house under constructionBuying a house, especially in a prime location such as Burnside, is expensive, but there are ways to own your home at a lower cost — building a home instead of buying, for example. Before you build a home, though, you’ll need a piece of land in a location that is good enough for you and your family.

In addition, you need a real estate developer who understands your requirements and can build your home according to your specifications. It is easy to decide on the type of home you want, but it isn’t simple to keep your requirements under your budget.

With proper planning and the right choices, you can build a home of your dreams without breaking the bank. Here are some tips to keep in mind.

1. Wait for several bids.

Don’t settle for contractors who don’t meet your requirements. Instead, wait for several bids to flow in before you consider the budget, timeline, and how well they understand your requirements.

If a contractor seems reasonable but has quoted a price that is a bit higher than what you expected, make sure to keep in touch and try negotiating adjustments.

2. Consider house and land packages.

House and land packages not only make it easier for you to own a home, but they also make it cheaper. Financial organisations and lenders will waive associated fees for such developments most of the time.

The only fees you would then have to pay are stamp duty on the value of your land. Besides, you will be in a position to claim depreciable assets and the construction.

3. Open floor plan.

The more walls in your home, the more you will spend on construction. Opt for an open floor plan that allows you to have more space at a lower cost. Also, you get to use the floors in any way you see fit. Decorating an open floor plan is also easy, and your dream home won’t feel cramped.

When constructing your dream home, you shouldn’t be frugal, but you shouldn’t go overboard with your spending either. It is important to work with how much you are willing to spend and build a nice home that is within your budget.