You may have heard the saying that you will pay twice the money and time expected when building or renovating your home. However, it’s usually your expectations that are not accurate in the first place. We tend to underestimate the budget at 50-70% of the real cost, and we want things done in no time. When starting the job we get to realize that our expectations don’t match with our budget and timeline.
The sooner you realize this fact, the faster you can adjust to avoid trouble.
To avoid this situation in the first place try to put more realistic expectations, according to the market. Take it step by step.
Steps for getting home quotes
Although it may seem odd to set a budget before having any ideas of what you want to do, it’s an important step of your primary brief. You can set a range in which you can adjust upon.
Also, informing your designer and team members about your budget is important, to avoid going over budget. They will try to give you the best advice, according to the budget range you tell them and the information you provide.
Speaking openly with your designer about your brief, will build trust with him, allowing him to give you the advice you need to get the best results.
There are some sites that can help you set a budget and have an idea about the average cost.
Determine design approach
Try to imagine what you want your house to look like, explore your options.
Knowing your options, you can put an initial plan of what’s best for you, putting your budget into consideration.
Weight up the importance of different design factors, decide what comprises you are willing to take for the time being.
Professionals can give you advice about your design cost, to help you know the best design option, and evaluate the rest of what will remain from the budget.
Check for needed approvals
Before you start, you have to apply for any permits needed. Get a formal home quote before applying for Council Approval, not to spend weeks and months and money adjusting the design to go with the budget and get an amended Council Approval. Getting cost advice, enables you to make necessary changes before submitting, saving you time and money.
Also, your project drawings have to meet building regulations. Structural Engineer advice can help you meet those regulations, and build a home with proper structure.
Professional builders can help you to get things done, and give you an idea about the cost. They usually give you a price report for the finishes and fixtures you choose.
Signing a contract with a builder
Most builders will give you a sheet for different expenses, which you have to revise carefully, making sure that it’s enough for your project. Try to search for definitions of the terms on the sheet, to understand how they work.
Calculate the total of expenses mentioned yourself, to avoid cost build up during construction.
Start your project
Track the work done in your home by visiting the site every now and then. Make sure they are using the approved materials, and check if the work is going on time and budget.
Claimed payments has to be tracked throughout the project, and make sure that all the work is done as agreed.
Renovating and building doesn’t have to take a lot of money, you just have to start with a good knowledge and trustworthy team.