3 Techniques To Bring Smart Savings Back Into Your Wallet When Building A New Home

27 September 2016
 Categories: Home & Garden, Blog

Building a new home is thrilling because it gives you the opportunity to infuse your own personality into the space. But if you're not careful, the costs can really add up and you may find yourself struggling to make ends meet. Luckily, smart savings techniques will put the dollars back in your wallet when you work with home builders on your new place.

Budget For Your Self-Storage Unit

You'll probably need to place at least some of your household items in a self-storage unit when building a new home. Budget for the costs of a self-storage unit based on the estimated amount of time your builders take for the new place. Building a new home to your specifications could take up to 8 months. Of course, this is entirely dependent on your design and specific needs. You'll need to choose a self-storage facility that doesn't hurt your overall budget during this time. An individual storage space will cost around $273 per month, while a major chain could set you back $389 per month. Try to negotiate a deal if you're looking at long-term storage because this could save you hundreds of dollars. 

Stay In Shared Rental Accommodation Or With Family

When you're in the middle of building a new home, you might have to find another place to live temporarily. If you plan on living with your parents or siblings at no cost, you're lucky. If you decide to live in a rental apartment, consider sharing it to bring down your costs. For instance, a 2-bedroom in NSW's Coogee suburb is $720 per week. If you decide to share the place with someone else, your rent per week will go down to $360 per week. You can use the cost savings towards building your home.

Figure Out Your Building Permits

Your home builders often take on the task of getting local council building permits when you construct a new home. But you can also obtain the permits on your own if you want to save on some costs. Every Australian council specifies local guidelines with respect to building permits. For example, the Victorian Building Authority states that both planning and building permits are needed for the construction of a new home, which should be completed within 24 months of the building permit issue. In Queensland, private or council building certifiers will assess whether your new home building work meets requirements under the Building Act 1975 before issuing a building permit. If you decide to obtain permits on your own, make sure you get the right ones for your local region to save yourself from the expense of fines later.

Follow these smart savings techniques to put the dollars back in your wallet when constructing your new home.