6 Smart Ways You Can Save Money on a New Construction Home

Building a home for you and your family is probably the biggest investment you’ll ever make, so you can expect to spend a good chunk of your savings on this project. The costs will only rise if you choose to go custom with personalized additions and such. Building a new construction home certainly has pros and cons, but the control you’ll have over the project and the final cost will trump all negative sides. If you’re smart about your project, you can end up with a dream home yet keep it within budget. 

Create a budget

Before you start looking for contractors and sales representatives, make sure to call your financial advisor and see what kind of property you can afford. Any property purchase can quickly make you blow your budget and spend more than you can afford. That’s why you need to know exactly how much you can afford to spend. Once you have your maximum number, do your best not to go over it, even if you get properly tempted. 

Create a site-cleaning plan

One of the cheapest ways to help with construction and save money is to help with the site cleanup. This move won’t bump down the price of construction, but it will make everyone work more efficiently and carefully. An organized site helps the project move faster and eliminates certain issues, which means more money for you. Any delay in construction will result in higher interest payments and a boost in temporary housing costs. 

Consider knockdown rebuild process

If you’re not set on moving locations, consider knocking down your old home and building a new one in its place. This process is often less stressful and even cheaper than finding a new plot of land and building a house from scratch there. This is a popular service in Australia and other developed countries, so if you want to contact specialists in knock down rebuild in Sydney, you’ll have no problem finding someone experienced. Building a new house in place of your old one will also allow you to stay in your beloved neighborhood, save yourself time and nerve on moving and avoid selling and buying costs. 

Salvage some materials

Salvaging materials from your knockdown will not only save you some money but also make your building project green. Today, you can find yards specializing in the recycling of various building materials like doors, windows, cabinets, piping, electrical elements and similar. If you can’t reuse your waste, you can try to sell it and get some extra money. 

Splurge on the right things

Not all design elements are created equal, especially when it comes to the return on investment. Sure, you might want to stay in your house for a long time, but what if something changes and you need to sell? You don’t want your house to stay on the market for too long or achieve a low price. To get some idea: splurge on a quality basement and tall cabinets, but save some money on that master bedroom bump out which won’t motivate buyers to spend extra. Of course, your home is not an investment property, so you need to listen to your heart, but splurging smart will make you happy today and if you ever decide to sell. 

Consider conducting some DIY

Most contractors have fair prices, but professionals always cost more than a DIY job. So, if you want to save some money and know your way around tools, you can save some projects for later and conduct some DIY. If you’re fine with moving into an unfinished house, taking your time with DIY will save you a lot of money. Things that need to be installed before closing so you can get your loan approved will need to be done by pros, but you can easily hold off many things and do them later yourself. 

Building a house will not be cheap no matter what you do, but it can always be a little more budget-friendly. In order to save money on your new home, you have to be a careful and smart consumer. Sure, finding a balance between your wishes and your needs is hard, but with some creative thinking and smart money-saving tips, you can succeed in your task. 

About the author: Mike Johnston is an avid blogging enthusiast and experienced freelance writer with a focus in home improvement, interior design, family life, and sustainable living.

Guest Contributor: Mike Johnston