Building a custom home can be extremely exciting but it isn’t exactly inexpensive. And going way beyond your budget can turn what should be an amazing time into a stressful one. Fortunately, even when building your dream home, there are ways that you can save money. Here are our top five tips to keep your costs and your stress level down.
1. Decide what your must-haves are early in the process.
Once your custom home is underway, you are going to have all kinds of options available to you – and if you haven’t thought through exactly what you want and what you can live without, it may be tempting to make upgrade upon upgrade. But this is one of the fastest ways to blow your budget. So, decide early on what you want. Would you love to have hardwood flooring throughout the living space but can live without the granite countertops in favour of quartz? Then make the flooring a priority in your budget.
2. Find the best deal on a construction or home loan.
Depending on the builder, you may require a construction loan for building a custom home. And most people will certainly need a mortgage. Like most things in life, you will usually get the best deal when you shop around. Be sure to talk to your bank or mortgage broker early in the process to get some rate comparisons. You will also be likely to get a better rate if you have a higher credit rating, so if your credit needs some work – start now! Also, avoid making any big purchases on credit prior to getting approved for your loan.
3. Look for deals on construction supplies and appliances.
There are a variety of ways that you can get construction supplies and appliances at a discount. If you are purchasing supplies yourself, look for sales and discount codes. Also, your builder may have a special discount code that they would be willing to let you use as well. If you are patient and keep your eyes open for deals, you can save quite a lot of money on both supplies and appliances.
4. Get what you need before you need it.
If you wait until the flooring needs to be laid before you get it, then you are not going to have the same opportunities to shop around and find a great price. The same can be said of most of the supplies that will go into building your own home. Getting things before you need them, will in the long run help you save money.
5. Make your move more affordable.
Moving day – the day when you finally get to live in your dream home – can be super exciting. But here too, there is an opportunity to save some money. While your home is being built, you can start collecting free boxes. You can also recruit friends and family who are willing to help you move – just don’t forget to repay them in some way – perhaps a BBQ party at your new digs!
For more information on building custom, or the process that goes along with it, contact us at Kantium.