The recent increase in construction costs may have you rethinking the investment you are making in your new home build or your major remodel project. You have every reason to be cautious but taking the right steps to properly manage your construction project, may take the pressure off your mind and your checkbook. Here are some cost saving suggestions:
Reduce Square Footage. Reconsidering the physical size of the structure is a fast way to dramatically reduce costs.
Choose a Stock Design. You may desire your new home to have some unique features, but keep
in mind, customization can definitely bring an increase in cost.
Opt for a Simple Roof Line. A roof can add a lot of character to your home, but keep in mind a
complex roof line changes pricing. For example, a gable roof tends to be a less expense option and easier to build than say a hip roof design.
Use Drywall on Interior. Drywall has proven to be more fire resistant and a cost effective alternative to wood wall coverings.
Communicate with Your Contractor. Most overages are due to lack of communication and missed expenses. Take the time to go over the project line by line, review the construction schedule and break down all of the costs.
Avoid Change Orders. Changing your mind or altering plans after the project starts can be a major money pit. Save the money, make a plan and stick to it.
Repurpose, Reuse and Recycle. Not in every case is this a recommended cost cutting measure, but there are numerous opportunities to save cash on pre-owned or reusable materials.
Consider a Prefab. Prefabricated homes or additions take a lot of the guesswork, time, and added expense out of a building project.
Save it for Later. It might make sense to hold off on certain aspects of your construction project
until a later date. The deck, a third stall on the garage, or finishing the rooms in the basement could possibly wait until the price of materials has dropped or you have additional funds available.
Do it Yourself Unless You Can’t. If you choose to do some of the shopping, purchase, transport
or pre–assembly of your building materials yourself, it may decrease your expenses, especially in
delivery and labor costs.
