There are many things we should take into account when building a new home. For instance, we are always looking for ways to lower our building cost. It’s extremely important in home construction. However, most people don’t know where to begin. Well, here are five ways to save money when building a new home.
Five ways to save money when building a new home for your family
1. Sell Your Own Home Without a Realtor
If your current house is in a desirable area you might do well to sell your house yourself. Use For Sale By Owner and save the extra commission that would go to the realtor.
Don’t be surprised if it takes some extra time and effort, but if you’ve got the time and want to save the money, this can save you big!
2. Get A Cash Rewards Credit Card With 0% APR
Cover as many of your expenses as you can with a 0% APR credit card. There are many of these offered by banks and credit card companies with 0% APR for 12 – 21 months.
You can even get one with cash rewards or flyer miles so you can get back a little money or save on future plane travel.
3. Hire the Right Builder
Shop around for your builder. This is one area that expenses can easily get out of hand if you don’t pick the right builder.
Shop their bid around to make sure it’s fair and you could save tens of thousands of dollars. Make sure they are licensed and insured. Check all of their online reviews thoroughly and see what kind of warranties they offer.
4. Shop Wholesalers Online
Doors, windows, moldings, fixtures, chandeliers, cabinets, sinks, faucets, shower heads, flooring, tiling, refrigerators… don’t pay retail when you can shop online at websites like eBay, Amazon, Half.com, Overstock, and others to get wholesale prices.
This can save you thousands of dollars. There is so much inventory just sitting out there taking up warehouse space and expense that big wholesalers are feeling the pressure to turn into cash quickly. Take advantage of their misfortune while reducing the cost of your home’s construction at the same time.
5. Know Your Tax Credits
The federal tax system is very favorable to you the year your buy or build your own home. Be sure to know what your tax credits are ahead of time so you can build your house in such a way as to take the most advantage of these savings.
Meeting certain energy efficient standards in your installations for instance can save you a lot of money on your income taxes. Remember a tax credit doesn’t reduce the amount of your taxable income. Tax credits reduce the amount of your tax obligation which equal big savings!
Looking beyond the five ways to save money when building a new home
There are many other way to cut home building construction costs if you are motivated! Being the General Contractor is a huge benefit if you have the time and organization skills. It does require a great deal of patience and the ability to adapt to the twist and turns you may encounter in the construction process. However, the savings may be well worth it!