Building a home is awesome! For many, it’s a dream come true, but building a house from scratch can quickly become overwhelming, especially when the price of the home continues to increase as you add options & upgrades. So today, because I love you, I’m going to show you the Best way to save money when building a home.
Utah Realtor: Ty Wilde aka Ty The Real Estate Guy
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Here’s 12 things you can do to save money when building a home.
#1 Select the right home builder. Not only can the right builder be less expensive by tens of thousands of dollars, but the right home builder can also give you a better experience.
#2 Set a budget. Sit down with your partner ahead of time & agree on a final or highest price you will pay. Then write a list of your must haves & things you want but can live without.
#3 Sweat equity. Some builders will let you do some of the work yourself. This can save your thousands of dollars if you have time to do the work on your own. That being said, most homebuilder do NOT allow sweat equity anymore. If that’s the case, instead consider what type of things you can add or do on your own after you close on the home.
#4 You could buy a spec home instead of building from scratch. There’s a high probability the spec home won’t have many of the specific things you want, but you still get a brand-new beautiful home. Usually, these quick move in homes come with nice, but more affordable options to keep the price down a bit. When people build a house, it’s common for them to go over budget.
#5 Build a right sized home. One of the most common mistakes I see people make is that they want the biggest & best home. It’s human nature. But, obviously that comes with a cost. Actually, it comes with a lot of costs. Not only will you pay more for the bigger house, but you may need to get a bigger homesite which might be more expensive. On top of that, the bigger the home, the more expensive it will be to upgrade things like flooring, cabinets, counter tops & etc.
#6 Build a little further from the city. Home prices usually drop as you move to the out-skirts of town. A 5-10 drive could save you tens of thousands of dollars. For many this small change is the difference between settling on a home vs. getting what they want.
#7 Time it right. The large national builders have shareholders & there’s a lot of pressure to hit their goals. That means at the end of the quarter, or even more so at the end of the year they can get a little desperate. They’re often more willing to give an incentive or reduce the price of their homes. Also, try to build a house in a slow market.
#8 Use the builders preferred lender. Usually the builder will pay a portion if not all of your closing costs.
#9 Build a good credit score - Yes, I know this one is a little outside the box, but the better your credit score, the better mortgage interest rate you will get & that will give you more buying power. This will give you the ability live closer to the city or to build a bigger & better home.
#10 Look beyond the price sheet. You will also want to compare their included features. This will give you the best apples to apples comparison. Also look at the average lot size from one builder to another.
#11 One of the best ways to save money is to spend more money. If you’re planning to stay in the home for 10 years or longer, buy nicer products that won’t need to be replaced as soon.