Building your dream home is one of the most fulfilling things you will do in life. However, it’s also one of the most expensive to achieve. It can cost upwards of $300,000 to build a home in the US, and that’s just the start. Some mansions can go for tens of millions.
But there are ways in which you can save some money while building this dream home. In this article, I’ve noted down the top 10 money-saving tips you can use while you build your dream home.
1) Have A Heart-To-Heart Chat With Your Builder
Good communication is the key to a good relationship, even one with your builder. If you tell your builder exactly what you need and communicate the requirements properly, there won’t be any confusion later.
But not communicating with your builder will get you a home that’s not exactly like you envisioned. And that’s unfortunate if this is your dream home.
2) Visit Other Homes For Inspiration
Architecture books and home décor books are a great way to get inspiration for your dream home. However, nothing beats visiting homes yourself.
I like to scout new and old homes that are out for sale. This way, I get a good judgment on what the latest trends are.
3) Hire A Reputable Builder
Getting the right builder is one step that you don’t want to be stingy about. A good builder has been in the business for years and has a solid reputation.
Good builders are not usually cheap but they will help save thousands of dollars. How? By helping you avoid problems that can end up costing a lot more to fix.
4) Properly Negotiate The Construction Loan
A good builder will be a little flexible with the down payment he or she requires. However, a great builder will be able to not use all the loan funds early on in the construction process.
One of these golden builders can help save you $4-$6k, just in interest.
5) Don’t Afraid To Get Your Hands Dirty
If you are skilled with plumbing or something, get to work yourself. Working in your own home can be super satisfying, even if you do a small portion of the work.
However, it can save you thousands of dollars because you can save on higher another contractor for the same job.
6) Bid Out Your Cost
You can have builders bid at their prices to work on your dream home. This goes similar to an auction but for getting the job.
Some places require you to use certain builders but you can still get to know the cost ballpark by using this tip. At least, you will know whether you are getting ripped off or not.
7) Get Another Quote For Your Home Insurance
Never blindly follow a single home insurance bank for too long. I don’t mean jump ship every year but keep an eye out for better rates.
If you are a long-term client of theirs, they will probably requote your insurance to be lower. If not, you can talk to others to see if you can get a cheaper rate by shifting insurance providers.
8) Don’t Worry About Furniture At The Get-Go
Furniture is something that is going to require you to understand the layout of the finished house to buy properly.
I recommend waiting until the design or the building stage is completed before started to look for furniture.
9) Lighting On Sale
Lighting and the electrical fixtures around the house are a big expense. So, if you can save even a few percent on the overall cost, you are going to be saving hundreds.
Sales and discount stores are a great place to find bargains for electricals. You may not get the exact make and model of lighting you wanted but it’ll be a lot cheaper.
10) Buy Online With Coupon Code
Buying online is not more common than ever. But if you want to save money, be sure to only buy online if you have coupons.
Some coupon codes can save you 10-20% off the retail prices. You can compare these prices to those at the brick-and-mortar stores too.