Here’s how homebuyers can look to save on costs with newly built homes

on Apr18
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Buyers of newly built homes can come across a number of sticker shocks.

In February, the median sale price for new construction sold in the U.S. was $400,500, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

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But the value of a newly built house will depend on multiple factors, including the finishes that are added, said certified financial planner Veronica Fuentes, a wealth management advisor based in Washington, D.C.

“They want to know what kind of windows you want, flooring, siding, window panels, what kind of doors, where you want the outlets, what kind of light switches do you want. Depending on what you’re picking, they’re adding up the tab,” Fuentes said.

To save on costs with a new build, it may be in a potential buyer’s best interest to hire a contractor later on to add desired finishes, experts say.

“Think about those elements that could be easily added at a later date,” said Angie Hicks, home expert and co-founder of Angi, an online marketplace that connects homeowners with professional contractors for home maintenance or renovations.

Building permits, construction both below estimate in March

How to save on construction costs

“There’s no reason to finish it out right when you build the house necessarily,” Hicks said. “Those are things that can be added later and can potentially save you in the near term.”

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