How much will it cost to build my home?

Home Projects

If you’ve ever renovated or built a home, you’ll know that finances can often be a pinch point in projects.

If you haven’t been involved in a project as big as a home design and build, it’s hard to know what to expect. 

The big question is how much will it cost to build my home? This depends on many factors. However, estimating costs, gathering and comparing quotes, tracking expenses, and dealing with banks are a big part of every build. 

And, it’s no secret that managing your finances when building or renovating a home is a time-consuming and often stressful process. 

Before you get too far into planning your “dream home” boards on Pinterest, here are 3 questions you need to answer to understand your final budget.

3 questions to help determine the cost of your build

What are you comfortable spending? 

This is a hard question for many as it’s often a bit of an unknown. Start by having a look at your current situation. What have you saved? What can you borrow? What’s your employment outlook? This is why taking the time to develop a budget is key. If you have a good idea of what you can comfortably live with (including weekly repayments, loan repayment period, etc.) this will help you know what you can afford to spend. It will also help when you have to make hard decisions later on in the build. 

What quality of finish do you expect? 

Everyone wants their home to be aesthetically pleasing and to be built to last. But, there’s a huge spectrum when it comes to the finish of your home. Design choices and material selection have a huge impact on cost. Selecting Italian marble benchtops will look amazing but will also represent a large financial investment. It’s vital to have clear discussions throughout the design process about the level of finish you can afford. The more transparent and vocal you are about your capabilities, the more detail your designer has to work with.

Are you aware of industry pricing? 

Are your assumptions about construction pricing realistic? Over the last 2 years, prices have increased by 15 – 30%+ across much of the construction industry. Your ideas about pricing may be based on a previous experience, what you’ve read in the media or via a contact within the industry. It’s important to know the real cost of what you want to achieve before you get too far ahead in your planning. Being open to education around the financial implications of your project is vital to your project’s success and your ability to stick to a realistic budget.

Wondering how much it will cost to build your home? As experienced designers, On Home Ground have the skills to work within any budget to help bring your dream home to life. Contact us to find out more.