Just because you’ve somehow managed to save on construction enough ducats to buy land and build the house of your dreams from the ground up doesn’t necessarily mean that you have the unlimited dough to blow on the project. In truth, hiring a construction company to build your home has the potential to cost less than purchasing a ready-made house because you’re cutting out the middle man. And you’ll get everything brand new. So there’s a lot to love about the prospect of building a new home. But you have to be careful – common errors could lead to skyrocketing costs.
Here are just a few helpful hints to keep you from overspending and even save on construction you a few bucks along the way.
Plan, Plan, Plan
The first lesson is this: plan, plan, plan! You cannot afford to underestimate the value of careful planning when it comes to sticking to your budget during a construction project. Spend some time and money working with an architect and contractor to get all of your ducks in a row before you ever break ground on your new home. You’ll save on construction both time and money once you get started, especially if you can follow the plan to completion without making any major changes. And for that matter, don’t forget to carefully plan your budget, accounting for potential overages that are bound to occur. If you reach the end of your project and it turns out your padding was unnecessary, you can use the extra funds to buy some new furniture. But it’s better to have that cushion and not need it than vice versa.
As for increasing your overall savings on a home construction project, there are several options to explore. For starters, you should get bids. Would you buy the first toaster oven you stumble across in the first store you visit? At the very least you probably think about choosing a warehouse store over a department store, just for example. And from there you compare products side-by-side on the shelf to see what options and warranties you can get for your money. It’s no different when you’re shopping for an architect or contractor. You need to be a wise consumer and get bids for the project so that you can compare one professional to another. You might not end up choosing the cheapest bid, but when you select the right vendors, you stand to save on construction money by not changing horses mid-race, so to speak.
You should also ask your home construction specialist to help you nab discounts that are normally reserved for industry professionals. The “builder’s discount” is no secret, so when you start purchasing building materials, make sure your contractor uses connections and discounts to your advantage. Just don’t forget to sign a contract. Even if you trust the professionals you’ve hired to make your dream home a reality, it’s important to protect all parties involved by putting the agreement in writing so there’s no confusion. The process of building a home is not cheap, but at every step of the way, from securing plans from advanced house plans to laying down the final piece of flooring, you can save on construction money if you’re smart and you’re careful. You simply have to exercise due diligence, negotiate, and plan to the best of your ability.