Cost Effective Homes

It’s understandable if you don’t want to spend an arm and a leg on your dream home. So, what can you do to make sure you’re building a cost effective home? Keep in mind the size of your home, floor plan and layout, materials it’s built with, and moving expenses.

Home Size

Obviously, bigger homes require more materials and labor, and therefore usually cost more to build. So, cost effective homes usually need to be a smaller size. If you are looking for a larger sized home, consider adding another level rather than taking up more lot space. If you build up, your foundation will be smaller, which will also help you save money on your home.

Floor Plan

Cost effective homes are able to minimize wasted space in the floor plan. If you stick to a simpler design or shape, you won’t have to worry as much about wasted space. If you get creative with how you use the space in your home, you can fit more household items in less square footage. Remember, less square footage helps lower the price. Additionally, the shape of your home will also affect the cost. If you stick with a simpler design (especially if it’s a square shape), you can save some money.

Building Materials

Another major thing that affects whether your home will be cost-effective or not is what it’s made of. If you go with a prefabricated modular home, you can still customize materials and the floor plan to your liking. However, you won’t have to worry about the construction process taking up more time and money. A faster build time results in a cost-effective home, plus there’s less waste, so it’s a win all around!

Moving Expenses

You can make sure you’re choosing a cost-effective home by creating a detailed budget for your move. In most cases, downsizing will result in lower utility and maintenance costs. You might also have a cheaper mortgage, plus more cash flow from selling your first house. However, you may incur additional expenses with the moving process, including:

  • Repairs to make the home you’re selling more attractive to potential buyers (painting, new windows or floors, landscaping, etc.)
  • Homeowners’ insurance and property tax bills may increase or decrease depending on the area you move to
  • Homeowners Association Fees (HOA fees) may be required in certain neighborhoods or home types (especially condos or townhomes)
  • Closing costs, moving fees, realtor fees, and payment for your new home
Cost Effective Homes

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