Save Money While
Building A House

This advice is not new but it is one of the most important parts. Creating a budget gives an idea of how the other expenses would cost. This would come handy especially in expensive areas. It is difficult to stick with the planned budget with the near-infinite possibilities and ideas for your home.

But if you are set on saving money, receiving help from experts like financial planners and real estate agents is helpful.

Home builder companies have different specializations so it is important to know what and where you want your house built. When deciding to build a house,
deciding which builder would be in your best interest.

It is better to receive quotes from several different contractors. You can ask your real estate agent if they can recommend builders that they have worked with in the past.

The right floor plans may be able to save you money. Too much customization may cost you more. Also consider the builder’s specialization as they might charge more if you deviate from the plan.

Builders can offer you choices on your appliances but if you deviate and buy from third parties which offer it for a lower price, you may be able to save money. Add the installation costs in the total price with the appliance from the third party. Consider which can save you more money.

Bulk items are better to be left for your builders to deal with. But for individual items, it is better to shop around first and see if you can save.
Other than appliances, you can also look for cheaper HVAC systems, water
heaters, radiators, etc.. Ask your contractor first if it is okay to do substitutions instead of their recommendations.

While you can save on your appliances, you can probably save on the installation costs too. If it is not complicated, you might be able to do the installations personally. When you are trying to save as much as possible, every dollar counts. Important note: There are some items that you cannot install after move-in, depending on where you are building. Oftentimes, items like counter tops and some sinks must be installed before your lender will approve the loan.

Look into lenders and speak with them about your options as soon as you can. Different lenders can provide unique closing credits and incentives when you close. Inquire with your real estate agent about lenders too. They can help you clarify the type of loan you need but you can also be sure with their trusted lenders.

Keep your options open with upgrading in the future. If there is a higher-end appliance for furniture you’d like, you can add it to future upgrades. While upgrades can increase your home value, some renovations do not help.

If you’re trying to be cost-conscious on your new construction, it’s important to have all the information about what you are going to pay. So, after you reach a final decision with your builder about everything you want in the home, get a line-by-line breakdown of the cost of each element. Once you see the costs of everything lined up, you might realize that some of the upgraded pieces are not as vital as you originally thought. Sure, the deluxe window sills seemed necessary when you first saw them — but once you see how much they are eating into your budget, you could easily change your mind.

Building (or buying) a new house is too important to do on your own. This is the reason why you see people lose out big time when trying to sell their home by owner too. Succeeding in real estate takes years of experience and a lot of dedication — but you shouldn’t have to worry about that!

At the Banks Team, we specialize in helping people find or build their dream home faster, cheaper, and with absolutely zero stress — and we want to help you, too! If you are interested in learning more about how we can help you, just click here and schedule a time to speak with one of our expert agents!