5 Smart Strategies to Cut Down on Your Custom Home Budget

As the price of land keeps soaring to new heights in Canada, it eats into a significant portion of your budget. That's why some are choosing to move to small apartments, while others tend to stick to rentals. However, you can do a lot with a small budget, when you have the right strategy.

Instead of compromising with a lower quality or smaller home, custom home builders use innovative strategies to cut down on Kelowna homes for sale costs. Adopt them to have a dream home while sticking to your budget.

Kelowna home builders use these strategies to trim down on construction costs:

Hire Builders As Early As Possible

When you hire a builder and incorporate their support even before the design phase, you stand to save a lot of money. Kelowna's luxury home builders can suggest cost-saving suggestions right from the get-go and design accordingly. When you involve builders, later on, they have two options:

● New design from scratch

● Or modify the design with compromises

This leads to additional costs, and you may need to settle with unnecessary compromises in your dream home.

Adjust Your Expectations

Adjusting your expectations doesn't mean you need to make major compromises. Just get rid of impractical ones. There are some terrible ways to cut down on the cost of your custom home. Some of them include:

● A smaller house that doesn't meet the space needs of your growing family.

● A lower-quality home that checks the bare minimum building codes to stay legally compliant.

● Pre-builds with no customization options.

● Poor finishes that compromise the longevity of your dream abode.

Instead of making compromises, choose smart adjustments. You must have a wishlist of features and design ideas for your new townhomes in Kelowna. Divide that into:

● A non-negotiable list of features

● Nice-to-haves

● Luxury features that can be added with an extended budget

For instance, if you plan to work from home, a home office or studio may be non-negotiable. However, a wine cellar or a pool are luxury features that can be shaved away. With ample beaches and parks, you'll never run out of things to do in Kelowna. The pool can wait.

Leverage Instant Equity

Let's assume your home is appraised for a value of $600,000. On the other hand, you have spent $500,000 on land and construction of the home. That qualifies you for an instant equity of $100,000 that can be used for your home. With instant equity, you may qualify for a home equity Line of Credit.

Isn't this the same as taking a second mortgage on your home? Well, no! There are a few key differences. You get to take advances as needed and the interest is charged on the balance after the money is withdrawn. On the other hand, with a second mortgage, the interest is charged on the entire amount. In the long term, you'll be paying way less with instant equity. You can also increase instant equity by discussing useful features and home improvements with home builders in Kelowna, BC that increase the value of your home during bank appraisal.

Use A Visually Simpler Form

Roofs and exterior walls are some of the most expensive components of a custom home. These components are usually articulated with steeper angles, interesting shapes and other such design features to make them more visually appealing. This increases the cost of construction since:

● It costs more materials

● It is more labor-intensive

Apart from visual appeal, these articulations add nothing. They even reduce the thermal efficiency of your home and that leads to a higher cost in insulation materials. Roof valleys are nothing short of liabilities since they increase the risk of fires and attract moss. That's why it's best to stick to simpler and more efficient forms to keep the costs of home construction in Kelowna more affordable.

Plan How Daylight Moves Through Your Home

When you harness the power of the sun, you can cut down on both the cost of construction and have a lower energy bill in the future. Plan how daylight will move through your custom home. When you have a solid daylight strategy, you get to cut down on artificial lights, overheating and indoor glare. This also helps you to trim down on-air conditioning with a simpler HVAC system. Moreover, you get a more pleasant illumination when you decide how light enters your home and diffuses from different materials.

In the end, you need to decide where you want to spend your money. Prioritise wisely so that you can choose the components of your home that truly matter to you. A reputable custom home builder can help you throughout your journey and help you build the sanctuary of your dreams without compromising on satisfaction.