The dream of many home owners is to one day be able to build their own custom home. For many, however, this seems like an out-of-reach goal that is only available to the wealthy. In reality, however, there are a number of ways you can save. This means that building a custom home doesn’t have to cost more than buying one pre-built.
Here are 5 great ways to save when it comes to building a custom home:
1. Consider buying a larger lot than you need
In real estate as in every other area of life, you often get the best prices on products that are the hardest to sell. Many people don’t need an overly large lot just to build a home on and sellers don’t want to break up the lot, so they often sit on the market longer. But this also means you can get the best deals on them. Consider purchasing a larger lot with someone else – preferably someone you won’t mind eventually being neighbors with.
2. Look for a less desirable lot
While beachfront property is, of course, the most desirable, it is also the most expensive. If you want to live near water, consider purchasing near a canal or bay instead of right on the main body of water. Similarly, narrow lots or lots on hillsides are often much cheaper because they are considered hard to build on. Almost any lot can become a dream location with the right plan and builder, however, so don’t pass up on a great opportunity to save some money just because it might present more of a challenge.
3. Utilize salvage materials
Not only can used materials save you a great deal of money, but items like weather-worn bricks, old barn wood or vintage doors can also add unique character to a home without a huge price tag. In many cases, you can even have the materials for free as long as you are willing to haul them away yourself. Just be sure to ask first before hauling things away!
4. Use a stock plan
While having custom plans drawn up may not be an overly large expenditure in and of itself, the real costs generally come when it comes time to actually build the home. As we all know, what works in theory does not always work in reality. Custom plans often have to be “tweaked” many times over during the course of a build and sometimes never end up being quite right by the time the home is done. Not only are there thousands of stock plans to choose from, but there have often been several homes already actually built from them, which means they have been honed and fine-tuned to perfection.
5. Build what you need, add on later
If you don’t actually need a 3-car garage, don’t build one just to have extra storage space. Keeping the depth of your home at 32 feet or less will keep you from needing specially designed roof trusses which can add significant cost to your home. If you later decide you really need more space, you can build a second story or addition to your home or even sell and build another home.
Building a custom home is no longer the strict province of millionaires and billionaires. Even the most modest budgets can cover the cost of a custom home with a little careful planning and maybe a little extra effort. Don’t let your means limit your vision – if building a custom home is really what you want, then do some research and go for it!