How to get the most from your building budget

1. Choose a trustworthy builder

Working with a reputable builder is essential to the success of your dream home – not just for their building skills, but for the expert advice they can offer along the way. An experienced custom builder will support you in finding the balance between your budget and those dream inclusions you might think you can’t afford.

When choosing your builder, it’s important to do your research. Some helpful places to start include asking past clients for feedback, checking Facebook & Google reviews, exploring their social media pages, and making sure the builder is licensed, registered and insured.

A reputable builder will be able to give you a clear idea of total costs upfront, including any relevant site considerations and council fees. Then, the two of you can work together to determine how to utilise your budget to its full potential.

2. Avoid variations

Variations are the number one reason for budget blowouts in the building industry. Once you’ve signed off on your design and build preferences, making changes or ‘variations’ can be incredibly costly.
Variations delay the building process, add extra costs to your budget, and may attract ‘change of mind’ fees, which can quickly add up.

Taking time to consider your inclusions and make any adjustments before signing the contract will help you to get the most out of your building budget once work commences.

3. Know your needs vs your wants

The dreaming and design stages of planning your new home are exciting – and it can be easy to get caught up in luxurious inclusions before you remember your budget and come crashing back to reality.

To maximise how far your budget can go, it can be helpful to create two separate lists for your build. One list includes all the essentials (needs) that your home must have. The other list is for your negotiable items (wants).

We recommend first working with your builder to ensure you have all your needs accounted for. They’ll likely have suggestions on how to tweak your floorplan or fittings to create a little extra room in your budget without sacrificing functionality – money which you can then allocate towards that home office or porcelain benchtops you always dreamed of! 

4. Choose timeless and low maintenance fixtures with multi use spaces 

Choosing timeless and low-maintenance elements will add longevity to your home and reduce ongoing costs. Consider what is important to you – will your house be an investment property or somewhere you plan to live? The materials you choose can also help to reduce ongoing maintenance costs. Ask your builder for recommendations on materials that are likely to be the most durable and long-lasting, to ensure that your home retains both its beauty and functionality for years to come.

What is your style and taste? How can you create a timeless home that outlasts the latest trends? Will you still find your choices appealing in 5 or 10 years?

And most importantly as we continue through our life our needs and lifestyle may change. By adding multi purpose rooms or built in features that allow different uses from the beginning saves costly renovations or changes in the future. For example a savy IT Nook instead of a whole study or a mud room in the laundry to hid mess and clutter. Clever storage options taking full advantage to a space may work better for your home in the long run over large multiple rooms.

5. Investing in your home for the future

Energy costs are only increasing and by investing in your home at the time of your build you can cut running costs and be comfortable all year round without sky rocketing power bills and for many years to come. Talk to your builder about maximising Northern orientation, insulation and ventilation methods and requirements as well as all electric homes with solar panels.

Ready to work with a custom builder that can offer expert advice when it comes to making the most out of your building budget? Scroll down and contact us today!