How to cut cost when building a new home
How to cut cost when building a new home
Building a new home is a big decision and an exciting experience. However, it requires careful planning and budgeting. There are lots of factors to take in and absorb. We have compiled a rough guide to lead you through the process of home building. Some tips, advice, referrals and cost related components will be highlighted below with the hope of giving you clear ideas of what building a new home is about.
Budgeting – A MUST when building a new home
Before going ahead and make that final decision, you’d need to lay out all the costs associated and evaluate your financial capability. Building a new home is not easy especially if it’s your first time. There are 2 ways to build your new home. The first is by going through a reputable builder in the industry. These include companies like Masterton, Eden Brae, Mcdonald jones Homes and Metricon. Visit display home centres to check out the styles of home you’d like to build, keeping in mind an approximate figure you’d like to spend. The second method is building the home yourself-Owner Builder. This requires much more experience, financial backup and of course an owner-builder- permit to supervise building your own residential home.
Building with a building company and associated cost
Once you have visited the display home centers and selected the home style/ builder you love. It’s time to sit down and carefully make a list of the costs involve. Budget this using figures rounding to the whole amount. Talk to your builder about getting an initial tender. The list of costs includes:
Demolition of your existing home and clearing of the land- this cost applies when you purchased a block of land with an existing home on it (demolition + disconnection fee for electricity or gas). It also includes clearing of trees, or removing rubbish on your land, getting ready to build.
The tender from your building company will include: your home Base Price + Site Cost + BASIX (rain water tank) + council lodgement + any extra features you’ve discussed including the facade of your home (if you are not selecting the standard), higher ceiling + any special upgrade package from the builder which you have selected to improve the quality of your home.
If there’s any structural changes need to be done, it’s best to decide now and leave it to your builder. Get them to add the cost to your initial tender.
Home builders usually allow you to do some of the work yourself or seek outside contractors. Items such as main flooring (excluding wet areas like bathroom and laundry), blind, extra lightings can be done by the owner after the builder hand over the key. Do some home works, shop around and get a few quotes for the above items then compare. You will sure find some savings here if you seek for outside contractors. Don’t forget to get quotes for items such as driveway, turf and landscaping . In NSW, some council require new home building owners to complete the outside landscaping before issuing the Occupancy Certificate (which allows people to officially occupy the new home).
Extra upgrades – After the initial tender is issued and you have entered into the building contract with your builder. Then, comes the colour selection process. This is to choose the colour and items of your home. Keep a budget in mind when doing this. Don’t go wild as you might be very tempted and hence, will easily break your budget.
When budgeting for building your new home, always reserve extra for any unforeseen circumstances. This includes any changes required by council, Sydney Water or any upgrading of your slab after the engineer report.
Owner Building your home would require much more work and experience as you are required to seeking and combining all contractors yourself. You can hire a site supervisor to do this, but it comes with a cost. If you are experience and know what you’re doing, owner builder can save you a good amount of money. However, in most cases, with no experience, this can be a disaster.
Home Building Contractors list- Keep it handy
Home Demolition – Eco Demo & Construction 02 9724 4214
Tree stump grinding and removal, Turf laying Sydney – PP Services 0450 248 282
Timber Flooring – King Flooring
Sydney plumbing Services – The Best Choice Plumbing Michael 0402 669 627
Concrete Cutter Sydney- VQH Concrete Cutter 0431805033