Beautiful Without Breaking The Bank: Saving On A New Construction Home
Buying a new construction home gives you so much more flexibility in design. It's also just nice to live in a home nobody has lived in before! However, these advantages come with a price tag; new construction homes are not cheap! Fortunately, there are some ways to save and keep costs more manageable.
Make sure you need all of the space you're buying.
All of the homes in an individual community tend to be sized the same. It's easy to assume you need as much space as one of these homes offers and to just go with it because that's what's available. However, if you're paying for a 3,000 square foot home when you really only need 2,000 square feet, you're spending needlessly. Assess your size needs, and if they are smaller than the home you're looking at, ask the building company if they are working on any smaller homes nearby. They probably have a better option for you.
Be careful what finishes you upgrade.
Often, a new construction home will be advertised at a base price, which includes basic finishes. (Finishes are things you see, like the paint, the trim, the counters, etc.) Each time you upgrade a finish, it adds to the cost of the home. Now, there's nothing wrong with making upgrades. You just have to make sure they're ones you need. Don't mindlessly upgrade the floor of the kids' bathroom or the carpet in the study just because you can. Only choose upgrades that are necessary for your lifestyle, and your home cost will come out substantially lower.
Negotiate.
Did you know you can negotiate on the price of a new construction home? Just as with any other home for sale, you can! Ask your real estate agent to do this for you. Offering 5% under the asking price is a good, fair starting point. Count on them coming back with an offer between your offer and the asking price; you'll have saved at least a few thousand.
Install the fixtures and appliances yourself.
Ask the builder to leave the fixtures and basic appliances uninstalled. This includes things like the oven, fridge, faucets, and maybe the light fixtures. This will cost down significantly on labor costs at the end, saving you a bit of cash. Installing these items takes time, but it's simple enough that anyone can do it — especially with some guidance from a YouTube video.
With the tips above, you can make your new construction home more affordable. It will still be a brand new, beautiful place to call home.
