Are you like me, and glaze over when it comes to finances, budgets and just money chat in general?
Luckily for me, I’ve got the builder who works with budgets as part as his everyday work! But not every one has that, which is why we want to share with you – 5 things to consider with your building budget. Hopefully it will help you work out your project budget and how to best communicate that with your custom builder.
Your budget expectations
We often receive enquiries from people who are still in the very early stages of their project.
This is the stage where you may be considering a couple of different options, but are finding it difficult to move forward with your decision. You’re unsure about how much these options are going cost, and if you can even afford to finance the project.
You need to be realistic about what you can afford. You might have some really great things in mind for your renovation – but they may be outside the scope in terms of your budget. Work on a figure that would be how much you would prefer to spend, that’s within your budget. Don’t use the absolute maximum you would spend for your budget, you need to afford to live after all!
What are the ‘must haves’
Is a new 4 bedroom home with a bathroom, ensuite and a backyard the most important thing to your family? If so, write it down. If everything else is a bonus, then write that down too.
Is a new kitchen the must have in your home extension? Or is a new master bedroom with an ensuite more important?
If this is all written down, you can regularly refer back to what is really important when you’re looking at, or being presented with so many options you lose sight of the original project vision.
What are the ‘nice to haves’
A spa bath, parents retreat, solid timber floors, stringer staircase, a triple car garage and a backyard pool….. wouldn’t all that be nice? Exactly, it would be nice. But if your budget doesn’t allow for this then perhaps you shouldn’t be considering these ‘extras’ at this point in time.
An alfresco area for your family, a walk-in pantry, a separate rumpus and walk-in robes are things that are nice, and could still be worked into your budget.
Communicate with your draftsperson/architect
Although your draftsperson or architect doesn’t quote the building project – you are employing them to draw up your plans, they will have some knowledge of what options are more expensive than others. While they will provide plans for the home you want in accordance with regulations and engineering structures, you should to communicate your budget expectations as well.
Communicate with your builder
When you’re ready to seek quotes from your local custom builder, make sure you are both on the same page in terms of budget. It’s better for everyone and helps reduce the surprise if your expectations are very different from the actual cost of the project.
Let them know your must haves and nice to haves. You don’t have to necessarily tell the builder what your budget is – we understand that’s a sensitive issues for some. But giving a rough figure of what you think would be reasonable really helps the builder. An honest builder will be able to let you know if your vision is possible with that budget and if not, can provide advice to try and get your ‘must haves’ in ways that can work within your budget. We want to help you!
Good luck with your building project!