Can You Build on a Budget?
How to Budget for Building
Creating a budget for a building project requires an understanding of all the elements involved and where you might experience budget blowouts. This article provides a simple breakdown to help guide you when discussing your finances with financial professionals, the architect, and the builders.
Budget per square metre.Ask your architect for a breakdown of costs per square metre for:
- A finished building (interior as well as exterior)
- An incomplete interior (where you can save a lot of money if you do the internal work yourself)
Allow 5 to 10 percent of the construction costs to cover design fees.This amount will vary depending on whether your architect only draws up the plans for you or also project-manages the construction.
Get in a quantity surveyor to provide an accurate budget estimate early on in the building project.It is wise to do this as early as possible, as a quantity surveyor will be best placed to give you an accurate overview of the costs involved in the entire building project. This independent advice will be important, as your architect will often have ideas that don't fit within budget.
Consider the costs required for building consents.These can add up quickly, especially if you have earthworks to consider. Find out in advance what consents will be required and find out the costs charged for each consent. If your architect cannot help you, find out from the local municipality's building consent area.
Budget for living away from home costs.If you are building from scratch, you will need to keep renting or owning the place you are in currently as well as funding the new build. If you're only renovating, you may still need to leave for a way if major renovations prevent normal living from carrying on. Unless you can bunk down with family, this will cost you extra money in rental accommodation.
Budget for landscaping as well as building.If you plan on fixing up exterior spaces and the garden as part of the build, these costs will also need to be taken into account, although you might consider staging the project rather than trying to bite off more than you can chew.
- Considering staging of building work can be a good option when money is tight. Every time a stage is finished, you can see a new bank valuation to see if you are eligible for additional funding.
Video: Tips For Building On A Budget
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