How to Minimise Your Home Building or Renovation Costs

Thus you’ve decided to build a new home or renovate / remodel an existing home, you’re on a budget, want to minimise your building costs and complete value for your money.

The best time to save money is before you start building. Pre-planning and understanding your home building or renovation project should be in minimising your home building cost. Once you have employed and signed a contract with a home building contractor, the probabilities to save money on your home building cost is reduced significantly.

You will never get all the details of any building project 100% correctly prepared before you start, nevertheless, you can certainly remove many unknowns and have a chance to lower the house building cost. 

As well remember that the cost is not simply the amount of money you hand over to the contractor, it includes supplementary costs which can take place if the project is delayed like additional lease in another place or the emotional cost of looking forward to the project to be completed which can stretch even the best relationships to breaking point.

The main ways to minimise your home building costs are:

1 ) Define what you want – Take some time to think through what you want for your home restoration or building. The sharper your definition of what you want is before you sign the agreement the less variations to the contract which will occur and so the lower will be your home building costs.

2. Overall Total Home Setting up Costs – select the best contractor for your project, this may well not always the cheapest. Too often in building large assignments, for various reasons, clients are determined to accept the lowest initial cost from a builder, when evidently at the end of the day it would cost my client more with hidden extras, holds off and stressful negotiations to resolve issues. The building process is stressful enough don’t add to your potential problems and always consider the general total home building costs.

3. Cash – the financing cost of any project can be significant whether you have the cash in the lender or you are borrowing it from the bank. When making decisions on which contractor to employ, the idea will be beneficial to never use the lowest home building cost contractor as they could take longer and cost you more in things like interest, alternative nightly rental costs and more.

4. Set time aside to Manage the task – any building or renovation job is going to require a significant amount of your time prior to development, during construction also to a lesser extent after finalization. This will occur no matter how good your contractor, architect or job manager are at their jobs. Don’t start the project until you have the time to commit to be available to make decisions on what you want in the project on a daily basis.

5. Be Definitive – Time is money in any project for both you and your contractor. By being important you will allow the project to keep streaming, which in the end be one of the key factors which will figure away how long the task will require.

6. If Not sure about Advice – if you are getting “contrary” advice or if the advice you are acquiring from experts does not feel right, try not to be afraid to call in persistent expert or friend to help you clarify any concern. Trust your instincts and gut feeling as people involved in a task will often become too close the project and lose their objectivity.