Having a new home built often costs more than purchasing an existing home. And this does make sense. You're getting a brand new home, rather than one that's been previously lived in, and you're getting that home built according to your specific needs. But while new home construction typically costs more than already built homes, they don't have to be overtly expensive. Here are some ways to keep costs manageable when having your home custom built.
Don't buy more land than you need.
When you have a new home built, a good portion of the price will be the cost of the land that the home sits on. In many areas, land is costly. So, buying more land than you need will quickly increase the amount you pay. Look for a lot that offers enough space for the outdoor activities you enjoy, but no more than is needed.
Look for property where you can connect to public utilities.
If you buy and build on land that's way out in the country, you may not be able to connect to a public sewer, water supply, or natural gas. Your builder will then need to include a septic tank, well, and perhaps a propane tank in your building plans. These additions are quite costly. If you instead buy land in an area where you can connect to the public utilities, your building costs will be lower.
Ask about fees for upgraded finishes.
Most builders present you with a base model home and an estimated cost. Then, they allow you to choose your own finishes, such as paint, counter materials, and flooring. If you happen to choose finishes that cost more than those that were included in the base model, then your cost goes up. Now, some finishes might be worth your while to pay for. But you may decide that others are not worth paying for. Before opting for a particular finish, always ask you builder how much it will increase the price of your home. Then, consider the price as you decide whether or not to opt for the upgraded finish. Choosing just a few less-expensive finishes can really help keep costs down.
If you need to keep your new home in the more affordable side, follow the tips above. You can also talk to your builder to see what other ideas they have for keeping costs down throughout the process.