U&M Group

How to Save Money on Construction

Thursday, July 27th, 2017 AT 01:59PM

Whether you’re adding an extension, doing renovations or building a new home, it’s an expensive process, and you don’t want to waste money, especially as lenders tend not to offer as good a deal on a loan or mortgage as a few years ago. Money-saving tactics tend to fall into two categories: reducing your costs up front and avoiding mistakes that will be costly to correct.

Upfront Costs

The key to saving on your upfront costs is to shop around, and this starts with trying to get a mortgage or other loan to cover your costs. There’s a wide range of types of loan out there, and the first lender you ask may not have what you’re looking for. This is especially true if you want a mortgage for a self-build, which is very specialist.

The same is true of quotes from contractors. Three is the minimum number of quotes you should get, and it’s important to study these, including any hidden costs, and be sure exactly what you’re going to end up paying. You can also find out if you can buy any of the materials cheaper than the contractor’s price.

Think about seasonal prices, too. It can be cheaper to hire a contractor during the winter, when there’s less work available, but this can also be a risk. If the weather is bad, you could be looking at more down time, which can get expensive.

Avoid Costly Mistakes

Some apparent cost-cutting measures end up being the reverse. When you examine the quotes, for instance, it’s important not simply to go for the cheapest. It’s no good hiring a cut-price contractor who also cuts down as much, or more, on quality of work.

Similarly, it’s important to be realistic about how much you can leave to DIY. If you’re an expert DIYer, there may be a few aspects of the work you can manage yourself, but in general construction is a job for professionals. Relying on amateur work, or on substandard contractors, can end up costing you more to put mistakes right than if you’d paid a little more for experts to start with.

Other Savings

Remember that it’s going to cost you money to heat the spaces you’re having built. Measures you can take to minimise this range from ensuring your rooms aren’t larger than you need to incorporating energy-saving green technology right from the planning stage.