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How To Get The Home of Your Dreams At A Price You Can Afford

Building your dream home is an exciting time, but it can quickly become overwhelming if planning isn’t done properly. 

A common problem that many people face when building their dream home is being unable to anticipate how much it will cost.

You may start designing your home without considering the cost, only to realise later that it’s more than you can afford. This eventually leads to wasted resources like time and money, and ultimately results in disappointment.

So how can you get the home of your dreams and still remain within your budget?

Build An Effective Design Team

Enlisting the help of professionals from the very beginning is crucial. By engaging the expertise of a professional builder early on, you will gain access to invaluable insights into construction costs and expect a realistic assessment of what can be accomplished within your budget. 

Surprisingly, statistics from The Association of Professional Builders reveal that more than 80% of building designs fail to progress to actual construction. This is often linked to inaccurate estimates during the design phase, a crucial step where a professional builder’s involvement is instrumental in determining construction costs. This is why partnering with a professional builder is incredibly important.

Additionally, the close collaboration between the builder, yourself, and the building designer creates a dynamic environment where ideas are able to flow and come together seamlessly. This collaborative effort ensures that all perspectives are considered, resulting in a design that not only ticks all your boxes aesthetically but is also functional, within budget, and built-to-last. The end product is a custom design that is thoughtfully and uniquely tailored to your needs.

Be Open to Compromise

Building your dream home doesn’t translate to getting everything you want. To achieve your dream home while staying within budget means learning to compromise and prioritise. Write down a list containing all your design ideals, then prioritise them from most to least important. This allows you to welcome changes and compromises without sacrificing what’s truly important to you.

It’s essential to be honest with your design team about your budget from the beginning. This will help them provide relevant advice and custom-create a design that perfectly lines up with your needs without going beyond budget. 

A key element that can substantially magnify costs is the size of your home. Which is why it is especially critical to keep a realistic plan for the size of your dream home as this will be one of the biggest factors affecting your build cost. Learn to trust your team and their input, and find a middle ground that works for you.

If you find that the cost to build becomes too high for your budget, collaborate with your team to reduce on the big ticket and non-essential items. This way, you remain able to realise your dream home layout and complete the essentials while maintaining an air of excitement for the addition of these luxury extras in the future. Examples of these future additions include non-essential cabinetry, out-of-budget entertainment units, outdoor kitchens and living spaces, over-the-top landscaping, and pools. 

Watch Your Selections

Your selections can significantly contribute to the final build cost. This is why it’s important to remain diligent with each decision, no matter how inconsequential you perceive it to be.  

Be mindful of how much social media and advertisements are influencing your selections. Things like high-level windows, underfloor heating, home automation, raked ceilings, steel doors, and wine rooms, among others, while beautiful, can be extremely expensive. Stay on track with your essentials and don’t let social media fool you into questioning your priorities. 

That seemingly minor expense, such as a $2,000 table or a $3,000 tap, might appear insignificant individually. However, when similar choices are made across various areas of your home, they can accumulate rapidly and substantially increase the overall budget. Thus, it’s crucial to be attentive to your selections and keep in mind the potential financial impact of each choice.

Working with an experienced designer and builder during this time, can be the compelling voice that helps you stay on budget and avoid overspending. 

If you’re thinking about renovating or extending your 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!

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