How to save money on new luxury homes
Money’s no object? Well, not many people are in the position to say that, even those looking at custom home designs with high-end features. So, what can you do to save money on your new build? Here are three easy tips to follow.
Save money with your home finance
A home loan is not something to just be judged by the interest rate. There are many variables that go into structuring your mortgage in the most advantageous way possible. What should you look at to pay less over the life of your loan?
Rate comparison website Finder.com.au recommends an offset account to reduce the amount of interest you pay, by subtracting the balance of your everyday account against the principal left in your mortgage. Other ways to reduce your interest charges and loan length include increasing your payment frequency to weekly or fortnightly instead of monthly, and rounding up your payments to the nearest $5 or $10.
The latter could shave six months off the duration of your mortgage, while changing to a weekly payment plan will help you to make one extra payment a year (compared to monthly), and reduce your interest charges as these are calculated fresh every day.
Save money with your builder
As much as it’s not polite to toot one’s own horn, choosing the right premium builder will save you plenty of money on your project – and we believe Exclusive Residence are the custom builders in Perthfor you. We save our clients money by establishing all variables at the outset, avoiding extra costs and running a very tight ship on site.
With careful planning of the build schedule and by using only the most professional, qualified trades, we have saved customers up to 15 per cent on their luxury home.
Save money in the long run
You know the saying “Penny wise and pound foolish”? Well, it stands true in luxury home building as well. If you’re the type of person who wants to save money at every turn, we encourage this. But remember, if you choose the very cheapest of materials now, you could end up paying more in the cost of running your home over time.
At Exclusive Residence we believe there is no substitute for quality and absolutely no shortcut to success, so we advise our clients to take a long-term approach to their home. According to the Department of Industry and Science, heating water accounts for about 21 per cent of a home’s energy use and showering is a large part of that. The simple act of choosing a water-efficient showerhead could halve your hot-water use from showers.
This is only one example, but there are plenty of other ways to use your fittings and fixtures to reduce the cost of running your household over time.