“A penny saved is a penny earned” may or may not be true when it comes to building a new custom home. This old adage has its place, and like the right golf club, you should know when and under what circumstances to use it.
Purchasing a new home in Canton, MI will afford plenty of opportunities to practice your savvy spending game. When considering a significant, long-term investment like a house, it’s important to plan ahead to curb overspending and keep you on par with your home budget.
So what are the tips that will help you avoid potential hazards along the way? Let’s take a look at these three game-changing strategies.
Plan Carefully Up Front
Purchasing a new home is an exciting experience, but can be overwhelming at the same time. An experienced builder can walk you through the process so it does not feel so overwhelming and can insure you are making necessary decisions at the right time.
By taking time and planning carefully up front, you can decide on any structural or other modifications you might want to make now to avoid overspending later.
After the initial construction is in place, you can incur large costs by moving walls, doors or windows, adding a kitchen prep-sink, placing outlets to accommodate work and entertainment needs, or making other changes. Not only will you have to pay for extra labor and materials, but new permits may be required thereby adding additional time and cost to the project. So spend time planning with your builder up front to avoid spending money changing your mind later.
Consider Resale Value Before you Build
While building your new home is first and foremost about creating a warm, comfortable place to raise your family and put down roots, it’s also a significant investment that you want to increase in value. To get the best resale value down the road, you will want to consider a number of factors up front.
Factors such as location, size, number of bedrooms and bathrooms and the layout can all affect resale value. For example, a cozy house with small rooms on a quiet street outside of town might be attractive to you, but a future buyer might see a small house with tiny rooms in an undesirable location. Below are some of the top features to consider before building your new home, to help maximize its resale value.
Location, location, location: a central location near work, school, doctors and shopping centers, and convenient access to local highways and roads can strengthen a home’s resale price.
A home’s layout is also a critical factor in its resale value. The number of bedrooms is one of the primary factors, with three as a minimum for young homebuyers. Ideally, a bathroom should be located on the first floor for guests, and at least two bathrooms near the bedrooms (if three or more bedrooms). Walk-in closets often have higher resale value for their convenience. Families seek a kitchen layout conducive to enjoying family meals and gatherings, performing homework and storage. Open rooms offering natural light are also a huge plus.
The last thing to consider when building a new home with resale value in mind is curb appeal! Homebuyers want a house that looks appealing from the street.
Consider Energy Efficient Features
Just as in a game of golf, you can slice as well as hook a shot. A good return on investment requires knowing when to spend on an upgrade to stay on a solid investment course. Wise initial investments can make your custom home not only comfortable, but also efficient.
Buying a home with energy-saving features will pay monthly dividends. An energy efficient appliance or window, solid roofing and good insulation will reward you up front with lower utility bills and in the future with buyers who will be looking for energy efficient homes.
Often, prospective buyers inquire about utility costs before making a decision to buy. So if your home looks stellar but isn’t efficient, you’ll be left regretting the money you spent on superfluous amenities and wishing you would have allocated those funds toward long-term money saving energy efficiency upgrades. Wise spending generates both immediate and future returns on investment. This is a good place to save a penny later by spending one now.