5 Critical Items To Include In Your Home Building Budget

Having and setting a budget is one of the most important things that we can do for any important financial decision we are making in our lives. Building a brand new home is definitely one of those decisions. Some people spend years and years saving up for their dream home, working the long hours, doing the double shifts and not going on those holidays to achieve their goals. So to say aid budget is needed is almost a bit of an understatement.

When setting a budget for a new home build I believe there are five critical items that you need to include when setting your budget:

The Block

The block, in my opinion, is the most critical part of the budget, it’s going to be the one that will have the most variance is in unforeseen costs. Some of the key things are going to affect the cost of construction on your block will be things like the slope and for the block, soil classification and how much carton bill is on your block. When you’re purchasing a block most large developers of Greenfields Estates would be able to give you most of this information in a preliminary form.

The House

Unlike the block, the house should not have any unforeseen costs related to it. Most of the “unforeseen costs” would generally come from upgrading selections and inclusions of your new home.

Landscaping and Fencing

It’s a good idea to have an understanding of what type of fence you are required or would like to have and the cost related. The landscaping is another cost that could vary depending on your selections of plants that you choose. If you feel that landscaping is something very important to you when you may consider allowing a little bit extra towards it.

Driveways on Footpaths

Your driveway costs are not going to vary too much however when it comes to your footpaths they can. If you are thinking about concreting around the whole house would cost you a lot more than just using grass or pebbles.

Furnishing

This is the one that is mostly left out of home building budgets. However, it could be one of the most important aspects of your budget because nobody wants to move into a house with no bed. So remember to allow a little bit of money in your budget for furnishings, at least enough for a fridge and a bed.

So now I hope you understand what items I needed to make up a full budget for a new home built. The last thing I would say is that I would always allow a contingency for the whole project, a starting point of anywhere between one or 2% would not be a bad idea.