Budget Advice for Your New Building Plan
October 10, 2019
Budgeting well is a top concern when drafting house building plans. It’s one thing to draw up a budget—it’s another thing entirely to successfully stick to it. Often, people find that they need to stretch their budget a little to get a project over the finish line, and we’ve all heard worst case scenario stories, of leaving a build half-finished due to exhausted funds. Thankfully there are few things you can do to help you keep on track. Read on to find out more!
It’s not construction costs only
While construction does take up the largest chunk of the overall budget for a new building plan, it’s not the only thing that you need to factor in. When building a new home, you need to keep in mind several other potential expenditures, depending on your circumstances. These can include land costs, legal fees, landscaping, interior decoration, or permit and financing costs. Make sure you identify all the potential costs that you may run into, whether you think it’s very likely or not. Knowing what sort of hurdles you could run into in the future goes a long way.
Know what you want
Even before chalking out a budget plan, be up front with your builder and let them know what you want. Right down to the woodwork finishes to the choice of appliances, and even the flooring tiles if possible. After all, it no use to make a budget if you don’t know what you want. This way, you can prioritise the places and items you’re really comfortable with spending more on, so your builder knows what to focus on more. If you don’t know what you want, talk to your builder, and they can help you put together some ideas.
Be realistic with your choices
It’s very easy to go overboard and let yourself run wild during a construction project. A lack of restraint when choosing building elements can spell disaster! As such, be realistic with your choices right from the word go. The trick here is to compromise. Find a middle-ground between your budget and your goals, and stick to it!
Expect the unexpected
As much as we are telling you to be realistic with your choices, it’s important to make room for some unforeseen costs to pop up and eat into your budget while you are in the middle of your construction project. The best way to prepare for this unanticipated cost would be to set aside some budget for emergencies. After all, you don’t want to miss out on that imported tile for your backsplash you saved for, just because some extra costs came up while laying groundwork.
Choose your builder wisely
Finally, pick a good builder. At LD Construction, our team of approved builders help you find a balance between the house of your dreams and your budget. Get in touch with us today to find out more!