How to Save Money when Building a House

Posted by Fiel on February-6-2011 under Save Money, Save Money on Home

Here are some simple money saving tips that can help you save a substantial money while building your house. These money saving tips are general in nature, and just provide a brief summary about how you can save money while building a house.

There’s no better way than to have your own house where you can play, dine and rest. Because of the financial crises, most people now opt to build their own house instead of buying a ready-made house. While you can already save a lot by building your own house, you can still save more. If you want to save more, here are some practical applications on how to save money when building a house.

House Construction

  • One way to save money when building a house is to plan it well.  Every detail of the house should be included in the plan including the wiring, the design, roofing and other plans should be counted. A well planned house is a very good practice.
  • Allot money ahead is another way to have a cheap house. Set aside the budget for the entire house.  You can do this by saving or if not loaning the entire amount somewhere. Don’t commit the mistake of building the house as soon as money is available because it will take you long to finish and you’ll end up spending more than the actual budget. Do check out these amortization schedule calculators while deciding on the loan amount.
  • Buying the necessary materials in bulk is also another way to save money when building a house. This is a good way to save because you negotiate for a much lower price and you don’t have to waste energy going back to the supplier over and over again.
  • Another tip to have a cheap house is to hire your friends or relatives to work with you on your housing project. Advantages of using this strategy is you will give them a lower cost in terms of labor, and opportunity to bond with them.
  • If you can, do as much as possible yourself. There are certain areas that you can possibly work-on and doesn’t require much carpentry experience. You can do the flooring and if that’s good enough for you, opt to do the painting of the walls later on as well the landscaping area. You can save thousands of dollars if you do this step
  • Lastly, before starting to build your house, first carefully decide whether to build a house, or are you better off just renting a house. Check out our guide about buy vs. rent decision for a home.

And of course, once you are done building your house, there are still lot of expenses to take care of like furniture, TV, etc. There are money saving tips to buy furniture cheap, and buy TV cheap too.

Even if we already save money when we build our own house instead of buying it, there are still many ways that we can save more. Listed above are just some of the many ways to save.  Just follow the steps listed above and you are sure to save money when building a house.

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