5 Ways to Save Money on a Custom Home

Written by  //  March 28, 2018  //  Home Construction  //  Comments Off on 5 Ways to Save Money on a Custom Home

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You might think that building a custom home would be highly expensive, but the truth is it doesn’t have to be. There are lots of ways you can build your dream home the way you want, with good quality materials and construction, without breaking your bank account. Here are the five best ways to save money when building your custom home.

Pick Your Contractors Wisely

Shop around and get lots of quotes from different contractors to make sure you get a good deal. Don’t automatically take the lowest quote, as you want to make sure the company you choose has a solid reputation for good quality work, otherwise you’ll just be paying for repairs later on. See if you can find a builder who has a good reputation about handling payments, as that can save you a lot of money in interest. If your contractor is a true professional they’ll also be able to provide you with great warranties on workmanship, systems and structure.

Shop Around for the Construction Loan

Some builders will handle the construction loan themselves, but also shop around every bank in the area to see who will give you a loan with the lowest interest. You can save a lot on future interest payments by making a bigger down payment to start, so try scrounging up as much cash from your accounts, selling off things you can part with, borrowing money from family or friends, and so on.

Buy Materials from Wholesalers

As usual, shop around when looking to buy your materials but pay particular attention to wholesalers. Local wholesalers would be best, as that cuts down on shipping costs, but you can also find online wholesalers who will offer free shipping if you buy in bulk. You might need to buy from a number of different wholesalers, but if you do the work you’ll save a lot on materials without sacrificing quality. When you buy in bulk just make sure you properly plan and stagger the deliveries.

Use Salvaged Materials

Another way to save big on the cost of your building materials is by using salvaged or reclaimed materials. Look for demolition sites and talk with the site owner, a lot of the time they’ll let you take materials for free as long as you can transport it away by yourself. You can also try construction sites, as there is usually a lot of waste and scrap they’d just throw away. Ask around your family and friends for any connections you have to people in construction or demolition.

Take Advantage of Tax Credits

There are a lot of government tax credits available for people building their homes. These credits will help you shave off a bit more when you become a homeowner in general, but you may even qualify for more credits just for using certain materials or appliances. This is especially true for energy efficient materials and appliances. Go online and ask around to dig up any available tax credit that you can apply for ahead of time, and see if you can plan out building your home in a way to take advantage of them.

About the Author:
This is a guest post, courtesy of Matt Doyle, Vice-President and Co-Founder of Excel Builders, a custom home builder in Maryland and Delaware.

Matt Doyle is the Vice-President and Co-Founder of Excel Builders, a custom home building company serving Delaware and Maryland. The company specializes in ICF and custom built, energy-efficient homes. Matt grew up in the construction industry and has a Bachelor of Science degree in Entrepreneurship from the University of Alabama. He also has an extensive background in internet marketing and has worked with some well-known international companies such as Best Western, McGraw Hill Construction, Sharp, and Canon.

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