If you have the money, then custom home building is the right course of action to take. There is nothing more reassuring and comfortable than having a home that has never been occupied by anyone except you and your family. If you break the toilet, then that’s your own fault!
Yes, most potential homebuyers will acquire a home that has been standing tall for a few decades. However, if you can buy a plot of land and construct a new home, or even tear down a 50-year-old abode, then you should do it.
This can be difficult to do, especially from a pecuniary standpoint. But if you do move ahead then you must employ a series of cost-cutting and money-saving measures.
In the end, you can live inside your dream home, one that has never been touched by anyone other than you spouse, children and pets. Is there anything better than that?
Here are five money-saving tips when you’re custom home building:
1. Obtain a 0% APR Credit Card
Equipped with a credit card during the home building process can be both dangerous and helpful. Dangerous because if you’re not careful what you’re spending you can face a lot of debt. Helpful because you can monitor your expenses and ensure you’re following a budget.
Should you utilize a credit card, you must make certain that you get one with zero percent APR. These credit cards offer zero interest rates anywhere from 12 to 24 months, which means you won’t bear higher credit card bills for up to two years, and that’s extremely helpful!
2. Hire the Right Builder & Architect
Let’s be honest: you must hire the right home builder and architect for your dream abode.
This will take a lot of research, testimonials, recommendations, interviews, estimates and consultations. Building your home shouldn’t be left up to the amateurs, the derelicts and the unprofessional. You will want a builder and an architect with experience, dedication, reputation.
Most important of all, you must demand everything to be completed in writing!
3. Negotiate the Construction Down Payment
Prior to launching construction efforts, the home build will request a sizeable down payment.
Well, you need to tap the negotiator inside of you to ensure that you get the best value possible. For the most part, a down payment should be around 10 percent of the entire cost. For example, if the construction will cost you $100,000, then you should put down around $10,000.
Here is a piece of advice: never, ever put down 30 percent of the price-tag.
4. Wholesale vs. Retail: What to Choose?
Many homeowners make the mistake of buying everything retail to save time and energy – but you won’t save any money by purchasing your housing needs through retail.
What is the other option? Wholesale.
Whether you need a new front door or you need carpeting, if you nab these items on wholesale then you can save thousands of dollars. You just need to do some of the work yourself (see below); paint and stain a front door or cut the carpet.
If you’re unable to handle these tasks, then you can hire someone, which will still be cheaper than going the retail route.
5. Get Your Hands Dirty!
The best way to save money in erecting your dream home? Get your hands dirty!
Because many of us have gone soft in today’s environment, we refrain from getting involved in the construction process. But since you’re investing a lot of money in custom home building, you should be involved as much as possible. This could be installing the front door, painting the walls or building closets.
Even something as mundane as screwing in light switch cases should be done by you. Who knows? Getting your hands dirty could put more loonies and toonies in your hands.
Custom home building can be rather overwhelming, and time-consuming. At the same time, custom home building is fun, exhilarating, and gratifying. As long as you pay strict attention to the endeavour, and you remain in the loop at all times, you’ll be pleased you went down this path.