How to Set a Realistic Building Budget

Going over budget is understandably one of the biggest concerns when building a new home. Seeing the costs add up to more than you expected has the potential to take the excitement out of making your dream home a reality. 

Keeping your budget on track during a home build is much easier said than done, as there are many factors that can lead to budget blowout. 

From site conditions and the fluctuation of the cost of materials to structural requirements and personal needs, cost variation can sometimes be unavoidable. That’s why setting a realistic budget for your project is the key to an enjoyable building process with minimal stress. 

Unfortunately, in the custom home building market, it’s not uncommon for clients to have had a negative experience when it comes to their budget. Often this can be a case of an uneducated expectation, a guess of what it ‘should’ cost, or perhaps what a friend has suggested without understanding their individual project. But don’t let this deter you from a custom home improvement and build, as this is often the greatest decision you can make. 

When it comes to setting a budget for your project, there are a few things you can do to make sure this is as realistic as possible. 

Establish Non-Negotiables 

One way to arrive at a budget you can stick to is to establish your non-negotiables upfront – that includes style, function and finishing materials. That way, both you and your builder know what aspects of the build need to be prioritised. 

Make Selections Early 

By making selections early, your budget is likely to remain similar or the same as first estimated, as making last-minute selections or variations is an easy way to blow out your initial budget. It’s not uncommon for builders to tell you this until it comes time for you to write a cheque!

Choose The Right Team 

While you can do your best to anticipate the costs of materials and labour, this will only take you so far. A builder is the one who deals with genuine construction costs on a day-to-day basis, therefore they are the only ones who can give you a realistic estimate of what your project will cost to build. 

That’s why it’s so important to work with a team you can genuinely trust to communicate every possible alternative to you. 

At Glenco, we ensure that our clients are informed every step of the way, with email updates and site walkthroughs. Operating on a philosophy of open and honest communication, we allow for changes throughout the build and will work alongside the relevant authorities to make sure any changes are seamlessly integrated into the process. This means your project is delivered on time and on budget.

If you’re ready to discuss building your dream custom home on the Mornington Peninsula at a price you can afford, get in touch with the team at Glenco Building Group today.

For design inspiration and helpful tips and tricks, check out our Instagram #Glencohome #ExclusivelyYours

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