Building a new home is a goal many people share; however, most find it challenging to achieve that perfect house within a budget they can afford. According to an NAHB Construction Cost Survey, in 2017 the average single-family home cost $427,892 with 2,776 square feet of finished floor space. The monthly mortgage payment for a home costing $427,892 (with 20 percent down payment) is over $2200. By law, lenders can not make mortgages that require more than 35 percent of a monthly income. However, lenders are usually more conservative and typically require that the mortgage is no more than 28 percent of family income.
To meet the income standards for most lenders, the future owner of a newly built home will need an annual income of over $94,285. Unfortunately, according to a current report by the Bureau of Labor Statistics (BLS), the median weekly income for full-time workers in the United States is $881, or $45,812 a year. Still, there are ways a family can reduce the cost of building a new home and get the house of their dreams. A few tips that can save new home builders money, and also increase the resale value of their future home, are to build small, design simply and efficiently and select high-quality materials, methods, and professionals.
Build Small to Reduce the Cost of New Home Construction
A clear way to reduce the cost of building a home is to make it smaller. Future homebuilders are wise to carefully assess their actual needs in a home before designing the house. How many bathrooms and bedrooms are actually needed? Do you need a home office? Can that home office double as a guest room? Is a living and family room required or a luxury and do you need multiple dining spaces? A cost saving tip for building a new home is to eliminate wasted or rarely used areas and make the house smaller.
A Simple and Efficient Design Reduces the Cost of Building a New Home
It is essential when building an affordable new home to consider the design. A simple, box house design, with limited exterior corners, saves on building materials, construction time, and money. Also, avoid complex roof lines. Not only are they expensive, but they add to the risk of future leaks. Another way to save money when designing a new home is to build up. Building up saves money because the roof and foundation are two of the most costly parts of a house. When considering the cost of building a new home, it is also essential to line up the walls and plumbing floor to floor. A simple, well-planned design of a newly built home reduces building materials, lessens construction time, and saves money.
Save Money When Building a New Home by Choosing Quality Materials, Methods, and Professionals
Saving money when building a new home considers both the upfront costs of construction and the future savings associated with operating and maintaining the house. Homeowners will save money over time by choosing quality materials that are energy-efficient, long-lasting, and low-maintenance. It is also critical to carefully select experienced, highly-qualified building professionals. Homeowners must consider both the actual costs to build and the future expenses of the home when evaluating the most effective ways to save money when building a new house.
- Choosing high-quality products, such as siding, windows, roofing, etc. may cost more on construction costs but will save homeowners money over time. Quality products are often more energy-efficient than lower cost materials, which saves homeowners both money and energy. Quality products are also more durable and lower maintenance and will not have to be replaced as soon or at all compared to less expensive products.
- For long-term financial benefits select building professionals with excellent reputations for quality work over doing it yourself, or choosing less expensive and maybe less qualified contractors. When you consider the future costs of redoing or repairing substandard work, it is worth the extra upfront expense of choosing high-quality building professionals.
Bautex Wall System — A Wise Choice for Cutting the Costs of Building a New Home
The Bautex Wall System saves new home builders money over time. In the long run, The Bautex Wall System saves homeowners money because Bautex Blocks are energy efficient, durable (fire-resistant, and disaster-resistant, pest-resistant), and low maintenance. Building with Bautex saves money over time by reducing energy use and lowering if not eliminating replacement, repair and maintenance expenses.
Constructing a small, simply designed home saves a new homeowner on the upfront costs of building a new house. In addition, selecting high-quality, energy-efficient materials saves on future utility bills and maintenance, replacement and repair costs. Most importantly, choosing building professional that are proven experts in their fields will limit chances of shoddy workmanship that will require expensive repairs. A significant future financial benefit to building a small, simply designed home with high-quality, low-maintenance energy-efficient products is an impressive resale value. For more information on cost saving tips for a new home visit Bautex Systems.