How to Keep Your Build Within Budget

If you're thinking of building or renovating, you've probably heard many a horror story — countless accounts of people who blew out their building budget during construction, or worse, were caught out by an untrustworthy builder or a sly building contract. The good news is this situation can be avoided.

There are many ways to keep your build within budget, and when you're talking about such a big financial investment, this is essential. Using our decades of experience crafting custom dwellings and renovating heritage homes at Nicon Built, we've put together a guide to help you avoid spending beyond your means while still building a beautiful home. Keep reading to learn more.

Engage a builder early

One of the most common reasons for budget blow-outs is engaging an architect or designer to draw up house plans first, then taking these to your chosen builder. Generally, architects and building designers aren't up to date with building costs — their job is to create spectacular designs, not bring them to life. This can lead to a disparity between what the architect or designer proposed the home would cost to build, and the figure given by the builder.

This can be avoided by choosing a builder early on, who can consult and work collaboratively with an architect or building designer to craft a beautiful home that works with your budget. Many builders can also refer you to an architect or designer well suited to your project.

The most important decision here is choosing a trustworthy, highly-skilled builder with the capability to build your home properly. Do your research and talk to past clients so you can be confident they'll work hard to keep your project within budget.

Use a specialist

With so many builders to choose from, you can narrow down your options by looking for someone with plenty of experience in projects similar to yours. A heritage renovation specialist, like Nicon Built, will be able to advise you on which elements of your home can be updated or renovated, and which will need to remain due to heritage restrictions.

A general volume builder may not have this type of insight, or understand the specific costs associated with this kind of project. If you're planning a heritage renovation or another specific type of build, it's best to find someone with many years' experience in that field.

Don't trust a free quote

Too often, clients are lured in by the promise of a free quote, steering clear of builders who charge a fee. But there's a reason many builders charge for quotes — it takes time and money to prepare an accurate, highly-detailed quote where you can clearly see the breakdown of costs.

Free quotes are rarely this accurate, and are more likely to be vague and short. Your budget can easily go out the window once construction begins and unexpected costs arise.

Avoid variations

Take the time to be sure of what you want during the planning stages of your build. Making last-minute variations — to anything from the layout to the types of fittings — will change the budget your builder has estimated, and you'll usually be charged a variations fee.

This can be avoided by making as many selections as possible before you sign the building contract. A trustworthy builder will usually encourage this, but a less careful one may not.

Looking to work with a builder who can stick to your specific budget? Reach out to Nicon Built today.