Building a House

Building your new home and working out all the details with your contractor is an exciting…but time-consuming endeavor.  Many folks are overwhelmed by the number of decisions that need to be made.  Things like the costs for the lot, architect and builder and the prospect of having to move are all factors to consider.  We have put together a few tips to help keep you on track with saving you time, anxiety and money.

Make A Plan

Saving costs when building a house

The first step is to make sure that you have a plan in place for the specifications for your house.  This includes knowing what you want for finishes, lighting, floor plans, appliances, flooring, cabinets, landscaping and fixtures.  Making good choices on these aspects will save you time and money later.  Know that it costs money to make changes to your plan as the building is progressing.  That marble sink you saw last week on sale at a supply house my seem like a bargain… but it will cost you if the builder has already ordered another sink and not made plans for the dimensions of the bargain sink.  Not only will you have to eat the cost for the first sink, but possibly there may be alterations to your plumbing plan, counters or cabinets that all will cost you money.  Be careful when making any changes to your plans.

Finding the Right Builder

Save Money when building a house

The best way to find a builder that will fit your needs and style is to visit Open House events and model homes in the area that you want to build in.  At a model home you can see the types of finishes, floor plans and price points that are associated with that location.  You can figure out what are your most important wants in a house and ways you can save during the process.  For instance, a builder I know made landscaping something that a new client could arrange to do on their own.  This is a way to save you money.

A quality builder will be able to agree to a budget and stick to it.  Be sure to meet with a few builders to find one that you are comfortable with and who will listen to your questions and needs with patience.  A builder can help you save money on your costs by making suggestions that will trim prices but not quality.  For instance, one builder had a model home with eighteen- inch baseboards.  By changing the specifications to twelve-inch baseboards a reasonable savings was realized.

 

Know the Costs of Living in Your Proposed Location

Saving Money when Building a House

You can save money when you know what tax rates, insurance costs and everyday necessities are going to cost in the area that you want to build.  A home built in a community with a high tax rates will cost you more in the long run as you will have to factor that expense into your budget.  Sometimes a higher tax rate equals a better school system, more fire protection, or city services like pools, playgrounds or community programs.  Know what items are important to you and calculate how much you are willing to pay in taxes to have those services.  Taxes are something you can’t get around so just be aware of what you will need to pay before you get your first tax bill.

 

Mortgage Rates

Look at Mortgage Rates to Save

 

Don’t overlook shopping around for a reputable home loan lender and the best rates that you can find for a home mortgage.  The rate of interest is the most important thing to consider here, but remember to factor in costs for closing fees, insurance, real estate transfer fees and lawyers’ services.

 

Tax Credits or Rebates

Save when Building a House

Find out if you qualify for home improvement or energy efficiency tax credits.  Often times the appliances you buy or the building materials used in your new home may qualify for tax credits.  Thermostats often have rebate programs too.  Speak with your builder about this.

Most importantly, try to embrace the process of building.  Know that the professionals on the building team are there to answer your questions.  Need to know a high-quality builder in southern New Hampshire?  Check out Beote Construction!