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3 Ways to Lower Home Building Costs

Education Centre Financial Literacy

Building a home from the ground up is a dream for many Canadians. There is a feeling of pride that comes with guiding a project from the initial idea to the finished product.

More importantly, there’s a thrill that comes with having the ability to build a home that has everything you and your family need, however, this thrill can sometimes cause people to get outside of their budget.

If you consider these 3 steps though, you can dramatically lower your home building costs, and ensure you get everything you truly desire in your new house!

Take Bids

There are almost as many contractors looking for work as there are stars in the sky, and this is beneficial to you and your budget. By offering the contract to several builders you can find the intersection between price and experience/quality of work that suits your budget best!

It should be noted that this doesn’t mean you should simply take the lowest offer. Try to do your homework on the companies that you allow to make bids on the project.

Reading referrals and reviews can help you make your short list, and from there you’ll be able to make the best choice from your pool of candidates.

Choose Existing Home Designs

The more custom you get, the more likely the price of the home building project is to rise. If instead you choose from an experienced builder’s library of designs, you will lower the overall build price and help expedite the decision making process.

This does more than just save you money on the front end though. The time it takes to design your dream home by yourself, not to mention the time it will take to ensure that it is structurally sound, will cost you time that you won’t be able to make back.

If you’re looking for shorter timelines and a more affordable option, existing home designs are your best bet.

Reclaim Some Home Features

We buy vintage clothing and second hand cars, so why shouldn’t we also reclaim features from other homes for our new home?

Consider finding second hand doors, sinks or tubs to add character to your home and save money on high priced new items. Some things you should never reclaim and reuse though are the vital aspects of your house, like insulation.

If you do reuse these more delicate home materials you could negatively affect your home’s energy efficiency and the environment, while also costing you more money in the long run.

If you are looking to build your own home in 2023, you need an experienced team to set you up with the right construction mortgage product.

Our team at Sherwood is ready to help you from beginning to end on your home building project so give us a call at 1 - (877) - 241 - 6001 to get started today!

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