It is hard to tell upfront how much it will cost to build a home. When you ask this question to your builder or architect, you will find a different number from them. You cannot guess the figure straight away when it comes to building home. The figure depends on several factors including the location of your house, size, features you want, etc. You should talk to a number of builders and architects about the estimate and write the numbers down with detail breakdown. This way, you can have a budget for your home. If you want to stick to your budget, follow the following tips.
Identify the pieces within your budget
Instead of only writing down the major costs involved, like construction costs, you should also include legal fees, land costs, landscaping, architectural fees, etc. in your budget.
Know what you want
You should be very clear about what you want in your home; for example, the furniture, fittings, flooring, tiling, etc. You also need to know what kind of items you want; that is, whether you want a high end quality item or an affordable one. Incorporate these in your budget.
Expect to spend more
In your budget you should have some rooms to overspend in some of the areas. For example, if you want your kitchen to be really special, then you should have room to spend in this area.
Have a plan
Hire an architect to make a detailed plan for you. Make all decisions regarding the construction of the house before the project actually stars. Stick to the plan. This way you will not go out of track.
Have a contingency
Like in any other work, ‘things might just happen’. So, you should have room for contingency in the budget. The best approach is to begin with a higher contingency and then reducing it as you move along the project. For example, you can allocate a contingency of 20% in your budget.
Consider a trade off
Sometimes you will find something to add in your house that is not within your budget. In such cases, look at the things left to do in order to complete the construction. Then see if you can make a trade off.
Keep these points in mind when you start building your house. If you calculate the budget right, then there is less chance that you will go over your budget in your home construction project.
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