Building? Here’s What You Need to Consider

Building a home is an exciting time but can be completely daunting too! And with good reason.

For many Melbournians, building a home of their taste and choice is the realisation of a lifelong dream. But there are all too many stories out there about nasty budget blow-outs and building projects that have become horror stories.

If you’re new to the building or renovating game, it’s important to get your head around your project, from start to finish. Understanding the costs involved in each stage of your build will help to ensure that your budget is realistic and achievable.

As the old cliché goes, ‘forewarned is forearmed’: the reality is that there’s likely to be some hidden costs that aren’t included in your builder’s quote. Understanding what’s involved in every stage of your build will help you work exactly what your builder has allowed for, so you aren’t taken by surprise.

At Love & Co we want you to make the best decisions when it comes to building that dream home or taking on that next renovation project. That’s why we’ve taken the time to list out some of the potential unexpected costs right here:

1. Soil Test and Contour Survey

Soil testing is a very important part of your build: your builder needs to find out what’s beneath the grass before they can accurately quote your home. If your soil is unstable, rocky, or waterlogged, you may incur extra costs when you start your build.

A contour survey is performed by professional team and accurately details the slope of your property. Your house plans may have to be altered to suit your land, and properties with significant falls may incur extra building and retaining costs.

The cost of a soil test and contour survey may or may not be included in your builder’s quote.

2. Site Costs

When it comes to site costs, poor communication and lazy quoting practices on the part of the builder often result in nasty budget blow-outs.

Excavation, site clearing costs and demolition are expensive procedures. And if your builder hasn’t yet visited your site, it’s unlikely that they’ll be able to put an accurate figure on what it’s going to cost.

It’s important to note that if your project requires the excavation of rock, this will significantly add to the cost of the site works. Rock excavation is expensive and difficult to quantify, so be prepared.

3. Temporary Site Requirements

Has your builder included costs associated with temporary site requirements?  Site toilets, temporary fencing, skip bins etc. will likely be necessary, and if they aren’t allowed for in the quote they’ll be loaded on top of the final price.

A seasoned and reputable builder will be well acquainted with such costs and should have allocated an amount for temporary site requirements in the initial quotation process.

4. Connection of Services

Bringing sewer, electricity, and gas lines in from the street is another unseen cost.

Be sure to discuss this point with your builder – do they arrange for the connection of services, and if so, is it included in their overall price?

5. Plan Variations

Many building companies offer a range of ‘standard’ home plans and customizing these plans can end being a costly process.

Ensure that all variations to the original plans have been included in your quote – even down to fine details such as adding extra lights.

6. Fixtures and fittings

To what extent have soft furnishings been included for in your quote?  Carpet, window treatments etc. are a big investment so if your builder hasn’t allowed for them, you’ll need to build them into your overall budget.

Check to see whether bathroom accessories – towel rails, toilet roll holders and mirrors – have been allowed for in your quotation too.  If you want accessories that are better quality than the standard inclusions, you’ll need to specify this before your builder quotes.

7. Fencing

Perimeter fencing is one of those ‘maybe or maybe not’ items: if your builder is trying to keep his/her quote down it likely won’t be included; if they’re the sort of team that covers everything, it may be allowed for.

Fencing involves considerable investment, so budget generously if it isn’t included in your builder’s price.

When comparing builder’s quotes, be sure you’re comparing apples with apples.  Go over each quote with a fine-toothed comb and highlight what is and isn’t included.

Remember, the cheapest price mightn’t necessarily be the best option – if that builder hasn’t allowed for a lot of hidden costs or simply included ballpark figures, you might find yourself slugged with extra bills you weren’t expecting.

Open communication with your builder is key to a successful project.  Discuss what’s included in the quote and what you will be expected to arrange and pay for separately.

The team at Love & Co are excited about your new build and would love to see the finished product!

Talk to our team today about available land and our recommended builders in your area – with years of experience with property in Melbourne’s North, we understand what it takes to ensure that your build is completed on time and within budget.

The information in this article is for information purposes only and should not be taken as financial, legal or personal advice. 

While care has been taken to ensure that information contained in this article is true and correct at the time of publishing, any changes after the time of publication may impact on the accuracy of this information.

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