One of the life goals of many is to have their own homes. While it may be a pricey investment, the immediate and long-term benefits and satisfaction it gives can compensate for all the pennies that will be shelled out. In 2020, industry data shows that the average cost of home building in Australia is around $320,000. This figure can increase and decrease depending on several factors, such as location, size of the property, and the quality of the real estate’s finishes and other fixtures.
If you’re planning to finally construct your dream home, this read is a must. In this article, we’ve gathered seven tips on how you can save money – from six experts in home building in Australia to wisely choosing your land to being extra resourceful.
- Create a budget plan and stick to it. You hear this often for a reason — it’s the most essential step in managing your expenses. As there are several things to pay for in any home building in Australia (e.g. permits, materials, labor), enumerating them early on is crucial. Don’t forget to allot a portion of emergency expenses.
- Make your home functional. The bigger your home is, the bigger your expenses will be. So the secret to saving as much money as possible is opting for a functional and cost-effective design. Also, opt for construction materials and finishes that are of quality yet budget-friendly.
- Choose the land where you’ll erect your home wisely. Many future homeowners make the mistake of focusing on constructing the property per se; they overlook that a huge chunk of their costs will be allotted to buying and preparing the land. Choose a location that minimizes costly activities like clearing rocks.
- Select your contractor wisely. Working with the right contractor can save you money big time. Go through the list of tradies in Australia as well as builders and get at least three different bids. Check out their pros and cons and do your homework properly: When researching about them, check their ability to help clients stick to their budget.
- Know the best time to construct your home. The time of the year can also help you lower down your costs. During colder seasons, construction companies receive fewer projects, hence they are willing to offer lower rates just to keep their income flowing.
- Be resourceful. Home building is also about being resourceful — not just in terms of finding a great contractor and banker. You should know how to reuse, recycle, and reclaim building materials. Not only is this environment-friendly, but it is also more importantly economical.