Building your home isn’t exactly cheap. The cost depends on the type of house you want. This includes the size, number of bedrooms and toilets, having a swimming pool, quality of fittings and fixtures, the builder you choose and location.
There are options. You can buy an existing home and renovate or choose a display home like that offered in Marsden Park, or one that is designed around affordability or maybe build your own unique design from scratch with all the bells and whistles.
Building your home allows you to personalise it with what you want for the layout, colour, cabinets, flooring, lighting, tiles and quality of finishing. Your choices affect your bottom line.
The construction industry is considered an essential service so it has not closed down because of the Covid-19 virus, but apparently construction costs have not dropped as the cost of some materials have gone up.
There is also the issue of being inundated with stress associated with building your home that you will need to take into account and also unexpected out-of-pocket expenses, so be prepared.
Some key factors you will need to consider are:
PLANNING
This is the most significant piece of the building procedure. Engage an architect to ensure you have everything planned out according to what you want.
BUDGET
The actual costs have often been more than what was anticipated. So ensure to include everything from your 100% completed home, including fences, mailbox, lawn, preparing the site for development, retaining walls, professional services fees, approvals and application and inspection fees etc.
Remember that the price builders advertise are generally only a starting point and does not reflect how much your fully completed home will actually cost.
You may also shop around for a “turn-key” package, which means all you need to do at the end is turn the key and step inside. These packages include a price for a complete home, including landscaping, fencing and driveway.
According to buildsearch.com.au the rough estimate per square meter to build a basic house in Sydney is $1,190. And a medium finished home is $1,290. A luxury custom finished home will cost around $3,100 per square meter.
Watch out also for contract variations that can impact your build costs. These are changes to the contract after it has been signed. Ensure any variation fees by the builder is included in your contract.
PICK THE RIGHT BUILDER
This is significant. The builder you pick will be working with you over months so it's imperative to get the right one who will do a quality job from start to finish. So check their credentials, references, history, their costs and also look into their solvency to ensure they won’t go bust half-way through the build.
HAVE A PROPER CONTRACT
Ensure you understand what the builder costs cover and what they don't cover and verify that everything on the plans, guarantee and protection is included. Consult a lawyer to review the contract before you sign anything.