Cost Saving Strategies When Building a New Home
Construction and inflationary costs are challenging to overcome when building a new home. However, choosing an experienced homebuilder will help you avoid unwanted price increases. An experienced builder will have cost saving strategies that can help mitigate the risks of cost overruns. At Lexis, our Price Confidence program ensures you are aware of all costs before you sign the on dotted line.
However, there are additional cost saving strategies when building a new home. These strategies will help you navigate building a home during an inflationary market:
1. Lock in Contracts and Pricing
In today’s market there is potential for price increases due to inflation. As part of our Price Confidence program, we source all quotes for your materials during the design process. You will be aware of all costs that are going into your new home. This means you aren’t met with unexpected surprises during the build.
2. Reviewing Quotes
Equally important, is to review quotes as early as possible. Set aside time to review quotes as they are presented and make a decision. Often, quotes come with a time frame for approval, as suppliers are limited in how long they can hold pricing for. By reviewing and signing off on quotes quickly, you help eliminate the risk of any price fluctuations.
3. Use Reputable Trades
It goes with out saying that reputation, experience, and quality of workmanship are are extremely important. Using a reputable trade ensures the job is done right and will save you costs on potential repairs down the road. At Lexis, our core trades are trusted and reliable. There will always be repairs as a homeowner, you can be assured our warranty program has you covered!
4. Flexibility
Regular communication and staying actively involved in the process helps identify potential cost escalations. Be prepared to adapt and be flexible if a quote comes back outside of your budget. This might mean considering alternative solutions that deliver the same or similar results at a lower cost.
5. Project Management
Lastly, you’ll want to choose a home builder that has impeccable project management skills. You’ll want to work with a homebuilder that oversees all aspects of your project, coordinates with subcontractors and adheres to the construction schedule. This helps avoid any costly delays. At Lexis, we run a tight ship when it comes to scheduling! We are rigid in our timelines and processes.
6. Efficient Design and Materials
The right design and materials go a long way when it comes to cost savings. When you build with Lexis, we share our knowledge about the processes and features that will protect your investment for years to come. From healthy materials and exceptional insulation to energy-efficient products and systems, we’ll help you make the best choices for your needs, lifestyle and budget. Our Health-e Homes help reduce long-term operating costs and minimize the impact of inflation on utility expenses.
Building a home doesn’t need to be scary or met with unexpected surprises. No matter what kind of market we are in, we can help you carefully consider your options. When you build with Lexis, we will ensure your home is built right, from the ground up.
Other Articles Worth Checking Out:
The Cost of Building a Home in Saskatoon