When building or buying a new home, it is important to find the balance between saving money and purchasing high quality products that will require little to no replacements or repairs and cost more money later. It is often worthwhile to invest in quality rather than buying the cheapest products. Keep this in mind when choosing upgrades with your builder in the design selections process.
- The most crucial step is to estimate – or even “guesstimate” – early! Make lists of what you would like in your new home and get estimates from a few local suppliers. This will give you an idea of the overall costs that may be involved in building your new home.
- Know how much space you’re paying for! Remember that homebuilding costs are described in dollars per unit. The more units you have, the higher your costs. Understand any areas of your potential new home that will be “dead space” – square footage that will not be functional, but still incorporated into your total costs.
- Keep your focus on energy efficiency! These are the products that will save you money on hydro, electricity, and heating and cooling throughout the years you’re living in your new home.
- Consider an “industrial” or “rustic” style in your new home. These looks are very modern and trendy right now, yet simple and minimal to create with an end result that still looks purposeful.
- Use recycled materials. You would be surprised at the quality you can find through resale or online brokers of gently-used materials. Consider this option when purchasing furniture, door hardware, faucets and light fixtures as well.
- Look to the often-ignored and “mandatory” aspects of your home, such as kitchen cabinets, to cut costs. Kitchen cabinets are not a cost you can completely avoid, however they may be a cost you can cut with style. Doorless cabinets are on the rustic trend right now, but they also use fewer materials.
Remember this when looking for places to save some money on your new home – cost-cutting methods may be simpler than you think!