It’s exciting to build a home. Imagine getting the house of your dreams, customized to your lifestyle needs and aesthetic preferences. Some people choose this over buying a ready-made house precisely because they want to realize their ideal property down to the littlest details. But while it’s exciting, it’s no secret that a build is expensive.
With a home build, you have to consider all the permits, deposits, land acquisition, interior finishes, and whatnot. You also need to leave room for unexpected expenses, which is why it’s important to make wise decisions from the get-go. Use these tips in saving for your new home construction:
Scout for the ‘Best’ Land
Land will be one of the biggest purchases you’ll make in your build, so if you want to save a huge amount of money, it makes sense to choose wisely in this aspect. The number one rule here is to consider the necessary site preparation works. Raw land, for instance, will require extensive labor, such as clearing trees and rocks. Sure, it’s likely to give you a larger lot, but the site prep will add to your expenses.
A sloping land, on the other hand, will need additional foundation, retaining walls, and ground levelling. Although it will give you stunning views, it will also increase your costs. The ideal lot, when you’re trying to save money on your build, is a flat block in an already developed community.
Go for banks selling foreclosed residential vacant lots for affordable options. The best thing about this choice is that you might just find some that are up for negotiation, since there’s less competition for vacant lands.
Check out these subdivisions in Rizal: Village East III, Eastborough Place, Mission Hills, and Parkridge Estate. If you want to go south of Luzon, see Laguna properties in Doña Demetria Homes, Laguna Hills, La Joya, and Town & Country Southville. In Quezon and Tarlac, you can find foreclosed lots in Sta. Maria Village and Rosmont Executive Village, respectively.
Determine the House Size and Type
In general, it’s way more cost-effective to build vertically than horizontally. An expansive one-story home obviously will require a sprawling foundation and roofs. In a two- or three-story home, meanwhile, which would have a more compact structural support, the build is less expensive.
Another consideration is the size. Remember, the more square meters you have at home, the more you will spend on construction materials and interior finishes. If you don’t want to bust your budget, stick to a size that’s enough to accommodate your needs. As long as you have the essentials for functionality, the wants can come later when you have extra money to spend.
The good thing about going for banks selling foreclosed residential vacant lots is that the asset’s affordability allows you to purchase big, and therefore would accommodate your needs as your family grows. You can add rooms for your teen kids’ hobbies, create a deck or patio for hosting parties, and build a pool in your retirement years.
Aside from the mentioned above, you can check vacant lands in Batangas and Bataan. In the former, Canyon Woods and Plantacion Meridienne provide good options. The Strand in Bataan also has strategically located lots.
Explore the DIY Option
Assuming the general contractor role can save you a lot of money. What’s good about this route is that you can plot your own timeline and pace, depending on the budget you have. You have a lot more leeway for potential delays.
In fact, if you’ll indeed push through with buying a residential vacant lot, you can have some form of financial security against construction delays, since the asset will have long-term appreciation over the years (with low maintenance needed, mind you).
If you buy land now and then build later, in Cavite communities such as Canyon Ranch, Eagle Ridge, or Orchard Residential Estates, you get more value for your money, especially as the surrounding neighborhood becomes more developed.
Of course, the DIY option in home construction is only for a certain group of people. Take note that the project will require skills and take a lot of your time and energy. If you’re going for this route, you need to be ready to get down to work, literally.
Are you ready to build your ideal home? Take the first step towards realizing the dream by getting in touch with banks selling foreclosed residential vacant lots. Call BDO Unibank’s subdivision sales team at 8702-7060, 8702-7059, 8702-7094, or 8702-7093. Email them at email@example.com or check their property listings on Lamudi.