When considering custom home building costs there are a number of factors to consider. One unique way to consider custom home building cost costs is by looking at ways to save or make money with your home. People often forget about the future and paying for their home in monthly payments. They often only look at the amount of money they have to borrow, and making that money stretch as far as they can, perhaps cutting corners on things that could give them more spendable cash in the future.

Saving on Custom Home Building Costs

Saving on Custom Home Building Costs: Getting the Right Mortgage Loan
• Getting the best possible loan can save your custom home and your future. By locking in a low interest rate, instead of waiting around for the rates to go up, you can save a lot in interest.

• By getting a 15 year loan instead of a 30 year loan you can get a better interest rate, pay off your custom home fast, and save a lot on what you actually pay for your home. For example if you took out a loan for 200K on a 30 year loan, at 3.875% you would be making 360 payments of $940.47. That is $338,569.20. Consider this if you borrow the same 200K on a 15 year loan at 3.25% there would be only 180 payments of $1405.34. That is $252,961.20. That is a savings of $85,608. Sometimes the savings are even more dramatic, because often 15 year interest rates are even lower. If you are going for a 15 year interest rate, keep shopping till you get a great deal.

• Cleaning up your credit to get the best possible credit scores can get you a much lower rate. People with excellent credit pay a lot less for loans than people with poor or average credit.

• Making extra payments early in the loan can save months or even years off the term of your loan. This is because all the payments are equal, but the early payments pay very little towards the principle, and a large percentage of your early payments go towards interest. Any extra payments go entirely towards the principle.

Saving on Custom Home Building Costs: Utilities

• By building an energy efficient custom home, all the money you save on your utility bills can go towards making house payments or towards a little extra money in the budget. It is likely that energy costs will continue to rise. The more insulation you buy now, the more your savings will increase over the life of your home.

• By installing solar panels you may be able to save significantly on your utility bills or even make the electric company pay you. There are many new programs in which solar panels will not only power your home, residual power is fed back into the system, actually making your electric meter run backwards.

Saving on Custom Home Building Costs: Earning Money in Your New Home

By selecting the right location, it may be possible to run your own business out of your custom home. Whether that means building a three bay garage in the back yard of your rural lot for an automotive or paint and body shop, or adding a little extra space in your garage for a woodworking shop it may well be worth considering. Depending on your talents you may be more interested in investing in a commercial grade kitchen so that you can run a catering business or sell brownies. Sometimes just adding another room for a home office can save on office space and make it possible to have your own business. By running your business out of your home, you can save on office space, enjoy a much more convenient lifestyle, save on travel time, and save on gas.

It is possible to make your home practically pay for itself, if you think it through and keep your plans modest and sensible. Building a custom home is about creating a lifestyle. By making room for a small home business, equipping your custom home with solar panels, and making your home energy efficient you can earn and save money with your home. Those savings can be applied to your custom house payments. Saving by getting a great loan can make a huge difference in how much you actually pay for your home. When building a custom home, plan to recoup your investment in custom home building costs.