When starting your exciting journey to building a new home, constantly adhering to your set budget can prove to be difficult. Whilst your initial planning may leave you with a figure that makes perfect sense on paper, this will most likely change when its time to break ground. Remembering to equate for things like unplanned setbacks and fluctuations in the building market is essential as well as keeping your priorities in check so the most important things on your checklist get sorted. If you are looking to build your dream home whilst staying on budget in the process, here’s how:
Taste Vs Budget
When building a new home, the issue of taste vs. budget will often rear its ugly head. While you are well within your rights to want your new abode to look aesthetically beautiful, prioritising your money to make sure your home is functional should be a top priority. For example, if you have a large family and wish to add square footage in the build, make sure you are ticking this off the list before worrying about cosmetic details. You can upgrade your floors from laminate to tiles later down the track, but adding extra floor space will prove far more difficult after your build is complete.
Remember To Calculate Small Spendings
In the scope of a huge renovation, and extra hundred dollars here and there might seem minuscule in the overall scheme. Though it might seem easy to splash an extra $50 on some more expensive finishings, or $100 on some extra paint, these costs will quickly add up and can easily blow your once manageable budget right out of the water.
Track Your Progress
Budgets are very much like diets, they can be hard to stick to and without realising, can be blown in the space of a day. Tracking all your spendings when building a new home will give you a platform to easily check and assess your finances. If you like doing things the old school way, pen and paper to a notebook will work just fine, or for those who are tech-savvy – a range of apps will be of good use to monitor your costs.
Contingency Fund
When building a new home, having some extra cash (usually 10% of the entire project) will leave you some wiggle room if things don’t go as planned. Making sure you have a contingency fund in place when starting to build your new home may be the most important step, as it will save you the stress if extra costs are required – which realistically, they usually are. Having a safety net will secure you from the speedbumps that may slow you down like unforeseen land issue, bad weather postponing your build or a change to some of your original finishes.
Plan Your Finishes With The Builder Before Construction Begins
Sitting down and planning exactly what you want before your house is quoted will give you the most exact price. While this still may be subject to change, having a secure plan in place will ensure your builder is aware of exactly what you’re asking for. This will reduce the risks of extra costs being added throughout the build. Often, those who find themselves doubling their budget are the ones who made decisions to upgrade their home during the build, or who weren’t sure what they wanted from the get-go meaning their original orders were likely changed.
Use A Specialist
Many people make the dreaded mistake of using ‘free quote services’ before they plan to build and use this information to scope out a budget. Often, these estimates forget many important details like landscaping, fencing and site preparation that can leave you with nasty shocks after your budget has been falsely mapped. Using the services of a specialist builder may not be free, however, they will give you the most accurate cost estimate for the type of home you’re looking to create. That means you can start construction with all your finances planned accordingly.
If you would like personalised advice and recommendations for your requirements and budgets, have a chat to one of our consultants on 1800 184 284 or book a call online.
Let us do the legwork for you.
- We’ll ask the right questions to better understand your needs
- We’ll create a recommended shortlist ideally matched to you
- We’ll answer specific questions or concerns related to home building, land purchasing or financing
Breanna Taylor
Breanna Taylor is a third-year journalism and PR student studying at Swinburne University in Hawthorn. She has a strong passion for interior design and a growing interest in property development and renovation.
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