Building from scratch is a great way to precisely get what you want in a commercial or residential property. But if you are not careful, it can be quite costly. The average cost of building a home in Australia is about $314,000.
However, many factors can determine the cost of construction. These vary depending on the state or territory that you are going to build in. But there are things you can do regardless of where you are to cut down on costs smartly. Here are a few pointers to take note of:
1. Select the right piece of land from the start
The location that you choose to build on matters a lot. While you may be able to renovate your home, you cannot change the place without moving. So to cut down on construction costs, you need to select the right piece of land right from the start.
The land you choose should serve your purpose so that you don’t have to spend more to turn it into what you want. It can either be level or sloppy. It’s all up to you. The size also matters because if you run out of space to build what you want, you may have to buy the lot nearby.
Then, there are fees and taxes associated with the land you choose. So by choosing land in a cheaper location with lower fees and taxes, you automatically save money. But that only holds if the costs of living in that area in the long term are also affordable.
2. Invest in high-quality materials now to save later
It may cost you more money now to buy high-quality materials, but you will save money later. These include materials for insulation and those that increase energy efficiency. Higher-quality materials tend to be durable and long-lasting. That means you don’t have to replace them often. You can distribute the construction costs over a longer period, which makes them cheaper in the end.
3. Rent equipment where possible
Consider renting instead of buying equipment. Find dozers for rent and any other kind of construction equipment that you need. Renting equipment makes financial sense for anyone not in the construction business. You only need most of those pieces of equipment for a limited time. Why buy them at high prices when you can rent them for the period you need them for?
4. Negotiate and find cheaper alternatives
You can ask the contractor about the best fixtures and fittings that your home needs. Then use the information you get to search for them yourself. Don’t accept the first price of building supplies that one supplier quotes. Ask around, and try to negotiate for lower prices.
If negotiation does not bear fruit, determine if you can get what you need at wholesale prices elsewhere. You may need to buy them in large quantities, but if your calculations show that you can save money, you should do so. You may be able to sell what is left afterward to someone else doing renovations.
Also, think about shopping online. You have more options for building products. Even with delivery charges, the materials you buy may still end up cheaper.
Some house components like roofing vary in terms of materials. Some are cheaper, while others are more expensive. But the prices are not always determined by quality. They are also determined by the demand for particular types of roofing. If you have a limited construction budget, opt for cheaper building materials of high quality.
You can build the home of your dreams at a reasonable budget. But you must plan well and use all other ways of cutting costs that are available to you. Be smart, and you can save money while constructing the home of your dreams.
