7 Strategies on How to Save Money While Building a Home

Building a new house would be an exciting part of your life. You’ve finally achieved one of the most important investments for your family. But building a custom home also costs you a lot of money. You need to watch out for your financial capability and, at the same time, not compromise the quality of your home.  

According to experts, building a house must have a month or three months timeline to complete the construction. Otherwise, this house may cost you more, making you acquire a construction loan, or you may fail to finish your dream house.

However, saving money while building your own home is possible. 

Consider these seven (7) money-saving strategies to reduce costs in construction and materials. 

7 Money-saving Strategies in Building a Home

If you think only experts have the knowledge to save on construction costs, it is actually untrue. Any homeowner can save money building a home with these secret strategies.

1. Look for different suppliers for building materials.

It is helpful to look for different construction suppliers and avoid relying on just one. The time will come this particular supplier may be unresponsive or out of construction materials. It may be a challenging task, but it can be rewarding in the future. You have the options to choose which supplier offers cost-efficient supplies. As a result, you can get the housing project done.

2. Evaluate every supplier’s line of quotations.

Sure, you may not understand all the terminologies used for construction. But going through every line of the supplier’s quotation is a must. So, think of being your own general contractor, take a good look at these data and evaluate. Then, compare and eliminate which of these are unnecessary for the construction. Make sure there are no hidden charges or overpricing of materials to avoid overspending.

3. Put everything into writing.

Whether it is a close acquaintance or family member, it is highly recommended to put everything into writing. Make a contract stating the building costs and other fees needed for home construction. Besides, it also serves as your protection against suppliers or builders who won’t keep their end of the bargain as agreed. 

4. Opt for economical with long-term benefits.

One of the most cost-efficient factors in choosing construction materials is their long-term benefits. For example, buying solar paneled light fixtures from a local hardware store might be expensive. But it can save you on electricity bills along the way. Thus, invest in things that have energy efficiency features with lifelong advantages.

5. Note that the house designs affect the building costs.

Keep in mind that every detail of your home design influences the cost of the construction. If you prefer using steel trusses, expect your building costs to be high. If you opt for semi-concrete home designs, you can cut costs, but there is also no assurance that this is sturdy enough to withstand natural disasters. Thus, choose a design that is not expensive but also fits your lifestyle. Say, most of today’s house and lot in the Philippines either have modern designs with open spaces or minimalist designs. 

6. Determine your needs according to budget.

It’s OK to spend beyond your budget but make sure you splurge based on priority. It may not be ideal to purchase a full bathtub if you will barely use it at home. Hence, determine what should be put first in your home according to your needs. Then, limit your budget to the least priority ones. 

7. Get a professional home builder. 

The most common mistake of every homeowner is hiring an inexperienced general contractor or the wrong builder. What you did not know is that you can save by getting the right home builders. Architects, engineers, plumbers, and electricians have the expertise to build quality homes but also safer ones. They build homes based on accurate computations and residential requirements as stated in National Building Code of the Philippines. Therefore, you can save money on future home repairs and placement costs. 

Important Factors to Consider Before Start Building a Home

In the Philippines, data show the average cost of building a house is P48, 111 to P58, 865 per square meter. It is equivalent to one to two standard bedrooms with house terraces. This cost includes building expenses and construction services. So, if you are looking for a detailed cost estimate, hiring an architect or contractor is best to create a design and a floor plan that fit your budget and specifications.

Meanwhile, here are some important factors you must consider before building a new home.

• Know the Government Regulations

The Philippines have implemented rules and regulations when it comes to building a home called the building code. Before a structure is built, you must meet the specific residential requirements to ensure the overall safety of the homeowner and the property itself. Make sure you understand the basics and follow the construction process to avoid hefty penalties.

• Consider Resale Options

Think of building a home as an investment. You might want to sell it if you plan to move to a new home, especially if you have a growing family. Remember, a well-built and properly maintained home can have a higher resale value, while poorly constructed homes may depreciate their value. So, make sure you have connections with the right real estate agent as well.

• Purchase RFO Homes

If you are looking for the most convenient way to own a new home, you can always buy ready-for-occupancy homes. Established real estate property developers offer many affordable house and lot for sale properties. These are complete with amenities and modern designs and are suitable for every Filipino family. These RFO homes are built in a livable and safe residential community. Everything you want in a dream home is packaged as one in a housing community.

Save More and Make the Most of Your Dream Home

A home is where you create memories with your family. It is your sanctuary to relax and enjoy after a long day’s work. It can be wise to build your own dream home to save money. But, it can be more convenient and time-saving if you buy an affordable house and lot for your family. Lumina Homes, for one, offer budget-friendly housing packages with low down payment and flexible payment scheme.

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