You can find checklist after endless checklist of what to include in your new home. And while it’s fun to dream, it’s easy to overspend on some areas that could easily be adjusted to save some money. Here are the top five places homeowners overspend on a new home.
1. Appliances
We love building custom kitchens and fully support building the kitchen of your dreams. But sometimes homeowners want top-of-the-line, commercial-grade appliances when they don’t even cook at home frequently. Unless you are running a bakery out of your home, commercial appliances are an unnecessary expense. You can save a bundle by buying high-quality home appliances.
2. Specific use rooms
Another aspect that could decrease the value of your home is installing a specific use room, such as a home theater or wine cellar. Potential future buyers may not be interested in the same types of things you are, and that square footage could feel like a waste to them. If you want to have these rooms in your home, make sure that they are designed in a way that they can be versatile or repurposed if you want to sell one day.
3. Carpet
The second place homeowners often overspend is by installing carpet. Wall-to-wall carpeting isn’t just expensive; it can decrease your home’s resale value in the future. They wear out much more quickly than hardwood or laminate flooring, and you have to deal with the hassle of keeping them clean. If walking on bare floors isn’t your cup of tea, buy large area rugs. They are much less expensive to replace when they wear out or become damaged and can be easily changed if you want to remodel or redecorate.
4. The wrong builders
Too often, new homeowners hire the wrong builders for their new home. They may go with the cheapest option or even a friend of a friend. It’s worth it in the long run to hire licensed contractors who will do a great job in the beginning, not needing costly future repairs. It’s worth it to hire a builder who will secure the necessary paperwork and who can walk you through the process step-by-step.
5. Square footage
Many new homeowners make the mistake of building too big. While you may have a lot of stuff, a larger house is just more expensive to clean and maintain. The key to making sure you have enough space is the home’s design. Even small homes won’t feel small with the right design and layout for your needs. This goes back to finding the right builder — you’ll also need a builder who can partner with you and ensure your needs are being met with the proper design. By cutting down on the square footage just a little, you can save thousands of dollars that would be an unnecessary spend.
Want to discuss other areas we can help you save on building a new home? Reach out. We’re happy to discuss your unique needs to design a home that works perfectly for your needs — no more and no less.