You’ve been dreaming of a Mediterranean Revival in Caramel Valley, or an old Mission style home in La Jolla. You can spend ages looking for the perfect home, or you can take your vision and make it a reality by building your own house.
As exciting as building your own home is, it can also be a whole lot of work and a whole lot of money. While most costs are unavoidable, these tips for saving money while building your own house can help mitigate some of these costs.
Set and Stick To a Budget
Your budget is the road map to your home building project. Without it, you may find you run out of funds while you still have more to build. Keep these principles in mind when building a budget.
Be Detailed
Being detailed as possible when you build your budget will keep hidden costs from eating away at your funds. A few items you will need to have in your budget include:
- Land
- Materials
- Architectural and design fees
- Permits
- Taxes
- Loan fees
Prioritize Splurges
There are some items on your budget you will be able to cut costs on by choosing cheaper materials or buying a less luxurious option. However, there are other items that may be more important to you, like energy-efficient appliances or a certain type of flooring.
These are items you will want to identify and prioritize when you are writing your budget. That way, you will be able to choose less expensive options for the rest of the project as a way to save money while building your home.
Be Careful of Flaky Contractors
If you have spent any time on this website, you know that having an unreliable contractor can be extremely costly. Taking the steps to make sure you hire a good contractor is essential. Be aware of red flags when you are hiring a contractor, such as:
- An overly pushy personality
- Avoiding questions
- Refusing to show qualifications or insurance
- Too much availability
- Lack of communication
Even if you have a good contractor, it’s good to take steps to protect yourself. For instance, getting a relational contract instead of a formal contract will help if the other party doesn’t fulfill their end of the contract.
Read Contracts Thoroughly
One of the places where hidden costs thrive is tucked in the lines of a building contract. When you’re looking through the contract, be sure to examine what is included under the base price. Anything not included may cost extra, driving up prices.
Keep an Eye on Equipment Maintenance
Getting your hands on construction equipment can be one of the pricier parts of your endeavor. This is especially true if machinery goes out. When that happens, you’ll have to deal with both the cost of repairs and the cost to your building schedule.
When it comes to avoiding equipment downtime, be sure to practice preventative and not reactive maintenance. Additionally, be sure that only properly trained professionals operate potentially hazardous equipment.