Ready to save big on your new build? Building a new home is super exciting, but did you know the best savings happen right from the start? The biggest expenses early on are often hidden, so by the time you’re picking out your selections, the budget can look bleak. We’re here to help you design your dream home without blowing your budget. The trick? Get savvy early so you can splurge on the pretty stuff later. Too often, folks run out of funds before they get to the fun selections. But not you! With these 5 tips, you’ll avoid budget blowouts and learn how to build the home you’ve always wanted.
1. SITE COSTS
The first step to saving on your new build will have to do with your site costs. They will depend on your land’s size, slope, and soil type. Your builder will figure these out with a survey and soil test. This helps them budget for accurate excavation, soil disposal, slab, and piering. Make sure these costs are in your contract before you sign, or you might get a nasty surprise later. Site costs can add up to tens of thousands of dollars fast! Get this sorted before confirming your floor plan size. Some builders might push you to sign a contract before nailing down site costs, only including a provisional allowance. But this can lead to disappointment when costs blow out by thousands. You don’t want to choose a floor plan you can’t afford once site costs are factored in. Get clear on these details early to keep your budget on track!
Side note: Depending on the slope or fall of your site once your builder has prepared the site for construction, you may need retaining walls. Make sure you set aside funds for these; they don’t come cheap!
2. CHOOSE YOUR BUILDER WISELY
Choosing the right builder will make or break your new build journey. You’ll be working with them for at least 18 months, so it’s not just about the cheapest option. A great builder with a solid reputation is key. Poor workmanship can cost you big time with fixes, disappointment, and even devaluing your home. Plus, delays can rack up extra costs in mortgage repayments and rent. Pick wisely to save yourself from future headaches! Don’t have a builder yet? Here’s how to choose the right builder for your new home.
3. SIZE SENSIBILITY
Be smart about the size of your new home. Your builder’s initial price is based on standard inclusions, so decide if you prioritise quality or quantity. You often won’t get an accurate price for your new build until all your colour and material selections have been made. But it’s tricky to budget for inclusions without a finalised floor plan—like the chicken or the egg dilemma! If you’ve got a budget and a floor plan you love, make sure to allocate budget for upgrades. Check out your builder’s inclusions closely to ensure they match what you want.
4. FIXED PRICE TENDER
This one’s straightforward: the more you ask from your builder upfront, the more accurate your price will be. With a fixed-price tender, you won’t have to worry about surprise costs because the agreed price is what matters. This ensures your budget stays on track while you get a fantastic home built by a reliable builder.
This contract guarantees that your builder won’t come back for more money halfway through the project. They’ll stick to the agreed cost from start to finish! The price you receive is final, meaning no unexpected changes and fewer worries about blowing your budget, saving you money in the long run.
5. PRIORITISING INCLUSIONS
If you want accurate pricing before signing contracts and construction commencing, you need to know what you want in your new home. When it’s time to specify your selections with your builder, be crystal clear about your priorities. People often ask us what to prioritise, and our answer is simple: if you leave something out now, how much will it cost to change or add it later after you move in?
