The Best Tips on How to Save Money When Building a House

Building a new house might be your dream—but paying for it could be a nightmare.

The average family will spend around $248,000 to build a house. Even with a lot of savings and a good loan company, that’s still a hefty investment.

Luckily, there are smart ways you can save money building a house too. In this post, we’ll explain how to save money when building a house—and keep your sanity intact.

Read on to learn more!

1. Set Alerts to Find the Best Lots

It could take months (or longer) to find a lot you love at a price you can afford.

As soon as your plans to build a house are solid, set up price alerts through local real estate or builder’s websites. Sign up for email notifications when a new lot hits the market that’s in your price range.

Once you find the right lot, it’s just a matter of using a grab hire service to clear it so construction can begin.

2. Choose the Right Builder

Speaking of construction, your most important decision in the home building process is who you hire to do the work.

Never go with the first offer you get. Interview several builders in your area and compare their bids. That said, you shouldn’t necessarily go with the lowest bid either.

Ask for references and follow up with past customers to hear their experience of working with the builder. Was he easy to work with? Did he communicate well and deliver high-quality work?

3. Decide What’s Most Important

You might not be able to afford every single aspect of your dream home, at least not during the initial construction.

This is the time to sit down with your family and determine which areas you’re willing to compromise—and which areas you aren’t.

Are you absolutely set on expensive granite countertops? Do you need to install that huge back patio right away? Remember that you can always add on new features later after your finances stabilize.

4. Shop for Closeouts & Remnants

Stores that sell building supplies often have closeout or returned items laying around.

Or they might have only a small quantity of a certain item—not enough for a huge project, but just enough for yours.

If you ask, you might get these supplies at a fraction of the price of what’s on the showroom floor.

5. Buy Furniture Early

Is your new house bigger than your current residence? Will you need bigger and better furniture to fill it?

Decide on your decorating scheme early so you can start shopping ahead of time. Search for coupons or take advantage of rewards programs for home furnishings.

Buying these items when they’re on sale (rather than waiting until you’re ready to move in) could save you thousands in the long run.

How to Save Money When Building a House: Now You Know

As you can see, there are plenty of ways to save money when building a house.

The process starts early with finding the right lot, builder, and financing options. You’ve also got to get creative when it comes to shopping for construction supplies and furnishings.

Now that you know how to save money when building a house, what’s next? Completing the interior design, of course!

Check out our latest interior design tips for fresh inspiration.