How to Build a Dream Home for Less

Building your dream home is an exciting and challenging endeavor, requiring a lot of forward planning, patience and research. There are several strategies you can use to design and build your home within your budget. Open communication with your local building authority, your designer and builder is very important throughout the project.

Instructions

1

Work out a realistic budget for your dream house building project and get financial advice on how to best structure a construction and land loan, if you require a mortgage to build it. A financial adviser can help structure a loan with a competitive interest rate and save you money on your monthly payments in the long term.

2

Write down a comprehensive list of all the amenities you want in your dream home and prioritize the rooms that you really need. Ask yourself if it is more important to have a fantastic kitchen or a large second bathroom. Design a home that is no bigger than what you need, as the larger a home is, the more expensive it is to design, permit and build. Working with an architect can maximize the potential of your dream home design.

3

Be competitive when you are pricing your building project. Bid your construction drawings to at least three builders so that you can be confident of getting the best market price. Alternatively, work with a builder that you trust to manage the project and get three proposals for every trade that is part of the building work. Having a open contract lets you closely monitor the cost of your building project at any point in time.

4

If your budget is less than what your ultimate dream home will cost, stage the building of your dream home and only commit to building the part of your dream home that you can afford. Separate out nonessential spaces, such as the extra workshop or pool house, which you can build at a later stage when your funds are more available.

5

Purchase items in package deals for appliances, plumbing fixtures and faucets. Ask suppliers if they will give you a discount for buying a house lot of items at once. Waiting for seasonal specials or purchasing good quality seconds, such as tile for your kitchen and bathrooms, can save you a lot of money.

6

If your house design suits the look, consider using reclaimed materials such as wood flooring, doors and windows, fixtures and appliances. Not only is recycling materials environmentally friendly, but it can also save you a lot in capital costs.

7

Do some of the building and finishing work yourself. You can save money if you spend the time yourself tackling projects such as painting or installing kit-set kitchen cabinets. Designing and installing your own landscaping at a later stage is also another good strategy for keeping your building costs down.