When looking at multi-million-dollar mansions on sites like Zillow, you might well have wished, "What If I lived here?" for a split second. But when you go to check your bank balance, you're brought back to earth.
It's also true that practically everyone has a budget for a new home and how much money they can realistically afford to spend. You may not be able to afford gold leaf-plated bathtubs, but there are still ways to make your ideal house a reality on a limited budget.
In order to get the most of your home-building budget, keep reading for some helpful hints and pointers from the top Custom Home Builders.
In times of financial stress, many people instinctively gravitate toward the cheapest options available to them. But in the long term, this strategy could end up costing you more money. There are a number of ways in which a well-qualified contractor, architect or designer can help to save you money and avoid costly blunders.
Construction materials are the same. If you want something that will last for a long time, you don't need to spend a fortune on the most costly, flashy materials.
Material recommendations from trusted Custom Home Builders are more important than research you could conduct on your own because of their significant experience.
Size is important. Reducing the size of your house will save you money on things like building supplies, labor, and other aspects of preparation. Because you're customizing your home to meet your specific requirements, you have the opportunity to incorporate certain space-saving features. In the process of designing, seek for the things you can live without.
Use the 80/20 rule to see if you really need that extra space (or floor or bay in the garage). The area should be taken into consideration if it will be used at least 80% of the time (for example, as a home office or children's playroom).
For example, if you plan on using a guest room or an extra garage barely 20% of the time, don't include them. Not only will you be paying for construction, but you'll also be spending money on utilities and cleaning.
Rather than developing a larger one-storey home, if you find you need more space down the road, think about adding a second storey.
The roof and foundation comprise a significant portion of the total building cost. According to Woodridge Homes, custom home builders, a second storey might provide you with the same amount of space for a lower price than the first.
Many builders (including us) will allow you to do some of the work yourself and add some sweat equity to your new house if you have a certain skill set.
Woodridge Homes policy is that we are willing to work with you as long as the project timeframes aren't held up for too long. We may not cover that aspect of the project under our warranty, but if you can undertake some of the work yourself, you may be able to save money on the project.
Modifications to the original construction plans can cause unexpected expenses throughout a custom build.
Changing your mind about a previous decision will result in additional charges once building plans have been finalized with your builder, permits have been obtained, materials have been acquired, etc.
These expenses may be negligible in some circumstances. Consider changing the color of the paint you've already started painting. Some alterations, on the other hand, can be extremely expensive!
It's important to keep in mind that not every builder has the same objectives. In the construction industry, some work on many projects, those who prefer to create costly homes, and those who simply love the process of creating the ideal home for a family.
There are numerous types of Custom Home Builders, so this is a generalization, but the point is that you need to select one who shares your interests.
It's not uncommon for custom home builders in Tennessee (like us) to let clients take on portions of a project themselves if they have the necessary expertise. Woodridge Homes is happy to collaborate with you to ensure that project timeframes don't get pushed back too much.
We may not cover that aspect of the project under our warranty, but if you're able to handle some of the work yourself, you may be able to save money by doing some of the work yourself.
You cannot have the home of your dreams even if you have a limited budget; it is only the first step in guiding your decision-making process and will help you achieve success.
Everyone can't create a custom home on a shoestring because many individuals prefer splurgy materials and embellishments in their homes.
The good news is that if you follow these seven tips, you can still get your house done on time and budget.