How to Save Money for Building a House—Top 3 Tips — The Kind Tips - Tips for Life, Study, Work and Entertainment

How to Save Money for Building a House—Top 3 Tips

How to Save Money for Building a House—Top 3 Tips

If you have more money when you start to build the new house, you will have smaller debt after you complete. Hence, you should start to save money the time you have decided to build the new home. However, it is a tricky question of saving money for building house because you are both saving money for the new one and spending money for your current housing. To make the saving process easier, we have three handful tips for you.

1. Share apartment if you live in urban area.

If you live in city area and want to save money when you are saving for building new house, you have to sacrifice a little comfort in short term to exchange better house in the long run. Renting and sharing apartment with others is one good choice, especially when you can find close friends to be your roommate. Although sharing living with others may result in less privacy or possible conflicts between roommates, it is an easy way to reduce your rental cost. You may also share food and transportation cost with your roommate to save a bit more. Additionally, if you sublease an apartment, you may not need to make deposits since other tenants have already done that.

2. Live on-site if you already own the land.

While, if you are going to build the new house in the country area and you already own the land, you can have other choices. To save money on residence, you can live on the land with some temporary accommodation during the building process. You can use the help of anything from a converted school bus, RV to a tent. In this case, there will be exactly no rent at all and you skip the travel work between your new land and old house. If you are building your house off-grid, you can put the septic system as soon as possible so that you could take advantage of it during your temporary accommodation when you are building.

3. Live a frugal life.

Frugal living is an invaluable capability when you are planning to acquire a bunch of money for big items like a new house. Track and record your expenses for several months, then try to organize and categorize them to decide which expense can be reduced or even eliminated. By doing this, you can get better understanding of your spending habit and you may be surprised at how much you’ve spent on coffee and muffin, DVD and magazine or any other stuffs that you can easily get rid of. Please keep in mind that the money you can spend today for the new house will save you much more in the future, because it will not become part of your mortgage.

*Image source: http://www.homedit.com/how-to-save-money-when-building-a-house/.

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