Setting A Budget For Your Custom Home Build Or Renovation

So you have decided that it’s time to start that renovation and extension project on your home or you may even want to consider starting from scratch and build the home you have always wanted. Next, those overwhelming feelings start to take over as you have no idea where to start or how to budget for the project.

Without having a budget how will you know what can be achieved? Not being clear on your budget can lead to unrealistic aspirations. These aspirations can lead to a project that is designed over budget and that will most likely never be built.

By having a clear budget and plan from the start you will avoid any unrealistic expectations and ensure an enjoyable, achievable and successful experience on your project.

Here are the 4 key points we share with our clients to help them establish the right budget.

Consider Your Situation

Do you see yourself in the property for the long term or is it an investment with which you want to make the maximum return? Take into consideration the value of your block of land should you want to sell the property in the future.  

Knowing What You Want

Decide on exactly what your perfect home comprises of. This will influence the size of your home which then affects the cost of your project. Luxury finishes aren’t cheap so consider the type of materials and finishes you want for your home. An architect can then give you a clear idea of what is achievable for your estimated budget.

Comfort Level

Know your number! We always start by asking our clients this simple question – what are you comfortable to invest in your project. Your answer will determine what is going to be achievable and you may even find you can build your project for less, or with a higher level of quality than you imagined.

Budget For The Total Project Cost

Quite often only the build cost is considered when coming up with a budget. On top of the build, extra costs include design fees, consultant fees (e.g engineers, building surveyor etc), landscaping, swimming pools and the one that always gets overlooked - 10% GST.

The above information should be enough for you to go away and feel more confident in how to budget for your perfect home build.

Ready to take the next step when it comes to making your ideas come to life? A Project Planning Consultation with Dean will help you answer any questions you might have regarding the cost and budget for your project. Simply click the button below to book an appointment or read more about our project planning meeting.