How to Save Money When Building a House

Video Transcript

"This is financial advisor Patrick Munro, talking about how to save money when building a house. The key to saving money when you're building your house is to know what your budget is in building the home. The main thing that you should do if it's a new home is when you decide on the design that you've chosen take it to an appraiser, and make sure that the appraiser's aware of where the home will be situated. They can literally take the blueprints before the home is built, and the specifications and basically what you have decided to put in the house, and appraise it on paper before you absolutely start to build it. In many cases, banks nowadays will insist on that under this tight mortgage market criteria. Then you will have a box, if you will, of a budget that you can build within to keep your costs under control. Having a budget is an important financial situation for you when you start a project such as building a home, and make sure that the appraiser is accredited for that particular marketplace so that you'll have a true evaluation of your new home before you begin to build it. This is financial advisor, Patrick Munro."