Avoiding budget blowout

There are many decisions that need to be made during the building process. You need to find the right builder and settle on a design that suits your lifestyle. One of the most crucial early decisions, however, is to set a budget.

Those who don’t consider their budget until late in the process, or who only set a rough estimate, are likely to run into unexpected costs that exceed their initial budget and cause many a headache.

With many years of experience working with clients to design and construct their dream homes, we know the importance of setting a building budget early. We recommend carrying out research before you begin your project to ensure your ideas are feasible and realistic within your budget. This will reduce the chance of unexpected costs and complications down the track.

It’s also important to engage a builder early, so they can provide input on your budget from the beginning. With everyday access to real-time construction costs, a builder will have the best understanding of what makes a feasible building budget.

Separate your needs and wants

Consider exactly what you desire from your new home. Make a list and split these elements into separate columns – ‘needs’ and ‘wants’. Next, roughly price each item. Your budget will have to include everything on the needs list, but any leftover spend can be allocated to elements from your ‘wants’ list.

Be realistic about your budget and understand your constraints. When you approach a builder, share your needs and wants list as they may be able to help cut costs with alternate materials and techniques. A skilled and trustworthy builder should be able to help you achieve a functional design that meets both your needs and your budget.

Engage a builder early

As we’ve mentioned, a building project can get away from a client when a builder is not engaged early enough in the process. Often, when clients approach an architect or building designer, they receive house plans they love but which aren’t feasible within their budget. It is generally up to a builder to break this bad news to a client, once they’ve costed the plans.

Avoid this disappointment by approaching a builder first. They’ll be able to work with you from the get-go by providing invaluable insights into the exact cost of materials and contractors.

Design and construct your home

One of the best ways to make the most of your budget is to choose a design and construct builder. When you use this service, your entire home will be designed and built by a single team under the one roof and you’ll have only one point of contact during the process. A design and construct project means you’re more likely to stay within budget as everyone involved will be on the same page, working towards the same goal.

If you’re looking for a reputable design and construct builder who can help you avoid budget blowout, get in touch with the team at Adam Mason Homes today!