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Dureka Homes

Luxury home builders in Melbourne

Luxury home on budget: Where to splurge and where to save?

When building a luxury home, setting a budget can be difficult. It can be tough to determine where to spend and where to save. Saving in some areas may help you avoid going bankrupt, but there are some areas where it might be impossible to save.

7 areas to spend and save when building a luxury home

There are some key areas you need to consider when building a new home and planning its finances. With the help of luxury home builders, let’s explore where it makes sense to opt for cost-effective solutions and where sparing no expense is better.

1. Kitchen

A well-designed kitchen is key, so spend money on the kitchen area. Consider what type of kitchen best suits your needs. For instance, if you are a passionate cook, you should spend a good portion of your budget on the kitchen appliances.

However, if cooking is not your priority, it is better to spend your budget on beautiful finishes. Where to save? You can squeeze from your budget by staying away from expensive fittings, benchtops, taps and even doors.

2. Bathroom

Similar to your kitchen, you are going to spend a good portion of your time in your bathroom as well. So, you want it designed and finished in such a way that it lets you feel delighted. Also, if you choose to sell your home, the bathroom is a good selling point.

The best investments to make in the bathroom depends on the price point of your luxury home. For a higher-priced luxury home, consider a freestanding tub or a steam shower. If it is more of an entry-level home, invest in a quality shower and avoid luxury bathroom features.

3. Storage

When you are at the planning stage of your luxury home project, it’s important to take care of storage solutions. For instance, you can choose a butler’s pantry to hide the less pretty kitchen appliances and clutter. Splurge on extra closets, speciality shelves and overhead storage in your garage area to ensure your luxury home stays functional for years to come.

Where to save? Rather than investing in bespoke custom-built joinery, you can use cupboards and pantries from Ikea or nearby hardware stores. This is a cost-saving idea, particularly for areas that are not in high use.

4. Flooring

Your choice of flooring can create a big impact on the look of your home. Since flooring like tiles and timber is not easily changed, choose a quality flooring material you can afford. A beautiful floor can please occupants for generations.

Where to save? Choose your flooring from readily available colours and sizes. Custom or overly unique flooring will likely cost more to buy, install and maintain. You can splurge on durable carpets if you prefer comfort in your space.

5. Lighting

Nothing is better than natural light, so make the most of sunlight by designing a luxury home with strategically positioned rooms and windows. Consider the direction of your home to save on additional lighting costs.

If you feel the need for additional lights, splurge on high-end lighting in areas that need more exposure, such as the living room or kitchen. Also, pay extra attention to electrical outlets in places for televisions and computers.

6. Outdoor

Do you enjoy having friends and family over often? Depending on your lifestyle, you may want to create an outdoor entertaining space. Splurging on a fun outdoor area could be incredibly valuable. This may include anything like an outdoor kitchen with a grill or a pool. You can save on landscaping or other outdoor amenities if you are running out of budget.

7. Design

Highly customised luxury home designs from an architect tend to cost more money. However, the best luxury home builders have in-house designers. You can easily find a preferred home design or tweak existing floor plans, saving you a lot of time and money.

The bottom line

Building a luxury home on a budget is all about being aware. You can build a home that looks luxurious, without breaking the bank. The best way to keep the home build costs down is to stick to the plan. Make changes once to avoid additional costs. Hire the best luxury home builder who is eager to bring your luxury project to life.

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