The Liz Moore Market Watch Blog

Five Ways to Save Money When Building a New House

Posted by Lynnette Tully on Thu, May 30, 2019 @ 04:21 PM

The idea of building a new home from the ground up is exciting to many families. Being in control of features, colors, and layout is immensely satisfying as you can create a home for your specific needs and to your exact specifications. However, the costs of building a house can quickly add up and new-builds often end up massively over budget.

sharon-mccutcheon-556371-unsplashHere are Five Ways to Save Money When Building a New Home:

Shop Around the Market
The contracting industry is large and diverse, and there are plenty of companies available, so you never have to go with the first contractor you see or obtain a quote from them even if you build a rapport with one particular builder. Instead, make sure to get a variety of quotes from multiple companies so that you can compare and contrast their offerings. If you are strategic about it, you can even use competing quotes as leverage to encourage the contractors to reduce their pricing. 

A Smaller Footprint
The equation is simple: the bigger the home, the more money it will cost to build. Opting for a slightly smaller house can be a great way to save a lot of money. If you arrange it carefully, your small home can usually offer the same functionality as a larger one. For example, you can maximize the efficiency of space in your home by opting for an open-floor design. Having more open spaces in your home gives the feel of ample space without requiring the square footage (or a large invoice). 

Simple Aesthetic is Useful 
It can be tempting to opt for a stylish or complex look for your home. While this may end up looking nicer than an average home, the costs will also increase accordingly. Experienced home builders have found that adopting a simple and straightforward design is both easier to manage and cheaper to install. These simple finishes can also be helpful when it eventually comes time to sell. Potential buyers might not like your unique design choices if they do not share your tastes, but just about everyone is okay with simple design options. 

DIY is an Option
Although certain parts of a home should be built or installed by a qualified professional (such as plumbing, foundation, and electrical), there are plenty of opportunities for do it yourself work. Opting to carry out these projects yourself can save you quite a bit of money. Fixtures and fittings are a great place to start. If you are confident in your work, you can then move on to more complex projects.  

Don't Skimp on the Essentials
Cost-cutting is an integral part of the process of building your own home. After all, you are trying to stick to a budget. However, there are some aspects of a home where you should not go for the cheapest option. These include the roof (which protects the house against water damage), insulation (vital if you live in a seasonally cold area), and structural elements. Opting for cheap from the start can often cost you more in the long run as things begin to break. 

Building your own home can be a roller coaster ride from start to finish, but with these tips you can make the trip more comfortable and more affordable. 

Are you thinking about building a new home in the Richmond area?  Email us at rva@lizmoore.com and we can help you get started!

Tags: RVA Home Building