Tips to Save Costs on Newly Built Homes

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Buying a new house comes with excitement and challenges, especially when it comes to managing costs. The sticker price isn't the final word; it can vary based on the finishes you choose. According to financial advisor Veronica Fuentes, "They want to know what kind of windows you want, flooring, siding, window panels, what kind of doors, where you want the outlets, what kind of light switches do you want. Depending on what you're picking, they're adding up the tab."

To save on costs during a new build, experts suggest considering hiring a contractor later to add desired finishes. Angie Hicks, a home expert and co-founder of Angi, advises, "Think about those elements that could be easily added at a later date."

Tips to Manage Construction Costs

One effective strategy to keep costs in check is to defer certain elements for future renovations or upgrades. Homeowners spent an average of $13,667 across 11.1 projects in 2023, according to the State of Home Spending by Angi. This survey highlights that homeowners often use savings, credit cards, or home equity options to cover renovation expenses.

"I tell my clients to be very conservative," says Fuentes. "Buyers can always change the knobs, the flooring, and the paint on the walls through hired contractors." Experts recommend focusing on structural elements initially, as upgrades like kitchen remodels can range from $14,611 to $41,440, and bathroom remodels from $6,629 to $17,536, depending on materials and labor.

Hicks advises buyers to opt for basic or lower-priced features initially and save upgrades for later. "Those are things that can be added later and can potentially save you in the near term," she adds.

 

Source: NBC

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