With the cost of lumber and other building materials at a substantial high due to the COVID-19 pandemic, it may seem impossible not to overspend if you’re planning to build a new home in the coming months.
But the good news is that there may still be a way to save money when you’re constructing a new custom residence, while at the same time personalizing it to best fit your specific needs and tastes.
There are actually many misconceptions that stem from the cost of constructing a new home – particularly when it comes to one-of-a-kind concepts. But by following these tips, you can avoid spending a fortune.
- Set (and then follow) a budget
- Decide between “must haves” and “would be nice” features
- Choose the square footage wisely
- Consider the return on investment
- Go with the right builder
The key to spending wisely on most any project is to start with a budget, and then stick with it. It can help if you discuss a new home building project with both a lender and your financial advisor before moving forward. Doing so can help you to stay on track from a financial standpoint.
While there are endless features and options to choose from when constructing a new home, it is also essential to determine which of these are must haves versus ones that would be nice. The fine line between these can also include going with a square footage that provides you with ample space – but not too much.
Considering the return on your investment is also essential. Although you may plan to remain in your new home for a long time, there are certain areas – like the kitchen and baths – that will tend to bring you a better return on your investment down the road.
Working with the right builder is yet another key component to keeping your new home project both on track and within your allotted budget. If you’re planning to build a new home in Orlando or the surrounding area, give Rare Builders a call and talk with one of our experienced custom home designers. We can help you take your ideas and turn them into reality, without going overboard.