A few tips to consider when putting together a budget for your build
Don’t base your budget on a ‘ballpark’ figure. A ‘ballpark’ is pretty big. That means that the price mentioned has the possibility of being way off. It is basically a best-case scenario, a basic square metre rate or an estimate. It does not allow for the many variables that may occur.
Budget for every stage of the process
Don’t max your budget on just what is seen above ground. Here are the stages you may need to include in your budget.
Financing and purchase fees – stamp duty, legal fees, loan application fees, insurance, land and water rates, rent or housing during construction
Planning – drafting or architectural fees, Development Application fee
Pre-construction – additional council requirements and fees, Long Service Levy, engineering fees, survey fees, certifier fees, on site connection to services
Construction – site costs, what goes below ground to support the build (ie engineering report, drawings and on-site requirements) AND what goes above ground (ie drafting plans)
Post construction costs – items that you may want but that your builder does not include in his quotation such as landscaping, fences and gates, driveways and paths etc
Additional inclusions, variations and extras quickly add up
Anytime you deviate from what is drawn on your plans you will be charged more. Here are some examples of changes that will impact your budget.
A more expensive product. Example – a double bowl vanity when a single has been quoted.
Unforeseen extra work. Example – additional excavation and foundations required to meet engineering requirements; structural rectification work to an existing structure so it can support the planned modifications.
Changes from original plan requested during construction that create extras labour and material expenses. Example – changing paint colour after painting has already begun.
Extra work requested that was not in the original scope of work. Example – extra power points and lights than were drawn on the drafting plans.
Double storey homes cost approximately $50,000 than a single storey home.
Extending can be more expensive than building new depending on the viability of the existing structure, excavation and footing requirements, site access etc.
Don’t max your budget before you start building. Allow some extra for the unforeseen.