Building a home from scratch is one of the best ways to ensure that you get the home of your dreams; however, it can also be a very expensive process. Here are four ways that you can save money on the building and construction costs associated with building your own home.
#1 Get Multiple Bids
After you have an architect create the plans for your dream home, you are going to need to find a builder who is able to make those plans come true. Do not just go with the first custom home builder that you find or that is recommended to you; instead, make sure that you get bids from three or four different builders whose work you are interested in and have looked at.
The bids can vary greatly that you get from one builder to the other; these can be difference that are based on the actual cost to build your home or it can be based on the perceived value that the builders put on their work.
Never go into a new build without shopping around; it will allow you to make sure you are getting the best deal, and it will help you see if your budget for each room of your home is realistic.
#2 Try To Negotiate The Construction Loan
Second, talk to the builder that you hire and see if you can negotiate the construction loan. You may be able to get your builder to accept a smaller down payment to get the job started. If your builder will get a smaller down payment, you may be able to make that payment in cash, cutting down on the overall loan that you need to take out.
#3 Use Wholesalers
When shopping for the supplies that you are going to need for your house, look on wholesaler websites instead of on retail websites. You can generally get some great savings by shopping from wholesalers instead of going through traditional retail stores. Also, try to buy enjoy from one wholesaler so that you can take advantage of any free shipping that they offer. Paying shipping for every item that you need to order can quickly add up. Before you check out, see if you can find a coupon code that you can use to further lower the price.
#4 Pitch In
Finally, you can save some money by pitching in and doing some of the work yourself. Assess the construction skills that you have before planning the build as well as the free time you have to contribute towards the build. Then, pick which projects you plan on doing yourself and let your contractor know so that they can take these costs out of their estimate.
The above four strategies are just a few ways that you can reduce the overall cost of building your dream home.