Builders & Renovations FAQs
Smart tips to help stay on budget when building your home
It can be exciting to think of the possibilities when planning and building a custom home, but it can also be daunting. Before embarking on the journey it pays to first do some research and ask yourself exactly what your dream home looks like.
Think about size, quality, and complexity as these are key factors that will determine cost.
Calculating how much space you absolutely need, what kind of amenities or features are important to you, and deciding how much customisation you want to do can help keep costs on track.
It’s also important to balance your lifestyle needs and desires with realistic budget constraints – if not you may find yourself overspending or making compromises on what you wanted for your dream home. With careful consideration beforehand, you can ensure that your project stays within budget while still offering the perfect home for you and your family.
How to avoid going over budget
- First and foremost: be realistic about the costs throughout the whole building process. That includes the moving in part with regards to legal fees, moving costs, landscaping, flooring etc.
- Prioritise the MOST important expenditures first; such as the actual size of the house as opposed to the level of the finishes. You can easily upgrade cabinets and countertops later, whereas adding an extension is heaps harder and massively more expensive!
- Always stick to your plan without making changes along the way as each small change will add large amounts to your budget
- Factor in a contingency fund to your budget for risks that may arise, such as unexpected weather delaying your build
Have a detailed construction plan
- Be honest with your builder!
- Take time to make sure happy with every detail for your new home plan
- Having a very detailed plan tends to avoid unforeseen and hasty decisions later in the build, which will always add a lot to your overall budget
- In your plan, separate the cost for each stage of the construction and breakdown each stage into each item cost to help track the prices of everything
- Choose all of your finishes prior to starting your build so that these costs are factored into your budget to avoid exceeding your limit
Do your research & choose a specialist to design & build your house
- Look for reviews and recommendations as you need a reputable and experienced builder
- Listen to your needs and consider your budget
- Ensure your builder has an honest and realistic proposal for you
- Lowest price does not mean the best - low price proposals usually mean you end up spending more on additions and hidden costs
Read our 15 common hidden costs encountered when building a house guide
Plan your priorities and non-negotiables
- Be honest with yourself and budget for the essentials
- Functionality must be your top priority
- Avoid getting too caught up in the excitement and overspending on the fixtures and fittings, furniture and appliances
- Stick to your plans and don’t make changes or upgrades that aren’t necessary as you’ll soon find yourself slipping into “may as well” territory and although a couple hundred doesn't seem much, changes like this soon add up!
Communication is key
- Communication is your ticket to success!
- You can imagine the way you wish components of your house to look but a contractor may deliver it differently. Discussing everything with your builder will quash these crossed wires and the professionals may offer alternative, more viable, options for you.
- Be clear and transparent on your budget and priorities as this will enable your builder to help stick to your budget
Track your spending
- Every dollar should be tracked for every phase of your home build
- Highlight any overspends early and you can make adjustments elsewhere to accommodate the surplus cost
- Using an expenditure tracking app will help you keep on budget and you can upload invoices and receipts onto it from your phone or tablet. Alternatively, if you are not as tech savvy, a spreadsheet breaking down your expenses will work too.
Custom home design & build
At Symcorp Design & Build, we understand that building your dream home is a huge investment. This is why we work closely with you to ensure your new build is perfect for all your needs whilst being transparent around costing to help you stick to your budget.
If you would like to find out more about building your dream home or budgeting for a new build, contact our friendly team on 1300 043 012 or complete our new build enquiry form today.
Take a look at some other useful articles from our website:
What is the new home build process?