Creating your dream home within budget can be a challenge when unforeseen circumstances or unexpected costs crop up along the journey. Thankfully, these can be minimised with plenty of preparation.
By securing a thorough quote early in the process, locking in as many aspects as you can upfront and collaborating closely with your builder throughout, you can avoid any nasty surprises along the way.
Here are our tips for how to avoid budget blowout while building your dream home.
Collaboration between architect and builder is key
Arguably the most exciting part of creating your home from scratch is the design stage and visualising what your completed will look like. But be wary – jumping straight in with a building designer or architect without first consulting a builder can lead to budget blowout down the line.
You have a beautiful design on paper, but what is the true cost of bringing that project to life? It can be a disappointing process to trim back on the design you had set your heart on when you realise it will cost far too much to bring it to life. Alternatively, you may be tempted to opt for a too-good-to-be-true quote, resulting in unexpected charges for features that were excluded from the initial figure.
Liaising with a builder early on will ensure your design can be executed within budget, with all anticipated construction costs allowed for.
Get a comprehensive quote for your build
Free quotes can be enticing, but they will likely not include the level of detail required to achieve accuracy. These are often rough estimates based on a cost per square metre – and the final sum can be quite different to the initial quoted price.
To arrive at a more competitive quote, some builders may underestimate prime costs and provisional sums. While these quotes may seem attractive on paper, costs can quickly escalate once the build is in motion.
A thorough, paid quote from an experienced builder will give you an accurate overview of expected costs. Try to select as many elements as you can upfront (such as materials and finishes) so these can be incorporated into your quote.
Always have a back-up plan
Good management is key to delivering a building project on budget. It’s important to keep track of expenditure and ensure all materials are ordered in good time to avoid down time and wasted labour costs. Having an experienced provider who can oversee the process from end-to-end is a great way to avoid any miscommunications.
Having all this in place will help your build go smoothly, but it still pays to consider what your plan would be should the unexpected happen. Do you have a buffer fund to allow for surprise costs? Budget issues can seriously impact the timeline of a build and seriously delay your project.
Choose a reputable local builder
Selecting the right builder is imperative to avoiding budget blowout. By opting for one with little experience in the type of project you’re engaging them for, you run the risk of unanticipated costs creeping in.
It’s best to choose a local builder with extensive experience in creating the kind of home you desire. Read reviews, check out their portfolio and try talking to clients who have completed a similar project, to see if they would be willing to share their experiences.
At Davis Made, we pride ourselves on ensuring our clients are provided with comprehensive building quotes to minimise any potential for budget blowout. If you’re thinking about building your dream home on the Mornington Peninsula, please get in touch with our team today.
