At Extreme Investor Network, we understand the financial challenges that come with buying a newly built home. The median sale price for new construction in the U.S. was $400,500 in February, according to the U.S. Census Bureau and the Department of Housing and Urban Development. However, there are ways to navigate these sticker shocks and save on costs when building a new home.
One key tip is to defer certain elements for future renovations or upgrades. By focusing on the structural elements of the home and opting for basic or low-priced features initially, homeowners can keep the overall cost of construction within range. This approach allows for flexibility in customization and prevents overspending on finishes that can be easily added later.
Veronica Fuentes, a certified financial planner and wealth management advisor, emphasizes the importance of being conservative with expenses. By hiring contractors for later additions like knobs, flooring, and paint, homeowners can save significantly on construction costs.
According to Angie Hicks, co-founder of Angi, homeowners spent an average of $13,667 across 11.1 renovation projects in 2023. By strategically allocating funds from savings or exploring financing options like credit cards or home equity lines of credit, buyers can manage the expenses associated with building a new home.
In a survey conducted by Angi, it was found that most homeowners paid between $14,611 and $41,440 for kitchen remodels and $6,629 to $17,536 for bathroom remodels in 2024. By prioritizing structural elements and planning for future upgrades, buyers can ensure that they are making cost-effective decisions during the construction process.
At Extreme Investor Network, we believe in empowering individuals to make informed financial choices. By following these tips and staying mindful of expenses, buyers can make the most of their new construction investment without breaking the bank. Stay tuned for more valuable insights on personal finance and investing on our platform.
