Like most people looking to build a new home, you’ve probably been planning and saving for years. Working hard and sacrificing so you can get all the things you really want in your home.
And the last thing you want is to feel pressured about money. Or be forced to compromise your plans because of last-minute surprises.
This article explores some of the expenses you should expect. And provides tips to help you avoid financial stress (and surprises) when building your dream home, so you can enjoy the process and get the exact house you’ve been dreaming about.
Know (Exactly) How Much You Want To Spend
Designing a new home can be a little like visiting a self-serve chocolate shop. A couple of these, a handful of those, and oh, we must have some of these. Before you know it, you’ve spent a week’s wage on fudge.
In other words, things add up quickly. So, before you find yourself having to give up your favourite fixtures and fittings (or sacrifice an entire room), it’s important to set a strict budget. Not a price range. An actual figure.
Be open and honest with your builder about this number so they don’t waste your time with unrealistic ideas.
Create A Vision Of What You Want
Unless you’ve built (numerous times) before, it’s difficult to make every decision alone. So don’t worry about the finer details (yet). Instead, try to come up with a vision of what you want your home to be.
Think about how you want to live in your home. Imagine yourself walking from room to room (starting at the front door). Picture what you will do in each room and how you want each room to feel.
Share this vision with your builder. A good builder will ask thoughtful questions to help you clarify your vision. And offer suggestions to help you refine the ideas that make this possible.
When you’re starting to get close to your budget, try to prioritise items. If you can’t afford everything now, a good builder will show you how to prepare your home so you can add these things later.
As a rule of thumb, spend more on things that are permanent (like the size and structure of your home). You can always update the taps and lights, but you can’t make the rooms bigger or the ceiling higher.
Find Out (Accurately) How Much Things Cost
Don’t accept ballpark figures. When rounded figures are added together, the total is almost always more than everyone thinks. Demand specific prices.
A good builder will show you multiple ways to achieve your vision (along with pros, cons, and comparisons). And they’ll help you to work with standard building sizes (like off-the-shelf timber) to help you save money.
Just like expenses, savings also add up, giving you more money to invest in the things you really want.
Understand Potential Variables
Building a home is a complicated endeavour involving hundreds of steps and dozens of tradespeople. Nothing ever goes perfectly. And some things are out of your control.
For example, your builder will allocate a certain amount for site preparation. However, your soil report may indicate a need for larger footings, extra drainage, or a retaining wall. These unforeseeable extras can add thousands to your costs.
A good builder will be transparent about these potential variables. And help you accommodate for extras within your budget.
Get Everything In Writing
Most homeowners begin their research online. Guided by the unrealistically low advertised prices, they unknowingly start planning a home that is way out of their budget and are disappointed to discover that what they really want will cost tens or hundreds of thousands more than they can spend.
Large builders with slick salespeople are notorious for this. You’ll fall in love with the display home they show you, without realising it includes premium upgrades that cost thousands more than the basic package.
Be sure to follow the proverb, “Trust but verify.” Get everything in writing—right down to the appliance model numbers. And when it comes time to sign a contract, make sure all these things are included.
If you make changes from the standard design – or change your mind about anything during your build – make sure this is documented in writing. A good builder will use a building management system like Buildertrend so all communication is tracked and stored to eliminate mistakes and misunderstandings.
Choose The Right Builder
All of the things mentioned in this article are important. But they pale in significance compared to choosing the right builder.
Don’t be dazzled by the promises of a salesperson who will say anything to collect their commission. Ask lots of questions, get a second opinion, speak with past customers, and ask about your builder’s process so you know they have the skills and systems to finish your home on time and on budget.
A good builder won’t rush you. On the contrary, they will answer your questions and give you the information you need to feel comfortable about the decisions you are making. They will listen to your ideas and return phone calls and emails promptly (if they don’t, how can you expect them to deliver on bigger promises?). And they will take time to understand the vision you have for your home and share your excitement.
How To Get The Exact Home You Want – Without Financial Stress (Or Surprises)
Building your dream home do sn’t have to be stressful. By choosing a builder who communicates honestly and transparently (especially about prices), has the skills and systems to deliver on time and on budget, and shares the vision you have for your home, you can enjoy a smooth and stress-free building journey.
For more tips to help you get the home you want without financial stress or surprises, download our Free Guide: Build with Confidence – 7 Things You Must Know Before Designing a New Home.
Or schedule a Free Consultation to discuss the vision you have for your new home.
For more tips to help you navigate the complexities of home building, download our Free Guide
Build with Confidence – 7 Things You Must Know Before Designing a New Home
