Home construction cost and the need for transparency

Home construction cost and the need for transparent pricing

 

Constructing your dream home is an emotional decision and you wish to build a home that will serve as the your base for 3-4 decades. There will be a lot of good memories that will be associated with your home during your journey along with your family but home construction is not an easy process, finding the right contractor, material and the best price that suits your budget without compromise on quality is very important, otherwise the process of home construction will be very cumbersome and delayed.

There is no one size fits all approach in home construction even though we can standardise the specifications and price to a major extent, each home is unique and has a different design to suit the unique needs of the family that resides in it. The money they spend on building the home also depends on the homeowners decision to stay in the property built or to rent it out.

If the homeowner wants to build it for his personal use he will want to design it according to his family needs and will be willing to spend the extra buck on interiors and woodwork. Also, they will want the home to look unique and deliver a style statement in few cases, the Vastu is also aligned with what is suited to the homeowners. In this case the home owner can spend anywhere between Rs.1600 per sqft to Rs. 4000 per sqft depending on the type of exterior design, interiors and the material, equipment they wish to use in building the home. The cost is not only dependent on the sqft area but on variety of reasons like the amount of open spaces, lesser the open spaces and more rooms the higher will be the cost irrespective of the sqft area. If you are looking to construct 2BHK with 2 Bath in 900 sqft the cost will be slightly higher per sqft that in a 2000 sqft home with 3BHK. It also varies strongly with the type of interiors and wood work, these interior packages start from Rs. 600/sqft to Rs. 2000 or higher per sqft. You can choose to go with false ceiling and wardrobes in all rooms and also use best looking modular kitchen, wallpapers, bathroom fitments, etc.  It depends a lot on your taste and the complexity of the designs you choose and the materials used. Home is a one time investment so you wish to extend yourself to get the best quality home built to suit your needs and serve your family for the next few decades.

In case they are looking for renting out the property, and building it as an investment and revenue generation asset then they wish to design the home that will suit most of the families and not spend more as the ROI (Return on Investment) depends on the rental yield in that locality. Here the homeowner wants to build a comfortable home with all amenities and a home that is more robust and easy to maintain. So a budget or standard package is most suited here with minimum interiors like false ceiling to living area and bedrooms and standard bathroom and electrical fitments that are easy to maintain. The cost for such package start from Rs. 1500 to Rs. 1800 per sqft depending on your choice and sqft area, higher the sqft area lower the cost per Sqft.

We all want to get the best price but often ignore the quality of the material that will be used in home construction and the workmanship that needs to top-class in order to get a quality home constructed. We go with the market norm of Rs. X per Sqft and do not understand that our home is unique and the it is a high value decision and Rs. 100/Sqft must not be the deciding factor while building an asset that lasts for a few decades. Choosing the right design build partner who can give you a transparent quote upfront and also provide you warranty for the work they executed is no brainier when building an asset that has an emotional connect with you for decades to come. 

When choosing a contractor look for the most detailed specification, professionalism and transparent pricing do not go for which ever is the lowest cost as you are not buying a t-shirt or shoe that lasts only for 3-4 years, even while purchasing a bike you go for Honda even though you know the price is higher as you prefer quality and safety for an asset you own for may be 7 years, so if Honda is the gold standard you look to buy when purchasing an automobile you should think in a similar manner when building a home. As Honda gives you a detailed specification sheet ask your contractor to give you a transparent specification sheet upfront and the price/sqft that includes all the specifications. The decision you make here will make you happy or regret the choice of contractor.

The payment terms also must be transparent and must depend on the process of the work and not on the contractors need for money, he cannot stop work at his will and blackmail you for money to continue the work, have a transparent agreement in place, both the contractor and homeowner must abide by all the terms of the agreement. Always opt for milestone based payment so that your money and direct deposits to the bank account.

A home construction project completed within the committed time and budget has been a myth but now it is fast changing and few professional home construction companies are making it a hassle free and experience with clear transparent pricing and specifications. They deliver what they commit, the whole world is changing so is the home construction industry, you get professional project management and quality assessments along with transparency in the specifications and cost.

Amplify is a professional technology driven home construction company based out of Hyderabad and has over 9+years of experience in construction sector. The core team has delivered projects to Tata Projects, Mahindra, SoftBank, Renew Power, ACME, Sunedison, etc. They are bringing the professional approach they have delivered to large corporate over the last decade to homeowners who are looking for quality, time-bound home construction.

Home Construction Packages for Hyderabad: https://www.amplifymart.com/pages/house-construction-hyderabad-packages

Problems faced by Homeowners during Home Construction:

https://youtu.be/FQzm8dx7zpA

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