You’re thinking about starting a new construction project. Or making a complicated addition to your house, right? Whichever the case,
Are you building your house from scratch? Or doing a renovation? Either way, it’s always good to Cut Construction Costs in any project. As you already know, construction can be quite expensive. To make the matters worse, financing a project through loans is not as simple as it was before. For that reason, you must come up with innovative measures to cut the cost.
Several tricks will help you to remain within your budget.
Let’s have a look at CCC golden principle!
Do some of the work yourself!
Doing some of the tasks will help you to cut down on the labor costs. However, be realistic about the tasks that you can do. If you do something you’re not skilled at, it can cost you more in the long run. Moreover, you’ll end up hiring a contractor to fix the mistakes.
So, make sure you know what you are doing when you take this approach.
Source the materials yourself!
You can always buy things like doorknobs, cabinets, and even fixtures for yourself. You’ll find cheaper options when you’re doing it yourself than through the contractor. Luckily, most contractors have no problem working with you if that’s what you want. However, make sure that you agree before your project starts.
Go over your construction project!
When you meet with a contractor they will discuss the construction cost with you. As they do so, they break down all the construction costs. This presents yet another great cost-saving opportunity! Sometimes, contractors assume that you want elements you don’t. You can also find things you can do yourself and even some that you put off for later. Furthermore, feel free to ask anything you do not understand.
Never make a buying decision based on your first estimate! Instead, shop around and consider the prices. This should also apply when you’re hiring a contractor. Get quotes from at least 3 contractors. This will give you a good ideal for their price range.
Moreover, if you want a mortgage, get quotes from at least 2 banks. You can also look into various renovation loans. Shopping around for a loan is not fun, right? However, if you find the right one, you’ll save a lot of money!
The larger your construction project, the more money it will cost you. So, think about the size of the project and consider the space you’ll use! Indeed, you also have to consider the project value. The square footage of home construction costs about $80 to $200, depending on the market and location. Thus, cutting down a few square foot coverage will help you save a bit.
Construction cost includes the cost incurred when you start using the finished space. For that reason, you have to consider efficiency. Consider things like beefed-up insulation and double-pane glass windows. They will help you to save money on water and energy bills.
Efficiency involves more than structural elements. If you’re doing kitchen renovations, replace the appliances with energy-saving models. Simple options like installing water-efficient appliances will also cut down your utility bills.
You can also consider alternative energy options when renovating your house. This includes options like solar panels, wind turbines, and solar hot water. You don’t even have to use these options to power your entire home to see significant savings. Instead, most homes combine wind or solar power with back-up grid power.
If you want to save a buck when building an addition or a new house, consider using prefab construction. Modern prefabricated houses can be energy-efficient and well-built.
A good example of a prefabricated home is using a reclaimed shipping container. A large proportion of construction cost goes to enclosing and framing structure, right? Luckily with a shipping container, you’ll skip most of those steps. When using shipping containers, look a contractor who has worked with them before. Also, make sure the building codes of your area allow permits their use for home construction.
Any unexpected hiccup can result in extra cost. So, remain at par with the construction schedule. For instance, if you sourcing the material yourself, make sure they’re on-site on time.
This also means that you have to keep up with the paperwork. If the contractor should pull the permit, know what is due, and when! Check that everything has approvals from the city officials. Doing so will also prevent you from receiving a stop-work order. As you know, this can result in fines and costly delays. (Learn more about pulling permits)
Choose the Off-season!
Like most businesses, there are slow and busy times in the construction industry each year. So, if you undertake your project during the slow season, you’ll save your construction cost by about 4-5%. For instance, during winter, contractors and subcontractors charge lower prices.
Besides saving money, you will get better services during slow times. Since they’re less busy, contractors will have more time to go through the budget and see if they can save some money. They’ll also meet with you and answer all your questions.
Know when to spend and when to save!
Sometimes, you can save a buck now, and cost you later! Hiring the contractor with the lowest rate can seem like a great option. This usually results in shoddy work. So with many quotes from different contractors, which one should you chose? The best option is to go with the middle estimate from a contractor with good reviews online. You’ll not be saving money if you choose the cheapest contractor, only to redo that work in a few years!
This also applies to source materials. Don’t do with the cheapest appliances and materials. Instead, choose durable, efficient, and quality appliances. Especially if you want to cut down your water and energy bills.
Reduce construction cost – Conclusion
Nothing feels better than saving time and money when building a house. However, remember that your home is an investment. So, while trying to cut construction costs, don’t forget about the resale value!
At the end:
• Avoid costly mistakes
• Make the finished product less costly to inhabit
• Reduce up-front costs
To learn more about saving money for your project, contact InnoDez design & Engineering.