If you’re building or renovating a home, construction can add up to quite a costly amount if you’re not careful to stay within your budget. Here are some ways to save money when dealing with your contractor and handling the construction process:
1. Make sure everything is completely covered. Meet with your contractor and discuss the building schedule, as well as ask for the cost of each service. There may be items on the list that they assumed you wanted or there may be tasks you can do yourself at a cheaper rate. Ask questions about anything you don’t understand.
2. Don’t be afraid to get your hands dirty. After going over the list, you may have found some things you can complete yourself. This will cut the cost of labor with the construction crew, which is great for you. However, stay mindful of what tasks you know you can and cannot complete. Don’t choose something you’ve never done before simply just to save money. If the task is done incorrectly, you could end up spending more money in repairs.
3. Look for cheaper materials. Your contractor may know of where to find materials that won’t break your budget while adding beauty to your home. You can also do your own research by visiting your local home improvement store, visit a Habitat for Humanity ReStore, or search for gently used items. Figure out what you will be sourcing before the project starts.
4. Take your time searching for the best estimate. Don’t choose the first contractor you come by. Many suggest talking to at least three different ones to get an estimate, but speaking to five different ones usually helps determine the best price range. Apply this method when looking for mortgage quotes from banks.
5. Choose energy efficiency. When selecting appliances, consider the energy efficient and water efficient fixtures to save money on bills.
6. Research a prefabricated home. This is cheap method of construction that is well built, energy efficient and quite appealing to the eyes.
7. Maintain organization. Be mindful of the construction schedule and make sure everything is running on time and smoothly. Keep track of special requests made, of any deliveries of certain furniture and/or appliances, and keep the space clear of clutter for the workers.
8. Consider downsizing. Cutting back in square footage can save you money, but it doesn’t mean you have to live in tiny house where you and your family will feel cramped. Look into building smaller rooms, which will help cut the costs of power and gas bills.
9. Build in the winter. Colder months comprise a generally slow season for construction workers. But in this case, you may be able to get low prices from subcontractors. Right after Christmas is when contractor work slows down, so you should be able to get some great work completed at an affordable price.
10. Be mindful of what to spend and when to spend it. Choose the middle estimate from the contractor with the best reviews. Don’t select the cheapest appliances, read their reviews and customer feedback.