Are you tired of the sky-high prices of homes in Melbourne’s red-hot housing market? If so, building a budget-friendly home with the help of home builders in Melbourne may be feasible. So don’t let the lack of affordable housing get you down! Read on to discover how you can build your own cost-effective home.
- Streamline Your Home’s Style
The most cost-effective way to build a home is to stick to a simple box design with a square or rectangular floor plan. Building up instead of out can also save on costs. In addition, you can enhance the exterior with landscaping, shutters, lighting, and other affordable decor options. The roof design can also affect your home’s price so a simpler design can be more cost-effective.
2. Tiny Homes
The growing popularity of tiny houses is due to their affordability, with many people opting for a tiny house to save on construction costs. As most materials and labour are priced per square foot, reducing the square footage of a house can make it more affordable. A 2,000-square-foot home will be far less expensive than a 3,000-square-foot one. For those who want to build a tiny home, typically under 400 square feet, the average cost of materials is between $20,000 and $60,000. However, purchasing land to build a tiny home can add to the overall cost, and alternative financing options will be needed as traditional mortgages are unavailable.
3. The Importance of Choosing an Experienced Home Builder
Choosing an experienced home builder in Melbourne may cost more, but the benefits during the building process can be worth it. With their expertise, they can guide you on where to spend and save money, offer creative money-saving ideas, and anticipate and avoid potential problems. In addition, their years of experience navigating common issues in the construction industry can be an advantage in ensuring a smooth building process.
4. Cutting Costs by Acting as Your Own General Contractor
Managing the home building process as a general contractor may save you money if you have building experience or a skilled labor network. You can minimize costs further by using an architect or house plans from the internet. However, it’s advisable to have subcontractors handle some work if you lack experience in building. In addition, correcting mistakes can be costly, so hiring a professional could save you money in the long run.
5. Obtain Approval for Your Home Design
Not obtaining the necessary permits before constructing your home can lead to significant delays and added costs. In addition, making changes to your building plans during the construction process can also increase the overall expense. Therefore, getting your plans approved early in the planning process is essential to avoid these issues. Starting construction without approval can result in costly fines or even the need to redo completed work. Additionally, it’s advisable to obtain preapproval from your lender before starting construction to prevent potential loan issues in the future.
6. Cost Management: The Importance of Budgeting, Planning, and Pricing Out All Items
Avoid surprises by creating a budget and pricing everything you need for your new home. Even if you can’t make a perfect estimate from the start, it’s best to get an idea of costs to guide you through the building process. Then, update your budget regularly as costs change or are added so you always have an accurate spending record and don’t go over budget.
7. Selecting the Right Building Materials to Save Money and Time
Consider cost-effective building materials to keep the project affordable. Here are a few options:
- Reclaimed materials: Use old barn doors, wood floors, windows, and decorative items. Look for reclaimed materials on Craigslist, Planet Reuse, or salvage stores. Salvage materials from a house that is currently being torn down.
- Prefab panels: Custom-built inside a factory, these panels are shipped to the building site and cut down on construction time and labor costs.
- Precast concrete: Poured into reusable molds, cured indoors, and shipped to the site, it costs less than on-site pouring and can help prevent weather-related delays.
- Shipping containers: Use old shipping containers for the home’s structure, saving money on construction costs. Modifications to turn them into a livable spaces can increase costs.
- Cob: A mixture of straw, clay, and subsoil, it’s energy-efficient, thermal, and can last hundreds of years. Ingredients can be found on-site for free, making it a cheap building material.
8. How to Save Money on Building Materials
When building a home, materials will likely be your biggest expense. Finding ways to cut your materials budget can significantly reduce the cost of your project. Alternatively, you could ask your contractor to purchase your materials using their discount. They may not charge a markup for this service if you have a good relationship with them.
9. Maximising Savings: Building Energy-Efficient Homes with Rebates and Tax Benefits
Opting for energy-efficient materials like improved insulation and high-efficiency windows may increase upfront costs but lead to long-term savings for homeowners. Furthermore, homeowners may qualify for rebates and tax breaks for incorporating energy-efficient features into their homes, which can be searched for on EnergyStar.gov.
10. DIY
DIY is an awesome way to save money, especially for painting or laying flooring. However, attempting complex jobs like plumbing or electrical can backfire and cost you more to fix your mistakes.
Following the above suggestions will effectively reduce financial pressure and unwanted surprises.
