Tuesday, November 8, 2011

Saving When Constructing

Building a home can be an exciting adventure for a family but it can also be a financial nightmare as you attempt to accomplish your dream and still remain within budget. The good news is that there are ways of making significant savings when building your home…or anything for that matter.

Here are some ways to bring down the high costs of building.
1.    The owner:
·      Buy a piece of land with a friend or family member that can be split into 2 to make it more affordable. Do your homework to make sure that this is acceptable in the area’s building policies
·      Monitor construction allowances as the project progresses to ensure that you get what you asked and paid for-unless this comes with a cost adjustment
·      Avoid changing the agreed upon plan as this tends to be very expensive, time consuming and frustrating. Decide exactly what you want before breaking ground and stick to it.

2.    With the contractor:
·      Use a certified general contractor - his experience and connections with supplies and sub contractors will bring some good savings your way.
·      Talk about saving money with your contractor as he is likely familiar with the concept of a buyer trying to save on construction costs. Be upfront about this at the beginning and frequently talk about it during the project.

3.    With the architect:
·      Choose a stock plan (ready drawn building plan) as opposed to designing one from scratch. The savings in total are great! You can then customize it to get exactly what you want.
·      Avoid excessive site preparation such as having to haul a lot of infill dirt, grading, blasting rocks etc.  Instead, choose a plan that fits the topography of the land.
·      Be practical with the size and space utilization of your house. This should be based on the needs of the family, not just to show off.

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