Building a new home is extremely exciting and fulfilling. Of course, it has its fair share of bottlenecks, but these are not insurmountable. At the end of the day, you get to take a step back and behold the marvel your mind has just brought to life.
But before you get to this stage in your new home building, you will have jumped a few hoops and recovered from a couple of financial bruises. To make the process as painless as possible, here are efficiency tips you can leverage on.
1. Stay on Budget
When you take on a new construction project, you should have a budget that covers all the bases. Once you have settled on a budget, muster all the discipline you can get to stick to it. This is, however, easier said than done, especially if the project at hand is a new house building. So, how do you stay within budget and keep costs from spiraling out of control? Read on for more efficiency and budgeting tips.
2. Be Vigilant and Exercise Restraint
If your new home is complex, it will likely take a longer time. To stay within the budget, in this case, calls for extreme restraint and vigilance. No matter how detailed you are in making sure the accounts are accurate and balanced, some expenses will invariably crop up. To cater to these and avoid disrupting your budget, set aside a 10% contingency fund.
3. Lease or Rent Equipment
Instead of buying equipment, how about leasing it? Doing so allows you to use it with just a modest down payment. You can also rent the equipment at a specified rate if you intend to use it for a couple of weeks. You don’t have to buy or lease an excavator when you just need it for a week or so. If you need it for long periods, consider leasing it instead.
How much to rent or lease depends on several variables, such as the model, make, horsepower, and size of the machine. If all this sounds too complicated, hire a construction company with extensive experience in building projects just like yours. Leasing and renting choices can positively or negatively affect your bottom line.
4. Have a Comprehensive Plan
It is true that not having a plan is a recipe for failure. Your plan should include a work schedule, blueprints, and availability of all the materials you are going to use. In the absence of such a plan, you will find yourself making rushed decisions and tinkering with the project on the fly, a costly habit that could seriously derail your budget.
Think of a detailed plan as guardrails for your new home building. Without it, the rails would come off, causing your budget to overrun expenditure lines and interfering with construction timelines. A plan allows you to see the process from the beginning to the end long before breaking ground. Budgeting helps you understand where the expenditure limits start and end.
5. Use Recyclable Materials
Wherever you can, use recyclable materials in your new building. For instance, choose to use stone-coated steel roofing, which is fully recyclable. At 1.4 lbs, it is also lightweight and comes with a Class 4 and Class A hail impact resistance, and fire rating, respectively.
6. Decide on Finishes Before You Start
Make decisions on the type of finish you want before you break ground. Your flexibility as to what can be adjusted constricts as your new building leaves the ground. So, the best time to make adjustments is before the construction begins, which is also the best time to decide on the type of finish you want your house to have.
Waiting until later to make adjustments or to decide what you want in terms of finishes is most likely going to result in budget overruns. The biggest chunk of your total construction budget will be swallowed up by interior finishes. It is important to plan for everything to avoid budget-overrun surprises. Go over all the options at your disposal and compare the prices of various fixtures to avoid going over budget.
7. Decide On Your Non-Negotiables
The success of any plan lies in knowing what your irreducible minimums are. This has to do with setting priorities and staying faithful to them. You also need to figure out what your style is and the function of your materials. The key is to decide the balance between form and function and then proceed with your priorities in full view. What this means is that you can splurge on irreducible minimums while skimping on non-core categories.
8. Beware of the Perfectionist’s Trap
Stick with the big picture and avoid getting embroiled in the small stuff that won’t significantly improve your new house. The detail may not be as impeccable as you want it, but if it somehow meets your expectations, keep moving. In the meantime, note down the minor details for implementation at a later build. For now, avoid sweating the small stuff, as they could morph into expanded costs and extended time. Stay with the big picture and keep building.
9. Track Where the Money Is Going
Whatever you do not track, you cannot account for. Watch your budget closely at each phase of the project and scrutinize those expenditures with a toothcomb. Flag budget overruns whenever you spot them and ask hard questions each time. Doing these things will keep your project organized, on schedule, on budget, and on track. You can use an online app or a notebook to track costs and expenses.
Use these tips to streamline your new home build. You’ll save money and enjoy an efficient process all at once!