* Buy extra materials than what you actually will need. If it's your first time doing a specific task, mistakes will happen, some will be costly, some, minor.
* Ensure you are building up to code. Make sure you read what your local residential building code specs are. Having things "not up to code" can be costly and fail inspections.
* Buying equipment over renting equipment: This is a personal preference, but I have exceeded the rental time limit and ended up paying more than to actually buy the actual equipment. This does not apply to all equipment. Preferably, it would be better if you know someone that owns the equipment. You won't have issues reselling used equipment.
* Don't be cheap on electrical wiring or water piping. Water or fire damage is obviously costly.
* Personal Tip: Consider space for a backyard and landscaping. Landscaping can be the best cost-to-return investment you can do in a property.
* Get a "contractor membership" at your hardware store of choice. You can end up saving some money with its discounts.
_Take my pointers with a grain of salt, this has been from personal experience and lessons learned the past 2 years._