Are you looking at the possibility of building a home? Homeowners often dream about what they want in their ideal home which can sometimes lead to going over their allocated budget.
After reading this article, you could be on your way to building your dream home.
Doing anything without a plan often ends up in failure and building your home is no different. Planning your home includes the blueprint of the house, knowing where certain rooms will be located, being mindful of the budget and your spending and the colour patterns and designs you would like in your home.
When dreaming about your home, it’s common for people to forget their actual budget amount. One crucial thing to do to build your home successfully is specify how much you are willing to spend on the project. Once that's sorted, you can indicate and disperse how much you want to splash out in each department, i.e. bathrooms, bedrooms, living rooms etc.
Finding the right block to build on can help you shave thousands off your building project. Making the most out of natural greenery and shape of you land can help in designing your home for cheaper.
However, some blocks of land that are slanted may require excavation to level it which would incur additional costs. Research and look out for these certain blocks to avoid these extra fees.
When budgeting, you can allocate how much you are willing to spend in certain aspects of the project. By chance you find fittings or materials for a cheaper price than what you estimate you can either:
If you do decide to allocate the difference in funds to other aspects of the project make sure you prioritise accordingly. Know where you want to save a little bit extra and where a little bit more money might go a long way. If you can’t think of upgrading a particular part of the house then it is worthwhile saving the money to decrease the overall cost of the project.
Calculate your borrowing power based on your income.
Regardless if you are building on a tight budget, finding the right builder is crucial in the home building process. As you will be working with them for multiple months, you’ll want to find a builder that has the credentials, the experience, the personality but also keeping in mind, the price.
In some situations it’s worth your while seeking a specialist. If you want to renovate a room, a renovation specialist is for you, if you want to extend a room, a extension specialist is who you need.
These specialists can offer you highly detailed and accurate quotes which can cover some hidden costs you were not expecting like site improvements, landscaping and flooring.
By following these 5 tips, you can help make sure that your home building journey is a successful one. If you are interested in finding out more about how to build on a budget, book an appointment with one of Lendi’s Home Loan Specialists.
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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