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The Best Proven Ways To Save Money When Planning Your Dream Home

There’s nothing more satisfying than owning your own home – and constructing it from scratch makes it even more fulfilling. At Hylton Constructions, we understand that a home is much more than just brick and mortar – it is a lifelong asset which requires physical, financial and emotional investment.

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Building a home can take a frustrating turn if you don’t plan. Everyone wants to construct their dream home according to their own aesthetic, while keeping in mind the mortgage that you are willing to take on. This requires careful selection of building materials, interior finishes, durable appliances and much more. 

So with all these aspects in mind, it is crucial that as potential home builders, you have a pre-developed budget and strategy before you start to build your dream home. Here are a few great tips for anyone looking to build a new home on a budget, we guarantee that this will help to reduce stress along the way.

How Much Should I Budget When Building a House?

In 2018, the average price to build a new house in Australia was $313,800. According to Budget Direct, a medium-sized family home can be built from around $270,000. However, this is dependant on a range of factors.

Before planning anything else, we advise that you carefully estimate the cost of building your dream home. Factor in additional costs such as registration, duty charges, maintenance fees, interiors, etc. This will help you to prepare for the building process, while also helping you to set an achievable target budget.

Before you rush to the bank, remember that these costs are subject to change based on the size and location of your home, alongside labour, cost of raw materials and the current real estate trends. That’s why it’s impossible to exactly nail down an accurate, one-size-fits-all answer to how much you should budget for building new homes in Australia.

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What are Some Important Costs to Consider When Building a House?

When building your dream house, it’s good to know in advance about some of the expensive aspects of home construction. As experienced home builders, we can share that the following are noteworthy costs to consider when budgeting for a build:

Framing – this involves the size of the house, type of the house, alongside materials and labour.

Foundation – this relates to the type of slab that acts as the base for your home. A standard foundation slab is the simplest and cheapest. In contrast, perimeter and full basement foundations need more materials and expertise and thus cost more.

Plumbing – this involves specific skills and knowledge, whereby costs increase alongside the difficulty of work.

Flooring – the costs in this area are dependent upon the area of which will be covered, along with the type of materials that are used. When it comes to flooring, hardwood floorboards may be considered by the upscale home builder. Meanwhile, a cheaper alternative for those on a budget may be the selection of vinyl flooring.

What are the Cheapest Types of Houses to Build?

When it comes to building cheap, there are various options. A trending option for first time home builders is a shipping container house, also known as a tiny house. These houses may be small, but they are technically the cheapest to construct if you’re on a tight budget. Although they may sound unappealing, there a various Australian companies who are producing very popular designs. These prefabricated houses are ideal if you want something economical, simple and comfortable – and can cost as little as $15,000 if you build it yourself with minimal added features. A three-bedroom model covering a larger area can cost almost $50,000.

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Tips and Tools to Help You Budget Successfully

Buy the Right Block of Land

While you’re in the process of budgeting, an important step is to consider the place that you’re going to build your new home. This is a major area in which you can save money without compromising on quality. Before making a decision, make sure the land doesn’t require additional expenses such as clearing trees, blasting rock and levelling. Moreover, raw land might not have access to proper sewage, electricity, and drinking water and having to install these will put an extra burden on your pre-planned budget.

Do your homework and work closely with a trusted and experienced realtor to find a suitable block of land that is well-equipped to start construction on.

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“Hylton Construction delivered on all levels. They offered professional, communicative, high quality service and skilled tradesmen. The end result is a quality home we can enjoy for years to come.”

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Choose a Respected Construction Company

Hiring the right home builders is undoubtedly the most important step after budgeting and buying land. We’re not just stressing this because we’re in the business ourselves! A construction team that doesn’t respect your concerns and isn’t reasonable can be hard to work with. Taking away most of the charm from building a home of your choice. Conversely, a team of home builders that works efficiently and respects your personalised input can help save both time and money.

Select a reputable and experienced construction company that is ready to negotiate and work alongside you. Before settling on a construction company that claims to be a good builder in Australia – make sure to get a list of references, ask to see some of their previous work and get everything in writing – and we mean EVERYTHING. Communication with contractors is essential in establishing a healthy network and ensuring that they understand all of your specific requirements. Make sure to discuss your budget in depth with your home builders before you start the actual construction process.

To see what makes Hylton Constructions one of the finest home builders in constructing dream houses, check out some of our superb projects here.

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The DIY Option

If you have extensive knowledge about construction and home building, there’s no better way to save money than to become your own general contractor. If you’re sure you have what it takes, and you’ve been successful with a project in the past, this could also help save as much as 10% on construction costs. But we would still recommend hiring an expert to do the job – it is after all your dream home, and you only have one shot at making it perfect.

However, if you want to add your personal touch to the house while saving a bunch of money, you can still ask your builders if you can help assist with simple and safe construction tasks. These tasks can involve painting, landscaping and even clean up.

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The Type and Size of Your House

We understand that everyone wants a home that spells grandeur and royalty, but choosing a suitable and practical house type and size is another important area in which you can save money.

It often depends on square footage, as a general rule of thumb – every square foot you add will eventually cost you extra money. The size of the house naturally affects every aspect of construction, from the foundation up to the final paint job. For this reason, we recommend developing a floor plan that provides all the essential living space you need, and if you feel changes are required, small modifications may be made for a minimal cost.

Generally, two-story new homes in Melbourne are considered to be more cost-effective – saving on foundation and roofing, without compromising on quality, you can significantly lower the overall building cost. Another benefit of a two-story house is that it can be easily constructed on a sloped or small plot, saving you at least $10,000 to $20,000 in construction costs, and that too without the loss of any livable area. Moreover, a rectangular house with simple and standard architecture can help save lots of money that can instead be invested for the interior.

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Source Your Own Materials

Discuss the possibility of sourcing materials yourself with your contractor. In certain cases, the latter can avail better prices and discounts on bulk items, especially paint and timber, but we still recommend that you do a little digging on your own. In your search, you may find that you can source good quality building materials at price points lower than you expect.

Some cost-effective yet extremely durable and stylish materials you can use for your home include:
– Prefabricated panels
– Recycled wood
– Corrugated iron
– Laminated bamboo
– Iron beams
– Simple bricks
– Natural stone
– Concrete

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Don’t Hesitate to Reuse and Recycle

This especially goes for interiors and fixtures. Generally, we suggest you buy new air conditioners and water heaters. Still, when it comes to shopping for flooring, cabinets or light fixtures – good quality second-hand fittings can add an antique feel, while also helping to save a little extra cash. 

Another great way to save money is to use the reclaimed parts from demolition or cast-off material. Making use of recycled building material can help home builders save loads of money since these materials are often being sold at extremely reduced prices or for free! So always look for clearances on reconditioned construction materials or discontinued products – you can score big time with discontinued flooring materials.

Save Money by Going GREEN

Lastly, remember that you can also save money after you’ve built your new home – after all, you’ll still be paying for it once it’s ready. A great way to do this is by making your house more energy-efficient. It’s not as hard as it may seem; constructing a roof that slopes southwards or building large windows that face the sun are easy ways to turn your house into a paradise that saves both energy and money.

Moreover, installing solar panels and using recyclable materials as mentioned above can also help save money on energy costs, and as a bonus, allow you to obtain tax savings as well.

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Conclusion

So there you have it, Hylton Constructions’ guide to building the home of your dreams while staying within your budget.  You don’t have to be thin when building your home, be frugal. You must love the home you make for your family; you must enjoy it, and it should be a true reflection of your personality and priorities. It must also be a place of affection and comfort, a space where you love to spend your time in.

If you follow our guidelines closely, you can achieve all of this without having to go overboard with your expenses and without having to compromise on the long-term quality of your home. Select your construction site and company wisely, choose sustainable and economical building materials, and think of long-term savings as well.

Visiting this blog is a great start but you should endeavour to continue your research. We have published a series of blogs to help expand the knowledge of all that are planning to buy, build or both – you can view the rest of our blog series here. 

Looking for good builders in Melbourne? Check out our services here. Don’t hesitate to get in touch with our experienced professionals for a quote today!

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