In the midst of unprecedented housing demand, a booming economy, shipping delays caused by the pandemic, and unusual price spikes for building materials, the cost of building a new house seems staggering.
In fact, HomeAdviser suggests that this year the average cost of building a new home will top $280,000.
With costs running over $300 per square foot, what options do you have for building a new home without breaking the bank. Or without being able to afford the furniture to put in it?
Prospective homebuilders need to think about where they can sacrifice and compromise. More importantly, they need to set parameters about where they need to make sure they spend the money upfront without sacrificing quality.
Where you can sacrifice
Wait for some spaces – While it is true that the best time to do the work of building a house is while the house is being built, there are still cost savings to be had. You can delay the cost of an expanded deck or a completed basement until the price of supplies comes down. By waiting until later to finish a few spaces, you can have your house now, and finish it when prices come back to earth.
Perhaps you were looking at the latest appliances and fixtures. These costs can devour a budget without adding any real functionality. Get into your house now, and when the market is right, but in the luxury features that looked so good on paper and in the showroom.
Where you can’t sacrifice
You would be wise to look for cost savings in every part of the work. However, there are fundamental aspects of building a house where you can save without scrimping.
The best example of this is in waterproofing. While there might be a large temptation to save some money by scaling back on the best quality waterproofing you can get, this is not a place where that makes sense. The choices you make underground around your foundation are – in a word – foundational. They help determine the overall quality of your work.
One company that can help you spend your money wisely without sacrificing long-term quality is Mar-Flex. Our experienced builders and wide range of efficient, cost-effective, and eco-friendly products make us an excellent partner in your homebuilding experience.
We can help you get the long-lasting results you want, while leaving money for building the rest of your house of dreams.
A new home will cost more than ever. Here’s where to save and where not to scrimp.