Budgeting for new home construction can be challenging because of unpredictable circumstances. The current supply and demand problems in Australia are not only delaying construction schedules, but also skyrocketing the cost of building materials. If you want a home with a double storey design, there are five key budgeting considerations that will help to prevent underestimating the amount of funding you need or overspending on house inclusions.
1. Location and Land
According to iBuildNew, purchasing land accounts for an average of 50% of the total budget for new home construction in New South Wales. To ensure you are getting the best value from your investment, calculate the ratio of how much land you are getting versus the total price of the home. If the land ratio is low, consider making adjustments in your building plan to get more for your money.
The construction company evaluates the site for soil type and quality, as well as the lot’s proximity to other buildings. Land may need preparation such as clearing away trees and laying water, gas and power connections. Also, consider specific elements affecting the location such as local council stipulations and planning overlays.
2. Size of the Home
Double-storey houses help to overcome lot size limitations because you can add living space above ground without increasing the home’s overall footprint. When choosing an overall size for your home, keep in mind that framing accounts for a significant portion of the materials budget. As the size of the home increases, so does the price of materials. Discuss your floorplan options in depth and visit double storey display homes to compare sizes.
In 2021, the Urban Development Institute of Australia published a State of the Land report that cited building cost statistics. Sydney’s median lot price was $ 495,000 with an average price per square metre of $1285. To compare land prices with construction expenses, a 2020 report from the Australian Bureau of Statistics included a national average for new home construction of $1393.55 per sqm., and an average total for new home construction of $349,000 in New South Wales. This adds up to an estimated total of $ 850,000 for average lot and construction costs.
3. Complexity and Quality
Floorplan evaluation is crucial when planning the cost of materials. Building experts recommend that customers learn exactly what they are getting for their money. Carefully explore double storey display homes before making a decision on which model to build. It may be tempting to splurge on top-of-the-line appliances and floor coverings, but keep in mind that materials of higher quality will cost more. Also, due to the present supply and demand issues, you will not only pay top dollar for luxury options, but the delays in obtaining the materials will impact final expenditures as well. Here are interior finishes that you’ll need, but you can choose them based on your budget:
- Window treatments
- Air conditioner and heaters – An important element to include in double-storey houses is good insulation between the ground and the first floor to lower energy loss.
- Lighting fixtures
- Floor coverings
Before signing up for house inclusions, plan what you need and decide which options you can do without.
4. External Finishings
Design planning for your new home should include interior options as well as exterior. Discuss the items you might need or want outdoors such as:
- Grilling or outdoor kitchen
If you don’t have the funding for these, you could install them in the future. Include your home’s exterior finishes in your construction plans to make space available for when you are ready to purchase them.
5. Scheduling Issues and Delays
Because fluctuating timeframes can impact project expenses, companies should minimize delays and scheduling conflicts as much as possible. It might be difficult or impossible to stay exactly on schedule, but you can try to avoid headaches by opting for house inclusions and materials that are easily accessible. If you choose to wait patiently for a certain stone countertop to become available, keep in mind that the clock is ticking and your budget may be dwindling.
When you choose new home construction of a two-storey dwelling, start the preparation process as soon as possible, and use these budgeting tips to guide your decisions. Thorough planning with the right new home builder can help you attain the house you envision at an affordable price.