One of the first steps to designing and building your dream home is setting your budget. The amount you have allocated to spend will influence every aspect of your build – from the team you choose, to the number of rooms and inclusions you will have.
Once you know your budget, you can start working with your chosen builder to determine how to get the most value from it.
Keep reading for our top tips to help you get the most out of your building budget.
1. Choose a trustworthy builder
Working with a reputable builder is essential to the success of your dream home – not just for their building skills, but for the expert advice they can offer along the way. An experienced custom builder will support you in finding the balance between your budget and those dream inclusions you might think you can’t afford.
When choosing your builder, it’s important to do your research. Some helpful places to start include asking past clients for feedback, checking Facebook & Google reviews, exploring their social media pages, and making sure the builder is licensed, registered and insured. You can find out these details through the Housing Industry Association or Master Builders Association, and check any ongoing issues or disputes through your local Consumer Affairs office.
A reputable builder will be able to give you a clear idea of total costs upfront, including any relevant site considerations and council fees. Then, the two of you can work together to determine how to utilise your budget to its full potential.
2. Avoid variations
Variations are the number one reason for budget blowouts in the building industry. Once you’ve signed off on your design and build preferences, making changes or ‘variations’ can be incredibly costly.
Variations delay the building process, add extra costs to your budget, and may attract ‘change of mind’ fees, which can quickly add up.
Taking time to consider your inclusions and make any adjustments before signing the contract will help you to get the most out of your building budget once work commences.
3. Know your needs vs your wants
The dreaming and design stages of planning your new home are exciting – and it can be easy to get caught up in luxurious inclusions before you remember your budget and come crashing back to reality.
To maximise how far your budget can go, it can be helpful to create two separate lists for your build. One list includes all the essentials (needs) that your home must have. The other list is for your negotiable items (wants).
We recommend first working with your builder to ensure you have all your needs accounted for. They’ll likely have suggestions on how to tweak your floorplan or fittings to create a little extra room in your budget without sacrificing functionality – money which you can then allocate towards that home office or porcelain benchtops you always dreamed of!
4. Choose timeless and low-maintenance features
Choosing timeless and low-maintenance elements will add longevity to your home and reduce ongoing costs.
Consider what is important to you – will your house be an investment property or somewhere you plan to live?
What is your style and taste? How can you create a timeless home that outlasts the latest trends? Will you still find your choices appealing in 5 or 10 years?
The materials you choose can also help to reduce ongoing maintenance costs. Ask your builder for recommendations on materials that are likely to be the most durable and long-lasting, to ensure that your home retains both its beauty and functionality for years to come.
Ready to work with a custom builder that can offer expert advice on making the most of your budget? Get in touch with Crown Building & Construction today.