Accurately estimating the overall cost is a daunting task, as planned and actual expenses may not match. All of this can lead to failed projects, whether commercial or residential. Additionally, fluctuating and increasing costs, material prices, and labor changes have made it more difficult to achieve accurate construction estimates.
And all of this makes it difficult for Indians to build their dream home. Whether you’re about to have your house built from scratch or want to do a home renovation, cutting expenses is what everyone wants.
What if we told you that you can reduce some costs and save money? Keep reading as we’ll share some tips on how you can save money with effective cost management techniques when building a home.
Home building categories
The construction of the house is divided into four categories, namely;
- Labor cost including labour, landscaping, masonry, other finishes
- Architecture or design cost including floor plan, timber designs, pillar construction and MEP building design
- Material costincluding sand, cement, blocks, tiles, bricks, etc.
- And land costincluding cost of land for construction
Now, whether you’re going minimalist or want to build an exotic home, let’s take an in-depth look at how you can reduce the cost of building the categories mentioned above.
1. Savings on land costs
When choosing a plot, consider the plot level with the front road, neither too high nor too low. Because if the level is lower, you might end up getting more fill material to level the plot. It will cost you extra money. Moreover, it is also recommended to check the Floor Area Index (FSI) of the location because if the FSI is high then the construction cost of the house will be less. FSI regulations are constantly changing, so be sure to choose the plot that meets your current and future requirements.
Also, find a location that has potential for development in the near future or is available at low cost. This will help you keep some cash in your pocket.
2. Saving in design or architectural cost
Majority of people prepare CAD drawings but are unaware of the fact that preparing structural drawings of the building is also necessary. Detailed planning of the column and bean, frame, foundation and other components can help save a lot of money. This planning will give a rough estimate of the construction and the required amount of sand, bricks and rods can be calculated in advance.
Consider small floor plans as it requires less money and time, while customization will cost you more. The reason for this is that a simple floor, for example square or rectangular floor plans, requires less material per unit built area, which helps to reduce costs. Moreover, you can opt for affordable minimalist tiles and not opt for designer tiles. And for walls, you can make space more efficient by keeping them to a minimum.
For those who want to use wood to design the interior, you can consider budget options such as wild jack or jackfruit instead of opting for rather expensive woods.
3. Saving building materials
Optimize the choice of regional cement and prefer the use of PPC instead of OPC cement. Premises such as Penna cement or Chettinad cement are of high quality. PPC cement helps minimize the occurrence of cracks in the foundation due to its low thermal conductivity.
Also, compare the cost of fly ash and first-class bricks and go for reasonable bricks. You may prefer to use AAXC blocks if you are going to build more than three floors. These blocks will reduce cooling costs in the long run. Similarly, for plastering, you can search local markets such as Neeru.
For flooring, you can use cement mosaic tiles instead of designer tiles, reducing the cost of flooring work. However, for house wiring, it is recommended to opt for branded wires as it is not a good idea to compromise your family’s safety. Avoid false ceilings and opt for a simple POP finish for the roof.
Do it yourself is the approach you can take to save money when it comes to painting the house. Choose a semi-acrylic paint and, if possible, paint the walls yourself.
4. Saving on labor costs
A resourceful team will help you ensure quality and save your time, while an unskilled team may offer a low quote initially, but will incur long-term overhead. Opting for concealed wiring is a good idea as your home will be aesthetically appealing, but it could increase labor costs.
Most of the time, people like to add a big facade to make their building look rich, but it will put a hole in your pocket and all the money will flow into it. Keep your home minimalist and try not to use unnecessary structural elements for beautification.
There is a thin line between being frugal and being miserly. It’s fine to be thrifty, but don’t overdo it because you have to live in your home for years to come. During the construction process, keeping your home comfortable should be your top priority, but it’s important to monitor your results.
So tell us; Did you build your house? How did you maintain your budget?