Luxury home construction costs can be high. The average cost of building a luxury home is $350-$400 per square foot, not to mention the inclusions and other bells and whistles you want to add. Therefore, if you want a 2000 square foot meter house, be prepared to spend more than $700,000.
The good news is there are ways you can reduce your luxury home construction cost.
How to Reduce Your Luxury Home Construction Cost
A luxury home doesn’t have to be extremely expensive. The following ways are some tips on how you can trim down on costs.
Plan your house well.
Having a luxury home building plan will help with builders’ coordination and also help minimize the number of change orders.
Recycle usable materials.
Look for ways to recycle and reuse building materials. This will help keep costs down, plus it’s environmentally friendly.
You can go to some demolition sites and salvage usable materials, such as doors, bricks, cabinets, and light fixtures.
Determine which to splurge.
Not everything in your luxury home needs to be expensive. You can save money by choosing wisely what you want to spend more on and what you’re willing to skimp on.
For example, you may want a high-end kitchen but go for a less expensive flooring material.
Share a large piece of land with someone.
If you can, try to share a large piece of land with someone you trust and wouldn’t mind being your neighbour. This will help reduce the overall cost per square foot.
Stay away from change orders.
Change orders are when the contractor has to go back and amend the original contract because something was not accounted for or you want something changed.
Change orders will add up to your luxury home construction cost. That’s why careful planning is extremely important.
Monitor the construction process.
It’s important that you are present during the construction to ensure quality control and there are no delays in your schedule. Monitoring the construction project ensures that the builders will do what you want as planned.
Hire the right people for the job.
Interview potential contractors before hiring them, even if they have good reviews online. Hiring the wrong people will cost you money and headaches.
Make sure the contractor you choose is licensed and insured. Selecting the wrong builders will be one of the biggest mistakes you can make, as the cost for a bad job can be expensive because of the renovation and repairs you have to do.
Choose low-maintenance materials.
When selecting materials for your luxury home, try to choose those that require little to no maintenance. This will save you time and money in the long run.
Vinyl or metal roofs are good options since they don’t require re-painting as wood does.
Low maintenance materials such as vinyl windows, clapboard siding, stone veneer exterior walls and fibre cement siding also help reduce luxury home construction costs.
Luxury home construction is not cheap, but nor does it have to be expensive. Some planning and reusing of materials can help you save money without giving up on quality or design.
Thorough planning is crucial when it comes to building your dream home. It includes knowing how much money you are willing to spend on certain things, such as kitchen countertops or flooring. Knowing precisely what you want and having a good plan are crucial to avoid change orders.
Hire the right people for the job. Building a luxury home is expensive enough. Paying more than you should is the last thing you want.
Choose builders who have been in the industry for years – those who have rich experience in luxury home design and building. Choose BCR and live in a home you’ve always wanted.