What To Do When The Cost of Home Construction is More Than Your Budget

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You have been waiting years to build your own home.  You have found the perfect house plan.  You have financing in place and are ready to begin.  The only problem now is that contractors have given you bid prices that are more expensive than you had imagined!

Generally, the trade-offs to lower the costs of home construction involve using less expensive products, such as vinyl windows vs. clad windows and vinyl siding vs. wood shingles; and even composite shingle roofing vs. metal roofing.  The amount of ceramic tile surfaces, granite counter tops, pricey fixtures and appliances can dramatically add to the costs as well.  Let the builders know that you need to be in a certain price range so that they won't assume that you are expecting the most expensive finishes.

Second, if you haven't already done this, take your house plans to another contractor.  You will find that the prices you receive will vary wildly - don't ask why - but this is our experience. Some builders add bucks to their bid if something is a little different or unusual - while others see it as an interesting challenge and something that they want to be a part of.  If you need advice on finding a good contractor, our post "Selecting Your General Contractor" can help you out.

Third, if you are in no rush to get your house completed, you can always wait to build in the hope that the costs of construction will go down in time.  You could wait a few years if the economy is high.  Or you might wait until the "off season" of construction (usually winter) with the idea that contractors will not be as busy during that time and will give you lower numbers so they can get the job.

The last thing you might do (and it's usually the last resort) is have your home plans revised.  It will cost more money up front to have the alterations done, and you will have to sacrifice some of the things on your "want list", but in the end you will lower the cost of construction.

Good luck and let us know if you have any questions we can help you with!  

Stacey

Let us help you create a building to serve your needs at www.mcleodarchitect.com.

View our architect designed house plans at www.southerncottages.com.