Once you&#;ve decided to buy a home after years of renting, you&#;ll quickly realize that finding the right home can be a challenge.
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Avid house hunters know this well. They love to poke fun at the extensive &#;must-have&#; lists often presented in our favorite home television shows. If you&#;ve undertaken the search for your dream home yourself, you know how challenging it can be to find a house that you love within your budget.
Many potential home buyers face this dilemma. They&#;re frustrated with the slim pickings of homes on the market or struggle to remain within their price range. If this describes you, then it could be time to literally go to the drawing board and consider building your perfect home from scratch.
Working with a contractor to construct your dream house could be the perfect solution you&#;re looking for. Even though working with a contractor costs extra money, having their expertise and certifications on your side could help you avoid mistakes or miscalculations that could cost you more than you planned. Plus, you&#;ll be surprised what you can accomplish with a blank slate, some expert advice and your one-of-a-kind vision.
Make A Plan
In many aspects of life, preparation is the key to success &#; and this most certainly applies to building a house. You&#;ll want to make sure you have a defined budget, the right people and well-thought-out resources to make this process as seamless as possible.
Figure Out Where To Build
With any project you should always make sure you have a strong foundation, especially when building a home. If you plan to use your current lot or look for a new piece of real estate, make sure you understand the costs associated with any necessary excavation or reshaping of your land.
If you&#;re interested in starting construction elsewhere, investigate the location and that area&#;s zoning codes. Since zoning policies vary from city to city, do your research beforehand so you know exactly how imaginative you can get with your build. Some areas might not allow pools, garden sheds or other unique features. Other zoning codes have certain rules regarding additions or deck and fence sizing.
Simply understanding the features you&#;d like to see in your home and ensuring they&#;re all attainable for your lot is a great first step toward your dream home.
Know Your Numbers
Although you probably have some kind of budget in mind leftover from your house-hunting experiences, construction can come with costs you may not have even considered. To establish a reasonable budget that works for you, let&#;s first break down some of the costs you could be looking at.
Many experienced contractors will understand the best and most durable materials to work with. Some may even be able to get you deals on select materials based on their relationships with suppliers. Contractors should be familiar with the safety and legal requirements of construction in your area to ensure an efficient build.
Once you feel that you have a grasp on the costs associated with home building, start putting your budget together. Your budget should realistically reflect the costs of land, labor and materials within your area.
If you&#;re worrying about these costs stacking up, look into applying for a construction loan. Many kinds of construction loans are available, each suited for different projects, so you shouldn&#;t be hard-pressed to find one that can meet your needs and get your build moving.
For those of you who already have experience with construction projects or have a network of experts among your friends and family, then you&#;ve probably already considered building your home on your own.
If you truly have the right resources &#; skilled laborers, reliable and safe-to-operate tools, the right knowledge about your construction ambitions and other basics &#; then DIYing your build can save you quite a bit of cash in the long run. The more you choose to do yourself, the more money you can save.
However, you may still want to consider recruiting an architect, designer or contractor to avoid making any costly mistakes &#; especially if this is your first build.
That said, if you&#;re feeling confident in your skills, the internet should be able to provide you with plenty of resources and tips. Don&#;t be afraid to download floor plans online for inspiration or hit up Pinterest for some trendy home project ideas.
As geometry class taught us, squares are the easiest shape to deal with. So if you don&#;t mind keeping things simple, constructing a square or rectangular floor plan can save you big bucks.
Rather than constructing an elaborate home, add square footage by building upward, not outward &#; it&#;s generally cheaper. Additionally, never underestimate what landscaping, decks, paint jobs and decor can do to spruce up your exterior.
If a simple build meets your needs, seriously consider going with this affordable option and reaping the rewards.
This concept of &#;spending less saves you more&#; also applies to roofing: simpler designs will cost you much less. Although multilevel roofs may look nice, it&#;s always cheaper to go with a plain, gently sloping roof.
Not only will it save you money in the short term, but because of their structure, simple roofs are less of a risk for leaks or damage over time. If you&#;re on a tight budget or simply don&#;t care much about rooftop aesthetics, then choosing a less elaborate roofing option is a smart way to save some dough.
Over time there has been an increasing trend in sustainable living and energy-efficient homes &#; and for good reason. Not only can upgrading your home to an energy-efficient model save you hundreds in energy bills each month, but you also get to do your part for the environment.
Whether you&#;re a seasoned expert in sustainability or you&#;re simply interested in taking small steps toward going green, you can make your home more energy-efficient in plenty of ways &#; from installing better insulation or high-efficiency windows to using solar panels or wind energy as a resource.
The drawback for many people is the initial cost of these features, which can be rather high. Viewing them as an investment rather than a one-time purchase and keeping in mind how much money these products save over time will make their price tag much less intimidating.
Now, this is truly a great way to save money when building your home from the ground up. By clumping your laundry room, bathrooms and kitchens as closely together as possible &#; either vertically or horizontally &#; you can eliminate a need for excess plumbing materials and shave off some extra costs. So, when you&#;re drawing up your floor plan, consider this configuration if you&#;re looking to save some cash.
If your budget is running low or unexpected costs come up, don&#;t panic. Options for interior and exterior designs may seem endless, but you can always install less expensive features upfront such as cheaper flooring like carpet, and upgrade to more luxury features like hardwood when you have more money available. Focus on building a strong foundation with essential amenities &#; finishing touches can always come at a later date.
If you&#;re open to a more unorthodox way of living, then the tiny home lifestyle could be up your alley. This bite-sized home has skyrocketed in popularity over the past few years thanks to its sustainability and clever use of every square foot. With its viral success, tiny-home owners have grown into a passionate online community sharing abundant information on the lifestyle pros and cons, tiny home floor plans and veteran advice.
Tiny homes aren&#;t just appealing because they&#;re trendy. Their biggest draw is that they&#;re affordable.
Since tiny homes are, well, tiny, they&#;ll cost you significantly less to build than a conventional house. Tiny homes cost anywhere from just $20,000 &#; $100,000, depending on how luxurious you want your build to be. They also cost significantly less to maintain than your standard home. You can even opt to build your tiny home on wheels if you&#;re interested in traveling or plan to move in the future.
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However, the tiny home lifestyle isn&#;t fit for everyone. Perhaps the largest drawback to tiny homes, besides their limited size, is financing them. Tiny homes typically aren&#;t eligible for loans. If you&#;re looking for something new and are confident you can pay off your tiny home upfront or are willing to rely on credit cards, it may be an option worth exploring.
Another option for those looking for something new is simply trying to find ways to use unconventional home building materials. With the tiny home movement picking up steam there has been an influx of popularity for shipping container homes &#; houses built using reclaimed storage containers.
The kind of innovative thinking that saw storage containers as durable, home construction materials is the kind of cost-effective creativity you should try to focus on when building your home. Not only is recycling materials extremely sustainable, but it will also clearly save you money on your build.
Some other common yet less expensive building materials you can use to construct a new home include:
In case you haven&#;t heard, sustainable living has become a huge trend in recent years. This is why off-the-grid housing, or self-sufficient homes, are appealing to more and more people over time.
Off-the-grid homes rely on natural energy resources, like solar or wind-powered generators and composting toilets. Many self-sufficient homeowners also take part in gardening and harvesting homegrown foods.
If you&#;re passionate about sustainability and want to give this net zero lifestyle a try, then check out off-grid home plans or peruse the expansive online community for more information.
Building a new home, especially for the first time, can have you considering multiple paths toward the finished project. We have answers to your frequently asked questions on how to build your own house below.
Generally, it&#;s cheaper to buy a prebuilt house with land than to build a new home from scratch. There are some exceptions when it comes to building materials in demand, if a location is more of a seller&#;s or buyer&#;s market, the conditions of local houses for sale on the market and if labor is in low supply.
As the economy fluctuates, it&#;s important to determine what you&#;re prepared for when considering buying vs. building and if you&#;re willing to wait for more supplies to be available and affordable, or for more houses to appear on the housing market.
As we mentioned earlier, construction loans are available depending on your type of build. However, with construction loans, the money will go directly to your contractor as the build is completed, rather than you, the homeowner.
For lower-cost builds, like tiny homes or shipping container models, financing gets even trickier. Most homes won&#;t qualify for any kind of loan unless it has a permanent foundation. Even if your home is on wheels, chances are it may not meet the requirements to qualify for an RV or motorhome loan either. In this case, consider applying for a personal loan.
First, be prepared. You should be confident that you have all the proper construction permits you need and that you meet your area&#;s zoning regulations before construction even begins. Getting caught building without a permit will not only delay your build for extended periods of time, but the legal fees can cost you over double the price of the original permit.
Second, you should also know what you&#;re doing during your build or hire somebody who does. Plumbing or electrical mishaps will cost you a pretty penny if you make a mistake early on, especially if you don&#;t catch it right away. Set yourself up for success and subcontract the help of an expert if you&#;re not totally confident in a certain aspect of your build.
The type of home being built will affect overall costs depending on the building materials needed, the scope of the project and the location. With research and finding local help, you can determine what type will fit your budget and needs best. We compiled a list of the least expensive types below if you&#;re looking to save the most money when building a new home.
The tiny home phenomenon has cultivated a rich online community. You can find communities of people who vlog about their lifestyle on YouTube, find influencers on Instagram and read endless Q&As on Reddit. Don&#;t be afraid to reach out to these like-minded people to learn more about the lifestyle and figure out if it&#;s truly right for you.
Whether you&#;re looking to build a unique and more unconventional home, are interested in living sustainably or just want to save as much as you can with your home build, there are plenty of options when it comes to building your new home.
Key takeaways
You&#;ve searched the home listings, but alas, you&#;ve come up empty. Sure, some homes have a few of the features on your must-have list &#; but ultimately, you haven&#;t found a dream home that checks every box. You might even be considering building a home from scratch that meets your needs and has every amenity you desire.
Building your own home has many pluses, but it can also cost a lot of time and money. Fortunately, there are ways to economize and still get what you want. Here&#;s what to know about the cheapest ways to build a house.
Data suggests it may actually be cheaper to build a new home than to buy an existing one. According to HomeAdvisor data from , the average cost to build a house in the U.S. is $318,634. By contrast, the median home price in the U.S. was $416,700 as of August , according to the National Association of Realtors.
Prices vary widely across the country, though, so how much house you can afford to build will depend on your location. And keep in mind that supply-chain shortages can unexpectedly drive up costs for everything from lumber to appliances.
Some of the most significant factors in the cost of building a new home include:
Not all building methods are created equal. Rather than opting for a traditional stick-built house &#; a custom structure that&#;s entirely built-on-site &#; an alternative type of structure can save you money.
Prefabricated homes, often referred to as &#;prefab,&#; cost much less to build. These homes are made at least partially in a factory, with some level of assembly or construction at the home site. You can still customize a prefab home, although not as freely as a regular custom-built house. The most common types of prefab homes are modular and manufactured:
The architectural style and type of home you choose can also significantly impact how much it costs to build. For example, a Mediterranean-style home with two floors and a roof of fancy terra-cotta tiles will be more expensive to build than a similarly sized single-level ranch with a conventional roof. Similarly, the symmetrical floor plan and square silhouette that characterize colonial-style homes make them less expensive to build than, say, an elaborate and irregularly fronted Victorian.
&#;Learn to love the box,&#; says Pennsylvania architect Lee Calisti, a strategic construction advisor at Real Estate Bees, a platform for industry professionals. &#;The box is the most straightforward and affordable thing to build.&#;
Here are some of the most affordable housing styles to build:
One of the best ways to save on building costs is to choose less expensive building materials. Consider these cost-effective options:
Building your own home can be more affordable than purchasing a home. These cost-saving tips may help you save even more money, both upfront and in the long run:
Building a home can be cheaper than buying a home, but a lot depends on the level of customization. The best way to keep home-building costs down is to choose a modest structure, simple design and basic, non-custom materials. Being frugal doesn&#;t mean you have to sacrifice style completely, though. Calisti advises spending strategically and splurging where it matters most. &#;Public spaces such as the kitchen, dining and living room can have a higher degree of finish [as opposed to] the bedrooms and bathrooms,&#; he says.
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