5 Money-Saving Tips for NJ Real Estate New Construction Home Buyers

What to do to maximize savings on your new NJ real estate home

 

Considering the current fragile state that our economy is in and how hesitant banks are to loan money for new homes, it is important to save money when purchasing a home that is newly constructed. In the NJ real estate market of today, buyers can purchase an existing home for quite a bit less money than a comparable new home. As a result, banks are much more likely to focus their loans on consumers with plenty of equity and in homes that will hold their value in an unsettled market. So, for buyers that have their mind set on building a new home, there are ways that you can keep the budget down and the banks more likely to fund your project. Below are 5 ways to save money on new home construction.

More Square Footage Equals More Money

Regardless of anything else, every square foot you add to the footprint of your new home is going to cost money. It affects every aspect of the construction from the foundation to the final coat of paint. It is best to start off with a floor plan consisting of rooms that are needed, then analyzing each and every room and see if you can make them smaller while maintaining their functionality. In order to save the most amount of money, you should keep the square footage of your new NJ real estate home to a minimum.

Choose a 2-Story Home When Possible

Although this concept is relatively simple, many buyers do not realize how effective choosing a multi-level NJ real estate home can be. In the case of a ranch home and a colonial home with the same square footage being compared, the ranch home has a foundation and roof that is twice the size as the colonial home, easily costing an extra $10,000 to $20,000 in the end.

Consider Installing EnergyStar Appliances

EnergyStar appliances can save you a significant amount of money in the long run. By purchasing some of these products, such as furnaces and air conditioners, you may qualify for substantial government tax credits that can help offset some of your NJ real estate construction costs.

Opt For an Underground Garage

Instead of having an attached garage, buyers can save a large sum of money if the house lot topography will allow for a drive-under garage. With this setup, if you use a portion of your basement for your garage, you can easily save $15,000 to $25,000.

Ask the Builder About Any Money-Saving Jobs You Can Do Yourself

It is smart to ask your NJ real estate home builder if there are any simple, safe construction tasks that you could do to reduce your costs. Many customers end up doing their own painting, cleaning, or even light landscaping. These tasks could save anywhere from a few thousand dollars to tens of thousands of dollars.

 

The real estate market is changing rapidly and expanding into new avenues almost daily. Sometimes it can be very difficult to find the answers you need on a specific topic or issue. In times like these, you need a real estate professional who will provide valuable information and trustworthy advice. For more information on NJ real estate, call us today or click here to be connected with one of our top real estate specialists.