5 Tips To Ensure Your New Home Is Within Your Budget
You'll also have to find the right block of land if you don't have one already, and a trusted builder that can build within your budget, without any surprise add-ons along the way.
It can quickly seem overwhelming, so to help, we've prepared an easy list to help you make sure your new home is on financial track.
1.Know Your Budget Inside Out
This may seem obvious, but it's critical to know how much you have to spend now, and in 15-25 years time if you are taking out a mortgage.
First, consider your current financial commitments and lifestyle, and look at some worst case scenarios, like what if you or your partner lost their job, what if you get sick, etc. Circumstances can quickly change and it's always best to be financially prepared, be it with insurances or savings to get you through any rough patches.
Our recommendation is to do your research first, and then get advice from financial advisors or lenders. A mortgage advisor for example can tell you how much you can borrow, but they may tell you that you can afford more than suits your lifestyle, hence why doing your research first is important.
2. Choosing The Right Block Of Land
3. Write Down Your Ideas For Your Dream Home
Knowing what you want in your dream home is not always possible, but your wish list will set a perfect starting point to designing a home that’s within your budget.
4. Talk To Your Preferred Builder About Your Goals
Choosing the right builder is one of the most important decisions you can make, and a decision that directly impacts your budget. By talking to your builder, you’ll find out what can be achieved within your budget, and what can't. A good builder will also help you focus on what’s important first, i.e. number of bedrooms or size of entertainment areas, and they can outline the benefits of sustainable living options such as water tanks, solar and energy efficient home designs.
Try to think about the qualities you want in your builder and do some research to ensure other people have had great experiences with them already. Quality, trusted builders will have video testimonials and project galleries like these: Our Work
5. Start Contacting Builders For Quotes
We've already touched on quotes above, but it needs to be stressed, take note of everything, including how long it takes the builders to provide the quote and their communication skills:
- Are they asking the right questions?
- How is their manner?
- Do they seem relaxed and confident?
- Are they working within your budget, or trying to push you?
Use your gut instincts here too, because although we’re talking about budgets, the cheapest quote is not always the best option. Instead, consider choosing the builder that best suits your personality and has a proven record of building high-quality homes in your area. The cheapest option may end up costing you more in stress during the initial build, or be more expensive over the coming years if the quality level is not where it should be at.
We hope that helps you on your home journey. Naturally if you would like to know more, especially about Queenslander homes, please feel free to get in touch with the friendly team at Shelton Homes today.