How much can you afford?
Be absolutely sure how much money you have to spend on your project as this affects every step.
There are many options for financing new buildings or renovations. Talk to your bank or mortgage broker as they can give you a pretty good idea early on as to what you can afford.
Shop around because interest rates can vary greatly and be sure to read the fine print and get legal advice before signing any finance deals.
Build within your means
Once you know how much money you have to work with, ensure you prioritise your ‘wants and needs’ or ‘nice to haves and essentials’. Needs should always come first and wants can be leveraged in to your building project where the budget will allow.
Your builder and architect should be able to provide you with some good ‘rule of thumb’ advice to help formulate your requirements.
Quotes and Estimates
It’s very important to know the difference between a quote and an estimate. An estimate is only an approximation of what the estimator thinks the job will cost. A quote is an explicit promise of what a job will cost – always get a quote in writing.