Your dream is coming true: You are finally building your own house.
The question is, can you truly afford it? What happens if — or should we say, when — unforeseen expenses threaten to push your construction costs above budget?
Research shows that the average median price of a home is just under $270,000.
Fortunately, you can take a few proactive steps to keep your costs as low as possible. Here’s a rundown on five simple ways to save money building a house.
Let’s get started!
1. Smaller is Better
Remember that the bigger you’d like your home to be, the more expensive it will cost you.
Of course, if you have a large family, then a 900-square-foot home may not necessarily be feasible. Just be sure to focus only on what you truly need in your new home to avoid paying for more space than necessary.
2. Be Your Own Construction Worker to Save Money Building a House
You may not be a handyman — or handywoman — by any means. But that doesn’t mean you can’t find at least one or two things you could do yourself to avoid paying a professional to do it.
For instance, perhaps you could paint your interior walls. Or maybe you could find out on YouTube how to install or repair a toilet.
Yes, figuring out how to handle some tasks yourself can no doubt be frustrating and confusing. However, paying professionals to complete these tasks can easily add thousands to your budget.
So, if you’re all about saving money, don’t be afraid to get out of your comfort zone and see what you may be able to do for yourself.
3. Choose an Aesthetic That is Rustic
If possible, try to choose an aesthetic that is forgiving — for example, a rustic or industrial one.
This is a smart move because in the event you can’t immediately finish a project, what you’ve already completed won’t look half bad until you can get the project done.
For instance, perhaps you could choose concrete flooring. You could easily dye this type of flooring in sections without necessarily causing visitors to raise an eyebrow.
4. Do Your Own Material Sourcing
In some situations, your subcontractors and contractors can get items in bulk at better prices — for instance, paint or lumber.
However, at other times, it may behoove you to look for your own materials, as you may find some incredible deals depending on where you look.
For instance, search for competitively priced projects online. Or check out a store that sells gently used items at lower costs than you’d find in a department store. (If you do happen to find a discount couch you’d like to buy, for example, don’t forget to buy a heavy duty caster to keep it in place in your new home.)
5. Timing is Everything
One of the best times to start building your new home — if the weather in your region will cooperate with you — is the middle of December and early January.
Because contractors are typically slow during this time, so they’ll likely be willing to complete your project at a discount to attract you to them. You can’t beat that.
How We Can Help
In addition to highlighting how to save money building a house, we offer a number of DIY tips for those interested in saving money in other ways, too.
Take a peek here to find out how to cut your costs and learn a new skill area while you’re at it this fall.