If you want to build your own home, you need to be ready to pay a pretty hefty bill. First, you have to purchase the land that you are going to build on. Then, you have to pay for the labor of the home builders and the parts to create your dream home, which will require you to work with a wide variety of contractors. Although building a home is expensive, there are lots of ways that you can save money when you build your dream home.
#1 Get Creative When Buying a Lot
One of the bigger expenses when building your own home is buying the lot where you will put your home. There are lots of ways to reduce the cost of purchasing land. You can look into "problem lots" that have been on the market for a longer period of time. Problem lots usually have physical obstacles that will require more planning or labor to fix, such as a hillside or a really narrow lot. A problem lot, though, can turn into a dream lot if you just look at the space the right way.
Another way to get creative is by purchasing a larger lot which you are allowed to split into two smaller lots per local zoning laws. If you can split the lot, you may be able to go in with a friend or family member to split the cost. Just make sure that you are okay with them being your next-door-neighbor.
#2 Be Mindful of the Size of Your Home
When you start to plan the size of your home, make sure that you don't go overboard. Bigger is not always better. The larger your home is, the more money it is going to cost you to build, and the more effort it is going to require for you to take care of it down the road.
Also, look into the general size of homes in the neighborhood where you purchased the land. When you eventually sell your home, the value of your home will be based in part on the value of the homes in the nearby neighborhoods. If your home is oversized for the neighborhood, the assessment of the home will be impacted by the smaller homes in the area, and your home will be undervalued. Your home will be valued more accurately if it fits within the size range of homes in your neighborhood.
#3 Get Creative with Materials
You do not want to skimp when it comes to the materials that make up the main structure of your home. However, when it comes to the details, such as flooring, countertops, and interior doors, you can get a little creative with the types of materials you use. You can save thousands of dollars by being creative with how you source your materials and by not going top-of-the line for everything in your home.
For example, you find find flooring, countertop, and other interior building materials at garage sales, estate sales, second-hand shops, reseller's, and other types of stores that sell these types of materials at a discount.
There are lots of ways to get creative with money when building a home. You can turn a problem lot into your dream lot or split a lot with a friend or family member. Keep the overall size of your house in-check. Get creative with the types of interior building materials that you use and where you source them from.