Building a new home can be both challenging and rewarding, but you should be aware of what to factor into your budget. There are several costs involved in building a new home from the ground up that you may already be aware of, but there may be some costs you weren’t counting on.
This article gives you an idea of what to be aware of when building your brand new home.
This is probably one cost you’ve already considered. However, in the past year there has been a steep rise in the cost of building materials due to global shortages and delays. At TriFlex Homes, we are working with suppliers to ensure we are getting the best price possible on the materials required for building your new home and we know of the price rises in advance.
This is another cost you’ve likely already factored into your build budget. The border lockdowns and the increase in home building and renovations as a result of the government’s HomeBuilder scheme has led to a scarcity in available building labour which in turn is resulting in increased cost.
Soil Test and Contour Survey
These might be two you haven’t thought about, but before submitting any reasonable quotes, a builder is going to want to obtain some information about the site conditions: a soil test and a contour survey of your block of land. Any issues that can be foreseen from this information by building on your land may incur an extra cost. Similarly, builders will assess the slope of the land. Generally, the more of a slope you have, the more it is going to cost you.
Site costs are probably the biggest variable you’re likely to encounter when building a new home. This is based on things such as the soil and slope difficulty, whether the site is difficult to get to, whether you have to remove trees and roots and if retaining walls are required.
Believe it or not, many quotes you receive from your builder may not include the finished flooring. But at TriFlex Homes our quotes always include flooring. The way some home builders operate is they only include the basic slab in the price, but items such as carpet, floorboards and tiles are going to cost you extra. At TriFlex our quotes are all-inclusive so there are no hidden surprises.
Because it is not strictly part of the building itself, many builders’ quotes will not include the cost of a driveway – but ours always do. The cost of a driveway can vary depending on what your preference is for getting your vehicle from the street to the garage.
Make sure you factor landscaping into your final budget. TriFlex Homes will include landscaping in our quote to you but not every builder does this. It’s not uncommon to see builders including minimal square metres of turfing as part of the finishing touches, but don’t expect a magic garden set-up if you’re not willing to pay a little bit extra.
Natural Disaster Considerations
This one can often catch people unaware. If you’re looking to build in an area that is prone to natural disasters then it might hit you in the hip pocket. For instance, if you’re planning to build in an area that is prone to flooding, your new home may need to be designed to survive rising flood waters. Similarly, for properties that are surrounded by bushland, or are built in areas that are known bushfire spots, it’s possible you will need to obtain a Bushfire Attack Level rating and include additional requirements. Of course, any assessments and modifications needed will come at an additional cost.
Land Registration Delays
This one is likely to impact you if you are building on a newly released piece of land, and are renting while waiting for your home to be built. Land registration can be held up by rain, council approvals and other issues, leading to delays in constructing your new home.
Fees for Closing Roads and Causing Disruptions
Are you going to need to close down a section of your street to move in heavy building equipment for delivery of materials? Are you going to have to temporarily move a bus stop so that your tradespeople have somewhere to park? That’ll cost you. Councils and sometimes the state government will bill you for disrupting the traffic on their roads. Surrounding neighbours can also not like the disruption in the street.
At TriFlex Homes we’re with you for every step of your home building journey to make it as smooth as possible. Sometimes for reasons that are outside of anyone’s control, things can go wrong in the build process and modifications need to be made to the initial design of the house. It is best to sort any design changes before starting construction. Changing the design during construction can be costly.
Construction Loan Fees
During the construction period, your loan will usually be interest-only to reduce the amount of your repayments until your home is finished being built. However, you may attract some additional building costs on your mortgage such as extra valuations or progress payment (drawn-down) fees. Your lending specialist will be able to explain these fees during your home loan appointment.
This last one is little but important. We all hate forgetting to take our bins out, but don’t forget you actually need to get them in the first place. You’ll need to contact your local council to get a set of bins delivered to your property once you’re ready to move into your new home.
So How Much Will it Cost?
Of course, how much it’s going to cost you to build your new home comes down to what you want out of your new home. These factors include where you’re building, the size of the house you want as well as the kind of appliances/fixtures/fittings you want to have.
To start your custom home building journey get in touch with us today to see how we can make your dream home a reality.
Source: Heritage Bank