Buying a house is an important milestone in a person’s life. As soon as person attains financial stability, he starts working upon his dream of buying a house. Oftentimes, people have to forgo their dream or postpone it until they gather enough resources.
However, there are indeed some ways of materializing your dream into a reality. In times when money is difficult to come by, buying a house from a construction company, or hiring a general contractor to build your house are expensive options. But you can do it yourself, and save a ton of money. Interested? Here’s how.
What is the Most Inexpensive Way to Build a House
The idea of building a house on your own may sound really overwhelming at the first. You may assume that one requires extensive knowledge regarding building materials and construction to build a house on their own. However, this is not entirely true, as you can learn a few basic things and only outsource work that requires specialized skills and expertise. When you think about saving money on building a house, you cannot help but think of modular homes. Modular homes are pre-built houses which are assembled on site. These houses come at a very cheap cost. However, you have to bear the transportation cost of the assembly. Modular homes are comparable with standard homes in all aspects. Hence, this is one option you can sure consider. If you insist upon building a standard home, then you can still save a lot of money doing it on your own. Here’s what you will have to keep in mind.
Planning and Estimation
The first step to any complicated job is extensive planning. The importance of planning only magnifies when you are about to undertake something as complicated as building a home. Draw a plan of your future home or hire a planner. Get an estimate on building materials, labor jobs, and various other aspects of home construction. Find out what jobs you are capable of doing, and which ones need to be assigned to professionals.
After you get an estimate on the various construction aspects of your home, assess your financial situation, and find out how much you will need to borrow. It is necessary to make a financial provision that is 10 to 15% more than the estimated cost. It allows you to cope with any unforeseen expenses that might arise.
Appointing one general contractor is a bad idea if you wish to save money on building expenses. Instead appoint subcontractors for various jobs like plumbing, flooring, windows and roofing, kitchen modeling, electrical work, etc. Although you may have to collaborate with numerous people at once, you will save up to 25% of cost of building a house. Do not make advance payments to subcontractors and make the deadlines clear to them.
Apply for Permits
This is another task which you will have to do on your own. Apply for various construction permits and obtain them beforehand. Get acquainted with neighborhood rules and regulations and building codes in your area.
Do as Many Jobs as You Can
Instead of assigning all the jobs to professionals, try to complete some minor jobs on your own. There are numerous, smaller labor jobs can eat a considerable portion of your budget. Hence, it is recommended that you do them on your own. For instance, you can let the plumber do plumbing work in your bathroom, but lay the tiles and vanities yourself. However, make sure you possess the requisite skill for the concerned jobs. If you do not, it is best to rely on professional help.
Although, doing it yourself is the cheapest way to build a house, be prepared to do a lot of hard work. Undertake it only if you believe you can handle the tremendous workload that is bound to come with it.