Building a home within a budget is one of the trickiest challenges you’ll encounter when putting up your new home. Seeing the costs add up to more than what you expected may take away the fun in turning your dream home into a reality. But while it may be a challenge to stay within your budget, if you’ve set the foundation ahead of time and you stick to the plan, it’s achievable!
The average cost to build a single-family home in Vancouver is roughly USD$952,000. But this, of course, will still vary depending on your location. To get a proper estimate, you’ll need to do detailed research especially if you want to ensure that your dream home will fit into your budget. And keep in mind that once you’ve set a budget, you have to adhere to it by all means necessary.
While it’s understandable that constructing a new home within a set budget can be stressful, it doesn’t have to be difficult. To help you make it easier, here are 6 tips to stick by when building your dream home on a budget:
It’s All About Planning
You’ll want to have a clear idea of what you want your home to be like before you start building. Without a clear plan that includes blueprints and material details, you might find yourself making numerous adjustments that can easily derail you from your budget. Having unplanned changes will not only be expensive, but it can also be unnecessarily time-consuming.
Planning ahead of time can also lessen the probability of things going south such as errors in designs, sudden changes in costs of materials, and issues in productivity and labor. It may help you anticipate potential issues in the project and thus, help you take the necessary precautions to avoid or address such risks in case they occur
Bring In The Right Team
This is one of the most important decisions you’ll make when building your home. Ideally, you’ll be working directly with a general contractor throughout the whole process. But it’s very important that every worker involved in the project is experienced and reliable in their field of work.
Look for trusted professionals who are licensed and certified in their job roles. For example, contractors should have a Provincial Certificate of Qualifications (C of Q). These qualifications may also change anytime so it’s necessary to check for current rules in licensing requirements in your area at the time of your project.
Be Realistic
Your plan should include the final breakdown of every process and costs of materials in your project. Look for more details online based on your area so you can have a rough estimate for your budget. Don’t forget to personalize your own budget plan instead of just using a sample breakdown you found online since the cost of labor and the materials are different from one area to another.
More importantly, be realistic with your expectations according to your budget. That’s why it’s best to have a feasible plan that’s easy to achieve and works well within your budget to avoid outcomes that don’t meet your expectations.
Track Your Spending
It’s important to keep a close eye on your budget all throughout the construction process. Keep a list of your expenditures so you can catch any derails as early as possible. Mapping down your expenses can help you keep your project on track and organized. Keep track of the labor and material costs, as well as the ones that went either under or beyond your budget. By doing this, you can easily control your budget and address any potential cost issues before they get out of hand.
Invest In Quality
Staying within a budget doesn’t mean you have to buy the most inexpensive materials. Building a home can be costly, but by investing in high-quality materials, you can avoid early repair costs. It’s possible to have a high-quality home at a low cost when you hire the right people and use durable materials.
Investing in the right people can be beneficial too. You have to make sure that the people you hire to build your house can ensure that they use only the highest standards possible within your budget. The right people can also help you make the right decision when addressing unforeseen circumstances.
Choose The Right Location
As mentioned earlier, costs vary depending on location. Some people tend to overlook this crucial detail but it’s important to choose the right location for your new home because it can dictate the future of your home. You have to consider the accessibility, weather conditions, and amenities your chosen location has to offer.
Aside from the differences in the cost of materials, location is also a factor when choosing the best type of materials. For example, if you’ll be building your house in a location that has significant rainfall year-round, you have to consider using materials that will last long in such conditions.
Remember
Building your dream home can be pretty tricky and challenging, but it can be fun when you’ve planned carefully in the beginning. It’ll surely take a lot of work and will require your dedication but it’ll be an amazing sight to see your dream home become a reality especially once you’ve completed it well within your budget. Taking time to do your research and working with trusted professionals will help you achieve this goal.
