It used to be more affordable to buy an existing house than it was to build one from scratch. Nowadays, that’s not always the case. Between low inventory and rising home prices, it’s a seller’s market.
If buying a home feels out of reach, you might consider building a new home instead. Here are some of the cheapest ways to build a new home while protecting your finances.
Consider a Prefab Home
Prefabricated homes offer lots of customization options and a lower price point than traditional homes. While you’ll still need a contractor, your home won’t take as long to build.
Much of the construction happens offsite at a factory, and then it travels in sections to your new address. Your contractor finishes the sections and installs utilities, fixtures, and appliances. Since the house comes in prefabricated sections, the process of putting it together can take as little as a month.
Use a Shipping Container
For a creative and budget-friendly way to build a new home, look no further than the humble shipping container. They have a distinct industrial look. In fact, that’s the main thing to consider when deciding between modular units and shipping containers.
Shipping containers offer more of an opportunity to create a custom design. You can combine multiple containers to create an open-concept layout. You could also add a second story to the home.
Lower Your Square Footage
If you’d prefer a traditional site-built home, cutting back on square footage is one way to save money. Smaller homes are cheaper to build because they require fewer building materials and less construction labor.
While two-story homes might look grand, their complex roof designs are expensive to build. Ranch homes with simple roof lines are a much cheaper option. Smaller homes also have lower utilities, cheaper maintenance, and they’re easier to clean.
With the right planning, building a new home can be an affordable alternative to buying a house. With a little creativity, you’ll achieve your dream of owning a home despite the competitive housing market.
