The most important thing you can do before you even commit to buying a plot of land is to create a preliminary budget. This is not the exact cost of building a home but it will give you a good guideline price; allowing you to confirm you can afford it and which parts of your project should be tweaked.
In fact, it is a good idea to have this budget ready before you approach a reputable finance firm, such as stornowaycp.com.au
There are several simple steps to follow to get your preliminary budget sorted:
To build a home you need to purchase a plot that has building rights or be very confident that you will get building rights.
You’ll need to check out the average cost of plots in the area you’re hoping to build. To establish this price properly you’ll need to know what size home you are hoping to build.
The best way of doing this is to break it into sections; this will allow you to see the cost of the 1st floor, the second, the porch and even the garage or deck.
From here you’ll be able to tweak the plans according to your needs and budget
It is important to establish the building costs amount per square foot. This will depend on the style of home you’re trying to build. You should be able to establish a per square foot cost from a few local builders.
You can then use the plan you’ve created to work out the approximate cost of your plot and to build the hoe that you’ve designed or have envisioned in your head.
Of course this is only the outline build; it will give you the structure of a home but nothing else. You then need to consider the cost of fitting a kitchen, bathroom and the other furnishings inside your home.
It is fairly easy to get purchase costs for these types of fixtures; most stores will have a program to help you design the room and then tell you the cost.
However, this may not include the cost of fitting. You’ll need to ask about this or contact some local contractors to get the right prices. Of course you can save money by completing this part yourself.
Don’t forget you’ll want to furnish the house as well. This may not be an issue if you already have a couch, television or even a dining room table. But, if you don’t you’ll need the money to get these things.
It is a fact of life that most home builds go over budget. This can be due to unforeseen circumstances or changes during the build. The point is to be prepared for these. Once you’ve established what you think the preliminary cost of building your home is you’ll need to take 20% of the cost and add it on top.
It is highly likely that you’ll use all of this in order to complete the build and have the home you want. Preparing for it in advance prevents it from being an issue at the end.