How to Build a Custom Home On A Budget

You’ve probably drooled over multi-million-dollar homes on sites like Zillow and, just for a second, let yourself daydream, “Hello, I live here.” But then you open your bank account and come crashing back down to reality. 

And the reality is that almost everyone has a budget for a new home and what they can feasibly spend. Goldleaf-plated bathtubs might not be in your future, but there are still some ways you can maximize your budget to make your dream home a reality. Here are some tips to help you get the most out of your home-building budget.

Tip #1: Invest in Quality

When money is tight, a gut reaction is often to choose the cheapest options possible. But this approach can definitely end up costing you more in the long run. Quality contractors, architects and designers can help you avoid costly mistakes and provide you with money-saving resources you wouldn’t otherwise have. 

The same goes for construction materials. You don’t have to have the most expensive, flashy materials to still choose quality that will stand the test of time. If you partner with the right builder, they will make material recommendations based on their extensive expertise that is far more valuable than any research you could do on your own. 

Tip #2: Reduce Your Square Footage 

Size matters. If you reduce the size of your home, you’ll slash the cost of materials, labor, planning, etc. Since you’re building for your needs, you can build in some efficiencies that can help you save space. When you’re consider designs, look for the parts you can live without. 

Employ the 80/20 rule to help you determine whether you actually need that extra room (or floor or bay in the garage). If you’ll use the space at least 80% of the time (like perhaps a home office or playroom), you should account for it. But if you’ll only use it 20% of the time (like guest rooms or extra garage space), don’t include it. Remember that it’s not just building costs you’ll be accumulating with space you don’t need; it’s also utilities and cleaning costs. 

Tip #3: Build Up, Not Out

If you find you do need a good bit of extra space when building your home, consider planning for a second story instead of a larger one-story home. A good chunk of your building costs can be found in the roof and foundation. Make those smaller by building a second story to allow you the same amount of square footage but at a lower cost. 

Tip #4: Postpone Extras

Another area where costs can quickly accumulate is in the details, such as door hardware, faucets, light fixtures, etc. Purchasing basic items of this type initially can help keep those costs low. After all, these details aren’t items like insulation or plumbing materials; most of those little “extras” are items you can change yourself. For these, wait until you have the budget to splurge on the pretty doorknobs or light-switch covers you want. 

Tip #5: Consider Sweat Equity

If you have skills in a certain area, many builders (including us) will allow you to complete some parts of the project yourself and add some sweat equity to your new home. At Fortin Construction, our policy is that we are willing to work with you as long as the project timelines aren’t held up for too long. Depending on what your skills are, we also might not include that part of the project under our warranty, but it’s certainly possible to help reduce your building costs by doing some of it yourself if you are able.

Having a tight budget doesn’t mean you can’t get what you want out of your dream home; it’s merely the first step in helping you make the rest of the decisions about your home building process and will set you up for success. 

Have questions about building a home on a budget in Maine? Reach out to us today!