Most of us get excited about the idea of having an ultra modern, sprawling, 5-bedroom and 6-car garage home in the middle of the city. Having the nicest and biggest home in the block gives us that certain ego boost to tell the world that we’ve already made it. That 5-bedroom home doesn't have to be far-fetched. You can start building that dream home without breaking the bank and maybe still have enough money left to finance a new van for wifey and your kids by following these 5 cost-saving tips on building your home.
1. Set a budget
Starting the construction of that house now without setting a budget can be disastrous. Costs can be blown out of proportion and you may end up losing a lot of money at the end of the project. Setting a budget makes you understand and control your costs. While setting a budget, make sure that you also set your priorities in terms of the where you want majority of your funds to go. Do you want to allocate a portion of your budget to go to solar panels? Do you want high-end finishes in the master bath? Do you want a guest bedroom where your beloved mother-in-law can stay while she visits you from the province? Budgeting shouldn't be that hard. Make sure to involve your partner in the planning process to avoid messy money issues in the future.
2. Get several bids and select a builder wisely.
Once you’ve zeroed in on a cost and your architect has already delivered the construction drawings, make sure to bid out your project to several contractors. The bidding process ensures that you get the best value for your money. Just a reminder though, the lowest bidder may not always be your best bet. Check your contractor’s portfolio. Make sure that his experience matches your requirements. And lastly, choose a builder you can communicate with.
3. Reuse, Recycle, Reclaim
Your current home can be a source of additional cost savings! There may be some materials in your current home that you can reuse, recycle or reclaim for that new house. Do you have old solid wood floors? Do you have nice kitchen counter tops? Will that chandelier hanging at your living room look good in your new foyer? Keep your eyes open. That narra dining table your mom gave you as a wedding gift may look good as main entrance door for that new home.
4. Shop around and supply some finishing materials.
Don’t let your contractor decide and choose all your finishing materials. You'd save a great deal if you shop around for those lighting or bathroom fixtures and tiles. There are some tile showrooms and construction material expos you can visit to look for the materials you’d like to use for your own construction.
5. Elbow grease
Ask your builder if there are any simple, safe construction tasks that you could do to reduce the costs. Many homeowners end up doing their own painting, cleaning or even final landscaping. These tasks could save you anywhere from a few thousands to tens of thousands of pesos. And its fun too! You can also involve your kids in painting your own room!
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