Building a new home comes with plenty of decisions that add to your bottom line
Find out where you can afford to save a little money with these five cost cutting tips.
Building your new home marks the beginning of an exciting chapter. It also happens to be a substantial financial commitment. With plenty of decisions to be made, it pays to know where you can cut your costs. Here are five great ways to save money when you build your new home.
Consider your block options
One of the most significant costs of building a new home is buying the block of land your house will sit on. You may be thinking that all blocks are created equal, but builders will often reduce the price for allotments that may be a bit tricky to work with. This includes smaller blocks and any that contain:
- retaining walls
- lot shapes
When you’re considering your options here, keep in mind that accommodations may need to be made when you’re building — sloping blocks may require more foundational work, and easements come with certain restrictions. This can add to your build cost.
You should think about this carefully and discuss your options with your builder. If it’s cost effective to select a cheaper block and get clever with your build, it may be worth it in the long run. For example, smaller blocks are often cheaper. With the right design, you’ll end up with all the space you need without the price tag.
Render the exterior
When it comes to the exteriors of your home, you may be thinking that standard siding is the only option. Not true. Rendered exteriors are becoming more popular because … they save money!
Rendered exteriors or lightweight foams are easy to apply, meaning they go up quickly and cut down on labour costs. They also happen to add a clean, low maintenance finish to your home that looks fresh and modern.
While this option is becoming increasingly popular, it’s not quite as unique as it once was. This means it likely won’t add any additional value to your home; however, increased curb appeal is always a good thing when it comes to selling. Ensuring your home makes a great first impression is never a bad thing.
Choose your finishes wisely
From the exteriors to the interiors — there are ways to save some scratch when choosing all of those finishing details inside your home. Higher quality finishes often cost more money. It’s important to remember that when you’re picking out items such as carpeting, flooring, benches, cabinetry, paint and more.
While higher quality may come with a price tag, that doesn’t mean you need to blow your budget to finish your home the way you want. It’s all about getting the best quality you can afford while creating a space that you can dress up (or down) with your own personal style. So, if timber floors are out of budget, a timber laminate can give you the look for less.
Invest where it matters most
While it makes fiscal sense to compromise where you can on interior fixtures and finishes, there are certain areas of the home where it pays off to splash out a little extra cash. The bathrooms and kitchen are two spaces that, when done right, will add immediate value to your home.
When designing these areas, take your time to pick quality finishes that will look nice, wear well and stand the style test of time.
Stone benches and quality appliances through the kitchen will save you in the long run and look great to prospective buyers should you decide to sell down the line. In the bathroom, investing in stone, tiles, plenty of storage and a separate tub are all savvy choices that will pay off in cosiness, practicality and resale value.
Get your DIY on
If you consider yourself a bit of a DIY-er, you can easily save money on the finishing touches of your home. Fencing and landscaping are two details that can cost a pretty penny if you add them to the cost of your build. With a little elbow grease, you can finish these types of details on your own for less.
When it comes to fencing, sourcing outside quotes is a great option. You can also discuss this with your neighbours on either side to see if they’re willing to split the cost of the fence down the property line. As far as landscaping goes, there are easy and cost-effective ways to create a low maintenance garden that you and your family will love.
Investing yourself in these areas is easier than you think, and it also happens to be a great way to get to know your yard as you begin the transformation from a new house into your home.