How To Establish A Realistic Building Budget
So, you’ve made the exciting decision to embark on the journey of building your dream home. And it’s no surprise there are many elements to consider before, during and after the building process. And we’re here to let you know that the single most important factor is your budget.
Building a new home might be the biggest financial commitment you’ll ever make, which is why setting a realistic budget is the key to an enjoyable building experience.
Many factors lead to variances in the cost of constructing a home. From material costs to your personal wants and needs, it’s important to consider these things from the get-go.
We’ve compiled a list to set a realistic building budget so you can achieve the space you’ve always dreamed of.
1. Consider variables and make allowances for unexpected costs
Setting a realistic budget means allowing for unexpected costs. While an experienced builder will help you avoid these costs where possible, you should always allow for variances and be sure to allocate some money in case unforeseen costs arise.
It’s also important to consider all variables that may throw off your budget, which is why you’ll need to think about:
- The design and layout of your home
- Site conditions
- Council requirements
- Scope of work
- Material availability
- Finishes
Making upfront selections and ensuring you have the correct permits for your build prior to construction is one way to prevent unexpected costs, as is avoiding last minute changes. An experienced builder will collaborate with you and assist throughout the budgeting and costing process for your build.
2. Make a list of wants and needs
When it comes to setting a realistic budget, a good place to start is separating your needs from your wants.
Your ‘needs’ are the necessities that you simply can’t live without – for example a kitchen island with plenty of storage space, an ensuite for the master bedroom, or a built-in desk that allows you to work or study from home.
Your ‘wants’ are any special features that, if budget allows, you would love to include in your home. These can be anything from a butler’s pantry, an indoor fireplace, dual basins or luxury appliances.
Your budget should ultimately be shaped by your needs first, with your wants kept separate. If the first estimation for your home comes in under your budget, you can add some of your ‘wants’ with confidence, knowing they are allowed for.
3. Choose a builder you trust
Choosing a trustworthy, reliable builder is one of the best ways to ensure your budget stays on track. While you can research labour, materials and other construction related costs yourself, professional builders ultimately have a more in-depth understanding of the costs of construction. Their knowledge and insight will ensure your design is suitable and stays within your budget.
Engaging both your builder and architect from the outset means they can collaborate on costs during the initial design stage. This ensures the design meets the budget brief, which is important considering the current situation with constantly changing pricing and availability of some materials.
Furthermore, your dream home plans will remain on budget because it’s your builder who will deal with daily construction costs and provide you with a realistic estimate of your project.
A trustworthy builder will work with you to ensure your project meets your every need within your budget. If there’s a more cost-effective way to achieve a result, they will provide you with the opportunity to pick and choose along the way.
If you’re looking for a trustworthy builder who will go above and beyond to build your dream home within your budget, get in touch with the team at Smartbuild today.