Home Construction is an exciting but also terrifying prospect. You’ll be investing time and money into a vision that you hope will turn out the way you want it to. The unfortunate reality is that more than half self build projects will come in over their budget. This means you’ll need to borrow more or make cutbacks.
Money Savings Tips for New Home Construction
Fortunately you can apply these top 5 money saving tips for new home construction. They may just help you to stay inside your budget!
1. Get The Right Finance
The first and most important step when building your home is to look for the right finance deal. You’ll find that corporate finance will usually offer a much better deal than the ‘high street’ lenders. This is because they specialize in this type of lending and know what is involved.
They may even be able to offer you some helpful hints.
2. Consider Size
Every square foot of build will cost you more money. This means you need to consider if you really need every bit of the space you’re building.
This is not an opportunity to lash your budget by halving the size of your home. If you’re intending on living there then you may need every bit of space. But, if you are choosing an overly lavish build it may be worth considering reducing the size in order to lower the cost.
Read Also: Top 5 Affordable Home Improvement Ideas
3. Base Price
It is normal to be quoted a base price; this is the cost of creating your home but not furnishing it. After the home has been created you’ll still need to fit the extras; such as a better kitchen Ideas, hot tub, landscape the garden or even create a closet.
The lower your base price the more room you’ll have to maneuver when tweaking the design; without going over your budget.
4. Look At Details
Your builder may offer the complete package but what does this really include? You need to create a budget so that you know how much money you have and exactly where it is going. In the process of creating this you’ll be able to assess exactly what the builder is doing and what will be left.
It’s important to do this before you commit to the build. You may find that the cheapest builder is missing a lot of detail while the most expensive quote includes everything; making it cheaper overall.
5. Do It Yourself
Finally one of the best ways of saving money is to consider what work you can do yourself. If you can paint and wallpaper then you can finish the inside of your new home yourself. You may have experience installing a kitchen or bathroom; if so then this is something else you can do yourself.
The more you can do the lower the cost of your build will be; it may take you longer than a professional but you don’t have to pay yourself for your time!