The emergence of the Pandemic in the year 2020 has changed the economic stature of every revenue-generating sector globally. 2021 being the successor year to the Pandemic has also been heavily dominated by the repercussions of this dilemma. Real estate has been one of those sectors of our society that have been excelling by leaps and bounds even during these testing times. Despite that, the hike construction cost due to increase in prices of material, laborers, builders, construction agencies have put the construction companies in Pakistan and the entire real estate industry in a difficult situation.
Furthermore, if you are a real estate enthusiast or simply a person who is looking to invest in a house but the inflation in the real estate and construction market of Pakistan has badly discouraged you. Then, below we have listed down ways that can help you reduce the construction costs of building a house
Your dream house is now in your approach!
Ways to reduce construction cost
Invest in an area where the construction cost already aligns with your budget.
Purchase the building and construction material on your own after thorough research rather than entirely depending upon your construction agent or laborer.
Make sure that you are communicating effectively and conveying your demand to the construction company or agency comprehensively.
Try not to go for an extremely complicated and fancy construction design to make your house cost-effective.
Tactfully ensure that your house has an ample amount of space to store your essentials and the cost is yet not burdening for you.
Hire a renowned architect instead of a newbie. Now, this is where you ought to invest a little heftily and try not to cut back on the cost. Because you might be wrong in choosing a budget-friendly construction cost for your house but an experienced architect hired through a renowned construction company is least likely to go wrong.
1) Areas with reduced construction cost
These days, the location of the land you choose to invest in could be your biggest cost effective hack for reducing the burden of the construction price. Most areas demand extravagant sums of prices solely because of the “brand name” associated with the area. Many newbie buyers fall prey to this and end up buying expensive land in areas where there are next to no amenities. Nowadays investing in newly constructed housing societies is the way to go if you want to save on the construction cost massively. Not only do these areas offer low prices, convenient instalment based payment plans, many facilities and amenities but also a very good lifestyle. Some of the examples of such areas are
Now, to clarify we are not suggesting to you overlook the reputation and credibility of the brand name entirely to save up on the construction cost. NO! Wherever you invest some essentials factors must be taken under consideration. The point is that to invest in the right place you must not get scammed.
If you have made up your mind towards construction here is a list of construction companies in Pakistan.
2) Buy Construction Material
Even in normal scenarios, it is suggested to keep an eye on the material purchased by your contractor and laborer so that you are not scammed of more money than you ought to invest. However in this particular case when we are particularly on a budget and trying to not overspend on the cost of construction, we must make this effort ourselves. Even if the construction agency or constructors you hired are not trying to scam you they might not make too much of a hassle to find you raw materials from places that have budget-friendly pricing on the construction material.
3) Effective Communication
Make a proper plan of your investment budget on various aspects of the house, requirements, demands and ways to reduce the construction cost on the material overall. Ensure that it’s in writing. If you feel like this is something you cannot do then hire an expert or an architect. Make sure that this plan is effectively communicated to your contractor and you are on sight if not all then at least 50% of the time the house is being constructed.
4) Complicated Designs
Nowadays minimalism is not only a way to reduce the price of construction on the house but is also becoming a new trend. So 2021 is perhaps the best time to go for a simple minimal design for a house that is not only helping you save majorly on the construction cost but is also elevating your house’s beauty.
“You know what they say, the simpler the better!”
5) Tactful Setting
While trying to reduce the cost of construction, if you had to pick a smaller sized house then there is nothing to worry about. With some smart storage tricks and hacks, you can utilize the space you already have efficiently as per your requirement. Purchasing multi-purpose furniture that has extra space to store stuff, deploying extra shelves on the walls etc. could help you in this regard. Furthermore, a smaller spaced area or house which is smartly built to conserve and use the space it offers would most definitely abate most of your construction pricing.
6) Experienced Architect
Planning the design of a full-fledged house from scratch is no piece of cake. Especially when you are on a budget and the inflation rate of the construction market is skyrocketing resulting in extremely elevated construction costs. Investing in a comfortable cozy house that saves you from rent every month and is most importantly your own space is every person’s dream. Some of us invest all of our life’s savings into our home and if it doesn’t turn out right or that money is not spent to its optimum this could be a very taxing and disappointing experience. So, even though the gist of this article is centered around finding ways to reduce the construction cost on any real estate plan, this is where we suggest you invest in a renowned brand name. An experienced architect could devise a plan exactly under your budget and requirement. Try to have the architect on the construction site with you most of the time as well.
When it comes to completing efficiently or achieving a goal effectively, all it comes down to is having a positive mindset and opting for the right approach. Strategizing and then carrying out that strategy the right way is the best way to achieve anything. So do not let the inflated prices discourage you from finding ways to make your dream investment cost effective.