Cost Saving Tips When Building A New Home

When starting your exciting journey to building a new home, constantly adhering to your set budget can prove to be difficult. Whilst your initial planning may leave you with a figure that makes perfect sense on paper, this will most likely change when its time to break ground. Remembering to equate for things like unplanned setbacks and fluctuations in the building market is essential as well as keeping your priorities in check so the most important things on your checklist get sorted. If you are looking to build your dream home whilst staying on budget in the process, here’s how:

Taste Vs Budget
When building a new home, the issue of taste vs. budget will often rear its ugly head. While you are well within your rights to want your new abode to look aesthetically beautiful, prioritising your money to make sure your home is functional should be a top priority. For example, if you have a large family and wish to add square footage in the build, make sure you are ticking this off the list before worrying about cosmetic details. You can upgrade your floors from laminate to tiles later down the track, but adding extra floor space will prove far more difficult after your build is complete.

Remember To Calculate Small Spendings
In the scope of a huge renovation, and extra hundred dollars here and there might seem minuscule in the overall scheme. Though it might seem easy to splash an extra $50 on some more expensive finishings, or $100 on some extra paint, these costs will quickly add up and can easily blow your once manageable budget right out of the water.

building a new home

Track Your Progress
Budgets are very much like diets, they can be hard to stick to and without realising, can be blown in the space of a day. Tracking all your spendings when building a new home will give you a platform to easily check and assess your finances. If you like doing things the old school way, pen and paper to a notebook will work just fine, or for those who are tech-savvy – a range of apps will be of good use to monitor your costs.

Contingency Fund
When building a new home, having some extra cash (usually 10% of the entire project) will leave you some wiggle room if things don’t go as planned. Making sure you have a contingency fund in place when starting to build your new home may be the most important step, as it will save you the stress if extra costs are required – which realistically, they usually are. Having a safety net will secure you from the speedbumps that may slow you down like unforeseen land issue, bad weather postponing your build or a change to some of your original finishes.

building a new home

Plan Your Finishes With The Builder Before Construction Begins
Sitting down and planning exactly what you want before your house is quoted will give you the most exact price. While this still may be subject to change, having a secure plan in place will ensure your builder is aware of exactly what you’re asking for. This will reduce the risks of extra costs being added throughout the build. Often, those who find themselves doubling their budget are the ones who made decisions to upgrade their home during the build, or who weren’t sure what they wanted from the get-go meaning their original orders were likely changed.

Use A Specialist
Many people make the dreaded mistake of using ‘free quote services’ before they plan to build and use this information to scope out a budget. Often, these estimates forget many important details like landscaping, fencing and site preparation that can leave you with nasty shocks after your budget has been falsely mapped. Using the services of a specialist builder may not be free, however, they will give you the most accurate cost estimate for the type of home you’re looking to create. That means you can start construction with all your finances planned accordingly.

If you would like personalised advice and recommendations for your requirements and budgets, have a chat to one of our consultants on 1800 184 284 or book a call online.

Breanna Taylor

Breanna Taylor is a third-year journalism and PR student studying at Swinburne University in Hawthorn. She has a strong passion for interior design and a growing interest in property development and renovation.

About

iBuildNew is the market leading aggregator dedicated to residential home construction and land development. As an independent platform, iBuildNew helps Australians identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

You may also like

Oct 16, 2019

Selling Your Home? How Much Is It Worth?

The process of selling your home requires several necessary steps particularly, estimat...
Read More
Oct 11, 2019

Important Questions to Ask Before Upsizing Your Home 

That old saying ‘bigger is better’ is not necessarily the case when it comes to propert...
Read More
Sep 25, 2019

Tips For Buying Off The Plan For First Home Buyers

The process of purchasing property can be a daunting time, especially for first home bu...
Read More
Oct 08, 2019

What To Look Out For At An Open Home

The open for inspection can be a critical time for most buyers as they survey their opt...
Read More
Sep 13, 2019

What Are The Costs Involved When Selling A House?

Once the decision of selling the house has been finalised, it is an exciting transition...
Read More
Sep 26, 2019

Treat Yourself: High-End Finishes to Include in Your...

Building a dream home is something we all envision as part of our life plan. While cust...
Read More
Oct 08, 2019

Downsizing In Comfort: Tips For Empty Nesters

Whether it’s embracing retirement or the rest of the family finally moving out of the h...
Read More
Sep 10, 2019

Securing Your Dream Home: How Much Can I Really Affo...

Australians love to fear-monger about housing affordability. The key question when buyi...
Read More

Get more from

Browse New Home Designs