Horror stories about people running out of money halfway through a build and being left with half-a-house haunt those looking to start a build.
Needless to say, every building project calls for a well-thought through budget.
There are several steps you can take to help you avoid any scary blowouts, it really is just about being organised and planning for every stage of the process.
With that said, here are some practical considerations for managing your budget when building your new home:
Choose your land carefully
Where you choose to build your home will have a huge bearing on the cost of your build. We recommend getting a geotechnical report done on your allotted land to help you identify any potential issues before it’s too late.
Other considerations should include the excavation of driveway costs (these can add up!) and site services; there is a big difference between town supply services and country supply services.
Allow for contingencies
Every budget requires some wiggle room. Some expenses may be bigger than anticipated, and sometimes – life gets in the way! You need a contingency to take care of the unforeseens on and off-site. The likelihood is that changes in cost will be against you, rather than for you – so make sure you’ve put money aside to save yourself the stress.
Keep budgeting throughout
Creating a budget isn’t a one-time thing. Your income, expenses and priorities are likely to change. As the project progresses, you will need to keep a close-eye on spend and adapt your budget accordingly. Each time something major happens or there is a change in the build, relate it back to the original costs.
Spend on essentials only
A three-piece suite with all the trimmings? Extremely enticing when presented with the idea of a brand-new, empty house. But keep that sensible hat on until the build is complete! Focus on the necessities only until everything in place. Spending on luxuries such as these can push budget over unnecessarily.
Let Trenz Create a Home help!
We are deeply passionate about helping our clients build their perfect kitset home. From the moment you choose one of our plans through to you turning the key to the door of your new home, we are by your side. That means we take time to understand your needs and help you plan and budget in a way that suits your specific project needs.
Our team of dedicated professionals know the time and experience that is needed in a build, and can advise on best practices throughout the process.
Keen to know more? Get in touch with one of the team today and understand more.