Building a new home is the only way to create a property that is 100% your dream home. It is an expensive project, but that doesn’t mean you can’t save money here and there to ensure you keep to a budget and maybe even finish with some cash left over for a housewarming. To help you in this challenging but rewarding endeavor, here are five cost-effective strategies for building a new home on a budget:
1. Choose a Great Team
Experienced local home builders will help ensure you get the house built for the best price. This will usually involve discussing all the cost differences for the materials and styles you’re interested in using. If, during the design process, you feel like higher-grade materials or designs are being upsold to you for no good reason, you’re with the wrong building company. You should have a wide variety of options on the table, allowing you to select designs and materials that suit your budget, dreams, and needs.
2. Think Carefully About Building Materials
Building materials can vary significantly in cost, so you must be selective if you want to keep to your budget. It’s also crucial to think about the lifetime cost of a particular material. For example, plastic tends to be very cheap, but it has much less durability than brick or concrete and may impact the valuation of the finished property.
Wood can be stunning and strong, but it can also be costly as a building material, especially if you opt for something like redwood. The best thing you can do to keep these costs down is to have a great building team who can talk you through the costs, advantages, and disadvantages of different materials so that you can make an informed decision.
3. Manage the Project
Over 90% of construction projects cost more money and time than planned. To avoid this, hire a project manager or building team who will keep you informed about the progress of your project. Having a build effectively managed can save a lot of money long term. While it will draw some funds from your budget, it should help you avoid unnecessary waste in terms of time, money, and materials.
4. Go for Standard Options, Where You Can
One of the biggest causes of extra costs when building a house is bespoke designs and non-standard measurements. When you go down this route, materials must be cut to size, and architects must work with builders to create the correct dimensions and plans. Ultimately, you pay more for the time, materials, and effort to have unique house features. It’s the same with fixtures and fittings. Keeping your designs standard can lead to significant savings.
5. Pay to Get Work Specialized Done
You can save money doing specific DIY jobs related to building your house if you have the skills and time to do those jobs. However, in many cases, well-meaning DIY homeowners end up pushing up the cost of a house by creating DIY disasters.
Over 50% of Americans get bored when completing a DIY project. Many people ultimately have to hire a professional to redo the work because they did a lousy job. DIY injuries aren’t uncommon, leading to time off work and more money lost. So think carefully before doing any jobs yourself – it could cost you much more than hiring somebody to do the work in the first place.
With the tips above, you can keep your build costs down, resulting in the perfect home that comes in well within budget.