than one with intricate details. If you choose a two story house, you can save around $10000 – $20000 without compromising on the living space.
3. The Size Of The House
The size of your house can make a huge difference in the overall cost of your project. Every square footage added to your home will cost some money. The size of the house affects the entire project, starting from the foundation up to the roof as well as painting. You need to find a floor plan with enough space, amenities and allows you to make any modifications at very little or no extra cost.
Many people advocate that being your own general contractor allows you to save a lot of money on any projects. However, such an endeavor is advisable for people with extensive knowledge about constructing a new home. If you have successfully handled your own construction project previously, you can proceed with the same skills on your current project and save as much as 10% effortlessly.
4. Recycling, Reusing, Reclaiming And Clearance
If you want to save money on any construction project, you need to find ways to be green. For instance, you can start by reusing reclaimed parts from demolition projects or throwaways from other individuals. Additionally, it’s a great way to improve the aesthetic value of your home. By recycling these construction materials, you can save a lot of money because you can get the materials at a much reduced price or free.
You can purchase appliances or flooring materials are reduced prices when you’re planning your construction project. Look for clearances, sales, returns, reconditioned or discontinued products to make sure you’re getting the best discount. If you look at numerous retailers, you will find so many with discontinued flooring materials that are going for a very cheap price compared to the brand new products.
There are people who provide handyman skills to receive certain items. It’s also another way to save a lot of money when you’re building a new project. If you’re handy, you can ask the foreman to allow you to do a few projects to reduce the overall cost of construction. You can always ask for the handyman barter special where you can do the landscaping part of the project, painting or construction clean-up and reduce the overall cost of construction. Additionally, you can talk to manufacturers and retailers of construction materials to find a way to reduce your construction costs considerably. A quantity surveryor or someone in that profession could also help – see this post from PSR solutions to see how.
6. Going Green
Saving money on the construction of your new home goes beyond the construction process. Once your dream house has been constructed, there are many more expenses that you should expect. Therefore, you need to consider a few energy efficient ways to construct your home. For instance, try orienting your house with a roof slope facing to the south or large windows facing in the same direction.
These are some useful tips to keep your house warm at all times thus reducing your heating costs. Additionally, with a roof facing to the south, you can always install solar panels. Here, you can save money on heating costs and also get some tax savings because of using solar power. Additionally, you can save a lot of money with energy efficient windows and doors. Currently, most of the household appliances such as HVAC systems, water heaters and much more have also been manufactured with energy efficient features. By installing these appliances in your new home, you can count on more savings in the future.
Constructing a new home is a good investment that will save a lot of money from rent or lease. However, if you don’t want to waste more money on expenses, you need to find ways to save money when constructing your home in the first place. The tips outlined above allow you to construct your home in the most cost-effective way possible. Look through our website for more information on how you can save a lot of money when building your dream home.
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