There is no single bigger purchase for most of us than our home. It’s not only a source of equity and investment, but it’s also an emotional purchase. We want to love our homes, not be stressed out about them, and at South Coast Design | Build, we believe you deserve to love your home. That’s why we work with you to customize your home to your budget and keep the costs under control.
There are some costs in home building that stay the same almost no matter what kind of home you are building. But outside of this base cost, you have a remarkable amount of control over the ultimate cost of your home.
Here are five tips that may help you stay within your budget.
Location, Location, Location: Real estate agents know that location affects the cost of a home dramatically, but the same is true when looking for land to build a custom new home. Being willing to look for land in a larger radius usually results not only in lower prices, but also larger plots of land. Are you willing to drive ten minutes? In Eastern Ontario, where we build, ten minutes gets you pretty far outside of a town and into the country where the land prices are much more reasonable.
Below the Ground: Sometimes it’s a good idea to talk to your builder before you buy the land, if cost is a major consideration for you. One of the largest expenses in any build is earthworks: digging and moving dirt and rocks with heavy equipment is pricey. The landscape below the ground greatly affects the costs you will encounter. And while there will always be surprises – you’ll never know what’s down there until you dig – you can reduce the surprises by talking to a builder about how your design works on the landscape. Obvious bedrock? It might be cheaper to build a slab-on-grade home. Sloped? Maybe consider a walk-out basement rather than bringing in fill. Maybe costs can be saved through the design process, or maybe it’s good to know that another lot that looks more expensive is actually a better price because you don’t have to break up a ton of rock in order to build your home. We offer free consultations on land purchases as part of the design process.
Design: One of the ways that budgets can explode quickly is if the design is not aligned with a goal of affordable construction. Many designers draw a pretty house, but have no real idea of the cost to build it. The benefit of a design-build company like South Coast is that we cost the project as we do the design, so that you know where you can save money. Complex roof lines for example might be your favourite aesthetic, but they can get expensive quickly. A more simple roof line may leave enough money in the budget for the screened-in porch. Choosing a design-build company that understands the real cost of construction will save you money.
Square Footage: Bigger houses cost more money – that much is obvious – but not all square footage is equal. This is why we are always hesitant to give a “price per square foot” – this measure is often misused as a cost estimating tool by people shopping around to builders. The cost of your square footage often comes down to your unique design, and part of our process is always to demonstrate how to get the most value out of your space.
Choose Upgrades Wisely: Most builders offer a standard set of finishes in their homes (lights, faucets, door handles, flooring, etc.) or a few options in the same price range. These are costs that are included in your contract. Upgrading these items may seem like the fun part of building a new home, but if cost is a major consideration, then this is also the fastest way to balloon your final budget. Prioritize your upgrades to things that add value to your home or dramatically improve your life.
Beware Shopping Around: Sometimes clients want to try to save money by shopping around for their own finishes, and while this may be a way to save a few dollars here and there, there’s more factors to consider before you head off to Home Depot. Most importantly, most builders are not able to warranty products they don’t provide. That means if you buy it and it breaks or malfunctions, you’re not only out the money of the item but also likely going to have to cover the cost to take it out and install something else. If your builder buys it and it breaks, they likely have to replace it according to the New Home Warranty specifications. Our suggestion is to share any great deals you find with your builder: if they are comfortable procuring it for you, installing it and warrantying it, that’s a win-win. If they say no, that’s probably a good hint that the quality level is poor and it may end up costing you more money in the long run. A good builder is choosing finishes that are cost effective, high-quality, and add value to your home because they are guaranteeing them.
There’s no getting around the fact that building a home comes with expenses, and often the largest price tag on any single purchase in our lives. Even so, with a few smart considerations like these, you can get the non-negotiables on your list while staying within your budget. It all comes down to choosing a builder you can trust to help walk you through the process. Call us today at 613-640-0245 and let’s talk about your wish list.
