Building a home can take a toll on even the most seasoned homeowner when costs begin to surpass the initial budget; which happens often because of things beyond their control. For instance, delay in completion by the builder means additional costs for a family staying in rented accommodation. Or a personal or professional contingency could derail the family’s construction budget.
Whether or not you’re faced with such a situation, it makes economic sense to revisit the project in detail. And look for small and big ways to cut costs that could save you a few thousand dollars. Here are some tips to get you started.
Building the Home
Decide if you want a custom-designed home or a house based on a builder’s display home. A customized property will inevitably cost more. It may have complex design features or expensive finishing and may require new planning approval. When building a home go for a tailor-made home built to your specifications if you can afford one. But get a proper estimate before starting on the project. Also remember that building costs have a way of escalating as the project nears completion. Which is why it’s important to maintain a contingency fund to meet additional costs.
Pay attention to the smaller details. There lie plenty of opportunities to cut costs without compromising on the structural integrity of your home. Elements where you can save money by opting for less expensive options include; wall paint, type of flooring, choice of fixtures, cabinet finishing, landscaping, and the like. Choosing cheaper (but quality) alternatives could leave you with a handsome amount that you can use to gradually upgrade your home later.
Choose Your Builder
Work with a reputable and trusted local builder who has experience building residential properties in your area. They will have a good network of local contractors and suppliers; which means discounts on bulk purchases and a wide range of options to choose from. Have a heart-to-heart discussion with your builder. Share your concerns and ask for ways to bring down the total building cost by a substantial amount. Empathy and support from your builder are signs that you can trust them with your once-in-a-lifetime mega project.
For my Australian readers: Take a look at this insightful article; https://www.novushomes.com.au/blog/how-do-i-choose-best-builder-perth for more tips on how to find a reliable home builder in Perth.
Avoid the urge to make multiple modifications to the initial design; each of these will require some amount of redesigning and additional payment to the designer. In addition, adding new features while the construction is on could increase your building cost by several thousand dollars.
Reconsider if you really need all the luxury you wished for when envisioning your dream home. For instance; consider if you really need a fancy cupboard in the garage, an uber-expensive main door or top-notch patio landscaping. Can some of these costs be postponed to control your overall building and finishing costs now? You could easily save a couple thousand dollars by making small compromises that won’t affect quality of life in your new house.