How To Cut Costs When Building A Home

If owning your own home is an important part of the American experience, building your own house is the ultimate realization of the American dream. There is nothing quite like a living space that is made just for you. Having a home built for you can be affordable if you get good financing and do a bit of research.

Financing Your Home

Ideally, you want your home to look good and be functional and practical. It would also be nice if it could be paid off within 10 years. Most people get a loan for the cost of construction. However, there are some portions of the interior that may not be covered by a construction loan. These loans are short term and they normally allow you just enough time to build the home. You will then get what is known as an end loan to pay off the construction loan. You will need to have a reliable builder and a detailed plan to obtain a construction loan. 

A lender will want to know that your home has resale value and that construction won’t cost too much.  Fortunately, there are a few things you can do to keep the cost down when building a new house.

Concentrate on Needs Versus Wants

Everyone has a dream home. Most people even fantasize about the perfect place to live during childhood, However, it may not be realistic to build the giant game room or tennis court you always wanted. Sit down and figure out how much your house is going to cost per square foot. Then take into consideration how many people will be living in the home and how big each bedroom should be. A living area should be big enough to accommodate everyone who lives there at once and so should a dining area. You may not care about having a big kitchen, but future buyers might.

Remember that plumbing is one of the most expensive and complicated things about home building. You never want to skimp on the quality of the plumbing installer or the quality of the pipes. You can cut corners by skipping such luxuries as Jack and Jill sinks and jetted tubs.  Sinks and tubs can be replaced eventually. In the meantime, you should concentrate on building a good foundation for your home.

Research Your Contractors

You should always investigate any home building contractor you may be considering. Googling is not enough. Yes, you should read reviews, but remember that some reviews may not be real. You can contact the State of Colorado’s regulatory boards to make sure that home builders, plumbers, and electricians have up to date licenses and no complaints against them.

It is also important to get multiple bids from different contractors. Let them know that you are doing research and that they have competition.

Don’t Be too Cheap

There are some things you will not want to skimp on, such as insulation. Loose-fill cellulose or fiberglass is considered quite good for saving homeowners money on heating and air conditioning in the long run. Foam installation may be cheap and tempting to get, but you may regret your decision when the electric bill comes.

Mountainrenovations.com  can help you build a beautiful, safe and energy-efficient home. With a lot of planning and a good home builder, you can make your vision of building your home a reality.

Authoritative Sources;

https://apps.colorado.gov/dora/licensing/Lookup/LicenseLookup.aspx

https://pro.homeadvisor.com/article.show.Plumbing-Pitfalls-for-Bathroom-Remodels.13852.html