Budgets are one of the trickier aspects of building a new home. No one really likes to talk about it, but your budget is one of the key fundamentals to your home build and dictates everything from the size of your home to the inclusions.
Let’s talk about how to get the most out of your budget – no matter what it is.
The first step is to work out what is most important to you in your home build. This will allow you to prioritise your needs and wants and work out where to spend and where to save in your project.
One of the best ways to save money is to build a smaller footprint home. While oversized spaces are a nice-to-have luxury, consider whether you really need extras such as spare bedrooms and multiple living rooms. Combining some of these into flexible, convertible spaces will save you money and might result in a more efficient home.
Make sure you work with a builder that communicates effectively and is willing to guide you through the process. A knowledgeable builder who can walk you through your build and cost options at each stage of the build will save you both time and money from the outset.
Changing your mind and making changes once your plans are in place, is both costly and time consuming, and can be to blame to budget blow outs. Take your time and consider your options carefully in the planning phases, to hopefully avoid having to make changes later. Although some changes and challenges inevitably do pop up, changing your mind on larger things will result in extra fees and charges that might tip your budget into the red.
There are many areas where your budget can dip into the red, but one of the top ones is in the inclusions you select for your home. Handmade tiles, designer appliances, and custom joinery are all lovely, but come at a cost. Fortunately, there are plenty of great options in lower price brackets, where you can emulate the same look for less. You could ask your builder or designer to only present you with options within your budgeted range, to reduce temptation.
Or, if you come across a handmade tile you really can’t live without, consider offsetting the cost of these by using half-walls of tiles in other spaces. Freestanding baths are another luxury, on-trend item that come with a higher cost, but you might consider replacing this with a back-to-wall bath, which has a similar effect, with a lower price tag.
In general, it’s a good idea to put more of your budget into larger, high-use areas such as kitchens and bathrooms, while you might choose to minimise your costs in more hidden away spaces like the laundry of wardrobes.