Insider Secrets to Help You Build a New Home on Time and on Budget
Going through the process of buying or building homes, commercial spaces or doing several minor and major renovations, might be stressful at times. To help you with this, we managed to find several tips for saving money and would like to share some of these dollar saving tricks to you.
Are you building a house soon? A commercial space maybe? Or thinking of renovating your house? If so, take a deep breath, and hang on–it might seem to be a bumpy ride, but we are here to guide you all the way.
We encourage you to share this with your friends and relatives who are also dreaming of having their own homes or would like to have some changes done to their place. Share this most importantly to your partner. Sit down, have some coffee and talk about how you would like your home to be built. And remember, what doesn’t kill you, makes you stronger. Husbands, another piece of advice: The wife is always right. Always. Trust me.
Let’s go build your dream home and save some money while you do it.
Building a house is expensive no matter what, but there are ways to reduce your total building costs. If you really want to save, you have to be aware of what’s important to you, and where you can save during the process. Choosing the right piece of land, thinking carefully about your design choices, and working closely with a builder you trust will make the process much smoother. With proper planning and smart decisions, you’ll be able to build your dream house, and, hopefully, you can do so without breaking the bank. However, keep in mind that many people do go over budget when building their dream home – there are a lot of choices that you make that can determine how much you end up paying for your dream.
Figure out what's important to you
While you’re planning to build a new home or do a renovation, you should first figure out what’s important to you.It’s better to have a list of everything in details. It’s important to sit down with your significant other before you begin the process and figure out what’s important to each of you when it comes to building the house. Do you both want granite counters, a travertine back-splash and expensive hand scraped wood floors? Or are you willing to compromise in some areas, but not in others? Setting out clear expectations for what you’re each looking to do through the home build is important to making sure the costs don’t skyrocket later on. Otherwise you can end up both adding big expenses to the bottom line later on.
Building a new home or a commercial space or doing minor or major renovation is a big decision. It’s a big investment. This is the place where you and your family will live for years to come. The place where your children will laugh, play and run down the halls. A home where you can have quality time. A home where you can relax. The place where you’ll entertain family and friends during holidays, birthdays and Saturday afternoons. To make these dreams become reality, the most important decision you will make on the road to your custom home is choosing the right builder. Choose well and you will have a true partner; one that will bring to life your dream home, and ultimately a house that your family will love living in for a lifetime.
Finding a builder doesn’t need to be difficult. Aside from asking around and seeking for recommendations, doing a research would also be a big help. For sure, you want to make sure if the builder is legit. Here at Builder Finders, we provide you with the assurance of having the right builder.
By checking the background of a builder and checking his loan history, we ensure that all our builders are legal. We can thus ensure that they have a good history of paying their suppliers and traders.
Have a Contingency Plan
Typically, contingencies refer to costs, and are amounts that are held in reserve to deal with unforeseen circumstances. However, they may also refer to other aspects of the project, for example, the programme may include a contingency where it is important that a specific completion date is achieved.
A contingency may also refer to part of a contingency plan, which is a plan that can be enacted to mitigate project risks, such as adverse weather, an industrial dispute, supplier failure, and so on.
Monetary contingencies are typically referred to in relation to the overall client for a project. However, other parties in the supply chain are also likely to include contingencies in their cost planning. While it is advisable for clients to hold a contingency, they might not wish to share this information with the rest of the project team, who may see a contingency as a license to exceed the budget in the knowledge that the client has a reserve that can be spent.
Contingencies are often expressed in terms of percentages. The percentage contingencies applied are at their greatest in the early stages of the project when there are the greatest number of possible risks. But they can then be reduced as better particulars about the project become available and some risks have passed or been overcome.
Remember, a contingency plan is a valuable part of your risk management. Even though it won’t stop the risks from happening, nor even make them more likely, it will give you a clear set of steps to follow if it does happen. This will allow you to rapidly restore control and limit the potential for consequential threats that you might be encountering when building your home. It’s always important to have some extra time to absorb the delays that a realized risk can generate. Most importantly, always have a back-up plan or plan B. Make sure to discuss everything clearly to your builder finder to secure everything will fall into place on the right time and within budget.
Figure out where you want to build your home
Talk to your council in order to find out more about the land you want to build on. Ensure the land is free of Caveats and other financial encumbrances and find a parcel that meets your specifications. Try checking out council websites to find out the value of the land. This can be very useful when you are considering your options. You are going to build your home, where you will live and spend the rest of your life. Choose the land where you will be comfortable and happy.
Choosing Your Design
Figure out if you want a stock plan or a custom home built. Choosing a stock plan is having a new home that is laid out according to frequently used blueprints — the contractor will know exactly how long it takes to build, what materials are needed, and what the dimensions are. If you choose to have a custom home built, the contractor will be building a home with dimensions and specifications that they have never tried before. It is possible, in such an instance, that the actual costs will exceed the original estimate. Stock plans are customizable, too, within certain limits. When speaking to your builder, ask about special modifications you might be able to incorporate into your stock plan home.
- Think carefully about your needs when building your house. If you build a massive house but only spend time in two or three rooms, you’ve wasted a lot of square footage and money. Meet your needs, but don’t add space that you might not use. Visit a display home or model houses to get an idea of the house you want and what you can afford.
- Think about how your design will impact the home’s cost.Plan ahead by talking with your builder about alternatives that still satisfy your needs and priorities, but don’t make as big a dent in your pocketbook. For instance, grouping your appliances in a central location will make it easier for the builder to install the right wiring and connections for the home.
- Look into your options for energy sources. For example, you might want to look into alternative energy sources and consider how much these sources of energy might cost or save you over time.
Selecting Your Materials
This part is what some people often overlook. You want to make sure you know everything in detail about the home you are building. From the roof to the floor. Remember to talk to your builder about every single detail you want in your house. This will be a very important matter if you want to make your house built as your home. A home that you will love to spend time with your family by choosing or selecting the materials you’d like. And of course, the materials that is of good quality.
- Standard building material lengths and measures. One great way to cut down your total cost is to set the dimensions of your home to correspond to standard building material lengths and measures. After that, make sure your windows and doors are all standard sizes rather than custom sizes that require additional expense to manufacture. This can drop the overall cost. After all, there usually isn’t any benefit by going with an odd-sized or shaped window or door for most structures. By keeping the windows within standard sizes, you also save on window treatments such as shutters, blinds, and curtains since these are more affordable when not needing to purchase custom sizes. Considering innovative and designing something fresh and new, there are architects who design sizes and shapes that doesn’t add much other than the cost. And sometimes the consideration was unintentional, and a standard size works just as well. But if the space and/or design requires a custom window or door, try to keep them to a minimum.
Often times, these materials are overlooked at. Think about what windows you’d like. What color and textures you think you would like for every part of your house? And what style of windows you want for your house? While thinking of what you like, consider some points that will help you save at the same time.
- Window and Door Remnants. While still on the topic of windows and doors, another trick is to ask for remnants. Many construction supply stores carry leftover windows and doors from previous orders that were either the wrong size, the wrong color, or slightly scuffed. You can save a lot by sorting through remnants and finding ones that work.
- Buy Refurbished, Floor Models, and Used Appliances. Appliances, you may argue, are not part of the construction budget. However, they are necessary once your new home is built. There are quality refurbished and floor model appliances that can be found. There are “2nds” stores that specialise in scuffed-up fridges and ovens; if the scratch is on the side of a dishwasher where it is hidden by cabinets, you can often save a couple hundred bucks off the retail price. A great bargain. Selecting functioning but discarded materials and appliances can save you money when building your home. Bricks, cinder blocks, paint, and a variety of appliances are available at a discount if you know where to look. Check your local newspaper for demolition sales and search online for home supply stores that are having sales on returns, reconditioned items, or floor models. Just plan ahead and be patient since the right deal isn’t always available. Keep in mind that you may also be able to negotiate with the builder to have things like appliances included.
- Bargain Shop Fixtures. There are a lot of great websites to buy lighting and plumbing fixtures. Not only can you find a greater selection than in large retailers and even specialty stores, you usually can save a lot of money as well. Unless your electricians and plumbers already have remnant fixtures. Be sure to plan on enough time since you cannot hold the job up waiting for fixtures and not have it impact the job cost.
- Cheaper to Go Up than Sideways. You may not know that it costs substantially less building vertically than it does horizontally. What this means is that a basement or second story will cost substantially less than having the house on one complete level. It is also cheaper in heating and cooling expenses since you share more of the space. The difference in price between a crawlspace and a full basement is usually not substantial, especially when considering you are getting a whole new level to your house.
- Metal roofing and cladding. These materials don’t require repainting or replacing. Though they will bring up the initial investment in building your home, they’ll save you money over the long term. Make sure to consider the climate when purchasing your building materials. Some materials may not hold up well in all regions. For example, cladding may crack and deteriorate in a desert climate.
Identify which types of upgrades are likely to give you the most value in return
After searching and choosing for the materials to use for your new home, it is also advisable to identify which types of upgrades are likely to give you the most value in return. Some upgrades will help you save money, while others merely look nice. For instance, investing in quality insulation is a material choice that can increase your home’s value and keep your energy costs low. A really expensive kitchen cabinet, on the other hand, will only beautify your home, but add little in real value.
Stick to the budget
When you change the work order, you’ll add both time and money to the homebuilding process as the new materials are obtained. Once you’ve developed a plan to build your house and received an estimate, you should stick to it.
In addition, always monitor the progress of the home’s construction. The contractor may realize that the costs will exceed the estimate in some necessary, unavoidable way.
Think of how to save money for a long term
In building a new home. Think of not only how to save during the building process. Consider thinking of how you can also save money for a long term. For instance, you can choose energy-efficient appliances. When you’re shopping for the right washing machine, dryer, oven, and fridge, look for appliances with the Energy Star logo. This indicates that the appliances have been certified as energy-efficient by the Department of Energy and Department of Environmental Protection. Energy Star appliances can make a home 15%-30% more efficient than a home that does not employ Energy Star certified appliances. This savings can save you on electrical and gas bills over the course of the home’s life. Another is, you can orient your house in an energy-efficient way. Build your house in such a way that large windows covered slightly by a small overhang face the south. This way, the sun’s heat will naturally warm the home during the winter, and the house will stay cool during the summer when the sun sits higher in the sky.
Have a Heart to Heart with Your Builder
Have a strong communication with your builder. Let them know what you want and what you need. Give them expectations of your desired results. Be specific, and make sure you are all on the same page. Making this happen will save you many headaches and arguments in the end.
To sum all up:
When constructing your home, be frugal, but don’t go overboard. You have to live in the home you build. You want to enjoy it, you want it to reflect your personality and your priorities, and you want it to be a comfortable space to spend your time in. During the construction process, it’s important to watch your bottom line and live within your budget, but you don’t want to cut corners that would negatively impact your long-term quality of life.
Have you built a home? How did you manage your budget and save money? Share it with us! We would like to know your experience.
The good news is that there is no cost to use Builder Finders. We are paid by the builder you have selected.
Building is an exciting time. It can also be a time of great anxiety if you choose the wrong builder. Did you know Builder Finders does not accept every builder. Many builders who apply to join the Builder Finders panel don’t make it. There is a 62 step vetting process for builders to join the panel. In addition, the Builder Finders team conducts comprehensive due diligence through reference checks, ASIC searches and CreditorWatch reports to ensure they are not insolvent. You may not be aware that in the last financial year just over 500 builders went bust. Worse still, right now there are builders in financial difficulty that are cutting corners to stay afloat. Fact is, a lot of builders will tell you what you want to hear. Engaging with one of these builders will invariably mean subpar construction of your home. No one wants that.
With Builder Finders, you are in safe hands.
Why risk it? The Builder Finders team have done all the background searches for you. We take pride in knowing our clients are dealing with some of Australia’s leading and award winning builders. We understand the services of a builder broker may be a new concept for you. It would be our pleasure to refer customers that have used our services in the past.