How can you Save Money on a New Construction Home?

Building your own home can be stressful, costly and a learning experience. The following are some tips to make this process less painful.

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How can you Save Money on a New Construction Home?

Posted by MARK Z. on Thursday, November 13th, 2014 at 9:10am.

Home Construction Plan and a Piggy BankBuilding your own home can be stressful, costly and a learning experience.  The following are some tips to make this process less painful.

Selling the Old House

Try selling your current home yourself.  This will save you at least 6% in realtor fees.

If this does not work out in your favor, then try For Sale By Owner with a MLS listing.  If a Real Estate Agent shows your house and it sells, then you only pay 3%.  If a buyer finds your house directly then you pay no real estate commission.

If you have to hire a Real Estate agent, then hire a great one.  Hire someone that knows your neighborhood and has a good reputation and sales record. If you don’t have the time to sell your home on your own, a real estate agent is the best way to go.

Planning the Start of a New Home

Home planning books are expensive.  Ask friends and family that have built, if you can borrow theirs or check the book stores and do your research there.

View as many homes as you can.  Travel to other newly developed areas to tour their model homes.   

Hire and/or consult a reputable Architect.  They can help you with tricky layouts when home books do not offer an example of your situation.

Ready to Build

Get multiple bids from builders, research them, put bids in writing and keep communication open with your builder.

Obtain a good banker and negotiate your loan.  Inquire about any tax credits you could receive for certain elements of your new home.

Inside Finishes

You can save money by searching the internet for deals, buy from wholesalers and on-sale items.  Always look for a coupon before purchasing anything online.

Enlist the help of friends and family.  You can save a lot of money by doing things yourself such as laying tile.

Time to Move

Start collecting boxes as soon as you can.  Get multiple quotes from various movers.

Think ahead of time what kind of additional furniture that you might need.  Most importantly, enjoy your new custom built home.

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