When it comes to financing the construction of your home, you’re going to need to choose the right materials for your budget. Different materials can be cheaper, but you might have to sacrifice the integrity of your home. Balancing your costs is the best way if you want your home to come out right.
Homes are becoming more expensive every year. It’s estimated that home prices have increased by 16%, and it’s one of the highest growth that the industry has experienced. As a result, average prices have reached record highs, with many real estate agents predicting that homes will cost Americans $400,000 on average after all costs are covered, including the auction.
If you don’t want to spend this ridiculous amount of money on a home, experts recommend that you either build your home or flip an old one instead. It will save you half the money, with more to spend on future renovations. However, constructing a home can be costly, especially if you don’t know the right materials for your budget.
In this article, we will discuss the best material depending on your budget. This maximizes your budget without making your home suffer.
Wood
Budget: $100,000 to $150,000
We’ve been building our homes from wood ever since civilizations built cities. It is one of the most abundant natural resources globally, and it is one of the most essential. Wood is the cheapest choice for building a home, but it doesn’t mean it has less structural integrity.
When built right and with the right wooden materials, homes can last for hundreds of years. One good example of a sturdy wooden home with added oak framed buildings like a gazebo. If you’ve noticed, these kinds of buildings have a rustic look to them, and they look lovely. With just a couple more dollars added to your budget, you can certainly add oak frames to your home. Not only will it make your home look good, but it will stand for hundreds of years, so your children’s grandchildren can inherit it in the future.
Wood is a versatile construction material and if you have a low budget for construction, consider this material. The best part about it is that it can be easily removed for renovations to newer materials.
Concrete
Budget: $100,000 to $150,000
Another cheap choice is concrete. Ever since concrete has become ever more available worldwide, its prices have decreased. Experts believe that concrete can even be much cheaper than wood.
Concrete is your best choice if you want to build a stable and sturdy home. However, it’s not as versatile or flexible as wood. Also, if you’re planning to renovate in the future, it’s going to take a lot more work and money if your home is made of concrete. But if you want your home to stay the same until the end of your life span, you can save a lot of money by building it with concrete.
If you want to add some aesthetic flavour to your concrete home, and if you’re planning to increase your budget at around the $250,000 to $300,000 mark (high-end budget), you can add masonry to your home’s foundations. More on that later.
Steel
Budget: $200,000 to $250,000
Steel is your best choice if you want a home that will last for ages. It’s fairly common to see steel used in industrial and commercial buildings because it is sturdier than wood or concrete. So if you want a sturdy home, then building it out of steel is the best choice for you.
Steel isn’t affected by termites or moisture, which means it can last longer than wood. Steel can also add a durable foundation to your home when mixed with concrete, making it weather any natural disaster. If you’re planning to live in states prone to natural disasters (such as the ones found on certain maps), we recommend you building a house made of steel.
Masonry
Budget: $250,000 to $300,000
As stated earlier, masonry can be a good way to add an aesthetic layer to your home, making it more expensive. However, you can put masonry as an additional foundation for different parts of your homes. It can also cover the grey look of concrete, making it look more appealing to people. However, if you’re planning to use masonry for the building of your home, make sure that you’re to spend a lot more on it.
Financing Your Home Construction
The main reason why we’re discussing the right material choice for your home is to get your financials in order. Finance plays a big role in home construction, and by determining the right materials, you can stick to your budget. However, it’s also important that you use that budget if you want the structural integrity of your home to be superb.
Ultimately, financing your home construction is up to you. Consider getting quotations from different contractors first and getting a loan from your local bank to get a vision into this project and its costs.