It usually takes a mistake to learn something from it. However, for something as big as building a house, you cannot afford to make mistakes to realise how you could have saved money.
What you could do is to learn from those who had the same experiences. So after listening to many house building stories, we have culminated a handful of tips that could guide you to building your dream house and saving money while doing it.
1. Find your Superhero Real Estate Agent
If you are selling a property to buy a new one, or just investing in a property for the first time, you need a top real estate agent to represent you. Now, you might think about how this is a money saving tip. But if you don’t have an awesome agent, you might be wasting both time and money to find the right property you want. You might be bidding too high or too low, or even selling your property with the same mistakes, a good real estate agent will tell you how exactly you can price your property in the market.
Don’t worry; there is a silver lining here. There are online websites where you can find realtors offering their services in discount. They do it so they can get references for the future. So it works both ways.
2. Consider FSBO for Selling
For Sale By Owner of FSBO.com could help you more if you are not keen on spending money on realtors. You will not have to pay commission and still get your property listed on major property websites.
This might take a longer time, but if you are not in a hurry to sell the house, then it is a great way to save money that you spend on realtors.
3. Find the Right Architect
Architects are the ones who can create what is in your mind to reality. Finding the right architect is going to determine every single detail of your house. So you need someone who reflects your same ideas and understands how to work with it in your budget.
For that, it is imminent to be upfront and ask them whether they think they can finish it in the budget. If you need Hampton style homes in Brisbane, you need to tell the architect before hiring them.
If you hurry and hire them, it might be too late to withdraw, and you will end up spending more.
4. Bid out the Builders
Even if you have more than enough recommendations for one builder, it is wise to consider inviting more than one bid from different builders. It will give you an opportunity to compare and decide who offers the best value.
You can even think big by engaging any duplex builders Brisbane has to maximise on your returns if you’re thinking of expanding your investment portfolio.
It is always advised to sit with the builders and brief them clearly on your requirements before you sign the contract that explicitly states the budget. Throughout the construction, the builder is one person you need to communicate the most efficiently with to avoid errors that could lead to unexpected expenses.
5. Double Check the Costings
Though both your architect and builder might have presented the quote, getting a third opinion from a professional would help you find any errors that you might have missed. A single zero could add thousands of extra dollars to your expenditure.
6. Hire a Mortgage Broker
An experienced mortgage broker has the power to get you an excellent deal even when the market is performing poorly. It is the broker’s contacts that you are paying for. It is worth spending a little money on having a personal banker who can get your papers ready right from background verifications and ensure that you get the best mortgage that you can afford.
7. Try Energy Efficiency for Tax Credits
While building a house, you also need to think about how you can save money in the long run. In efforts to encourage people to opt for more energy efficient solutions, the government is now passing laws that enable you to get a tax credit for such features in the building. If you have energy efficient windows and solar panels, you could earn some serious points there.
This is something that could even be considered for house renovations Brisbane has undergoing.
8. Try to get Credit Cards with Zero Interest
If there is any way to escape from paying interest on loans, we would all be queuing up for that. Luckily there is. Credit cards with 0% APR are now available for 12 to 21 months. Remember to discuss this with your mortgage broker.
9. Buy Wholesale and Online
Unless you are very particular, you can still pull off an excellent interior for your home designs from online stores. There are plenty of websites where you can use coupon codes and sales to get the best furniture and accessories suitable for you.
Furthermore, you can also look for online wholesalers rather than buying from individual pieces. This will get you heaps of money saved. Even for features like doors, you can have them shipped for free to your house prefabricated.
10. Do It Yourself
If you have a flair for building, this is the time to use all the time you have wasted binge watching youtube tutorials. Even if its something like doing the kitchen cabinets or bathroom, if you think you can do it, try it.
This will save you from the labour charges. But if you are not entirely sure, it is better not to risk it. Having to redo a poorly done job will only cost you more.
Right from having the floor plans finalised to getting that last shiny piece on your coffee table, the journey of building your home is a rollercoaster ride. All you can do is to try your best and not panic when things go wrong. Surround yourself with a team you can trust, and you will have turned a house to a beautiful home.