Are you worried about sticking to your budget for your 2022 home renovation? Are you ready to get started on the design process but are worried about whether you can even afford what you want? Engaging with a professional to draw up your plans is the first step, or so you’d think… Whilst architects and draftspeople are great at providing you with beautiful designs, there is every possibility that these designs will end up being over your budget once you start receiving quotes from builders.
It’s a dilemma that far too many people find themselves in. And we get it, it’s all too easy to get excited and start the design process without a clear idea of how to make it affordable. But this will guarantee that by the end of the process, you’ll have a project that will stay a dream because you can’t afford to build it. This will leave you feeling frustrated and emotionally exhausted that you’ve wasted all this time and money. Because ultimately, you won’t get to live in the home you want to live in and enjoy the lifestyle that you designed. So how do you avoid this?
Engage with a Professional Builder first…
A professional builder will be able to make comparisons to projects that they have completed in the past to help you set accurate budget expectations. This will ensure that you can make an informed decision to even start the design process and invest in your dream home plans. Because from that point on, it’s time to start paying for plans, and there’s no point designing something that’s not going to be affordable.
Did you know that 70% of Architectural home designs never make it to construction? This is because the design comes in over the homeowner’s budget. Most designers and architects do not understand proper construction costs so whilst they create beautiful, architecturally unique designs, in reality, they’re just too expensive to build. What you need to ensure happens, is that your design process is a collaborative one between a professional builder and a designer. But first, we need to level out some unrealistic expectations that we see all too often…
Renovating and extending your home can indeed be more expensive than building a brand new ‘cookie cutter’ home. Many people may think that if you increase your house by 50%, it should only cost 50% of building a new house. But this simply isn’t true. Extensions more often than not consist of the most expensive rooms in a house to build, i.e. bathrooms, kitchen etc. Not to mention the existing house getting renovated at the same time. And along with the challenge of tip-toeing around the existing home and making sure nothing gets damaged, it becomes a balancing act with the client living amongst the renovation. Custom built extensions and renovations are also designed with high end finishes and materials to elevate the clients existing home.
So what are some things you can do to ensure that the design you help create will be the one you want and can afford?
Understand Where A Professional’s Speciality Lies
An architect’s only goal is to draw your plans, they are getting paid for that regardless of whether you build or not. Whereas a builder’s job is to build your dream home, so they are going to have a very strong interest in making sure your plans make it to contract because that’s their goal! Which is why you should…
Find Your Builder Before Your Architect
Engaging an architect or designer directly without the help of a professional builder is a very risky exercise. The most ideal situation is to engage a builder who works closely with one or two different architects so that they can be intimately involved in the design process and guide the design to suit your budget. This will happen by entering into a Preliminary Building Agreement with your builder so that they can manage your design process to make sure your budget expectations stay realistic.
Budget First, Design Second
Your budget is the number one most important factor of your renovation or extension. If you don’t want to or cannot spend more than a certain amount, then that will determine the extent of the renovation or extension you are able to do. Being upfront and honest with everyone from the very beginning about what you can afford is very important. A lot of people are worried that if they reveal their budget to a builder too early, the builder will just quote that amount and overcharge. If you are working with a builder where you think he may do this, then you need to find another builder. A professional builder will be someone who you can trust, is on your side and will provide a fixed priced contract with guarantees for your peace of mind.
And don’t forget, your builder is on your team, they want this project to get built just as much as you do, so don’t let the conversation of budget be the last one you have before signing a contract!
Square Meter Rates Do Not Work
Square meter rates shouldn’t be used to make a massive financial decision, especially for renovations and extensions. Doing so could cost you tens of thousands of dollars. Instead, engage with a professional builder early, build a great relationship and work towards an affordable project together.
If you’re thinking about renovating or extending your Adelaide home, there are some essential things you must do for it to be successful. Download our FREE guide, 6 Essential Things You Must Do For A Successful Home Renovation to find out what they are!
