How To Maximise Your Budget – Before You Even Build!

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How To Maximise Your Budget – Before You Even Build!

So, you’ve finally come up with your ‘wish’ list of things that you would like addressed to turn your just ‘bearable’ home into the ‘palace of your dreams’.

At this stage, you’ve probably also asked yourself the crucial questions to determine if making changes to your current home is the best option. Things like … Why would we want to stay in our current location? How established and connected is our family and lifestyle here? How are these things impacted if we relocate?  And then of course, What’s this all going to cost me?

Unfortunately, we have all been conditioned (by years of watching reality TV renovation shows) into thinking that we can have much more for our budget than is actually possible. But the reality is, that’s simply not the case. An expert quality builder can turn your dreams into reality, however you need to find a balance between desire and affordability.

Having said that, it’s not all doom and gloom! There are a number of things you can do in the early stages that may lead to savings later on down the track. Here are our Top 4 tips for saving money before you build or renovate!

 

Tip #1 – Do Your Research

Industry bodies are a great place to start if you’re in the market for a builder, home designer or architect. These include Master Builders Queensland, the Australian Institute of Architecture and the Housing Industry Association.

It’s also worth checking out the Queensland Building and Construction Commission, which can give you more detail about a company’s history, reputation and qualifications including licensing details.  This site also allows you to search your local area for a qualified builder.

 

Tip #2 – Ask For Referrals

When you’re considering building or renovating in Brisbane, it’s obviously important to use a licensed contractor with the relevant qualifications and experience. But researching alone may not give you the peace of mind you need to take the next step.

Referrals from family and friends can help you feel confident enough to actually engage a builder. They can also give you insights into the quality of the builder’s work, the process that was undertaken and the standard of their customer service.

 

Tip #3 – Do Some Negotiating

If you have an architect, designer or builder in mind for a build or home renovation in Brisbane, don’t be afraid to ask them if they would be prepared to give you a free consultation. Most professional companies would be happy to give you feedback, tips and advice on your proposed dream home and also a ‘guestimate’ of costs.

This stage can often be a reality check, in terms of you deleting things from your ‘wish’ list, negotiating compromises or going back to the drawing board.

 

Tip #4 – Assess Your Budget

Nobody wants to stretch their budget beyond a reasonable reach, even if it is for your dream home! At Bruin Builders, if you are looking at a home renovation, we’ll often advise you to engage a local real estate agent to view your property and give you an idea of its value. That way you can work out what finance may be involved in the renovations, and determine if you’re over-capitalising. If you can’t self-fund the work, you’ll then need to have a discussion with your lender to see if you meet their criteria to borrow the funds you’ll need before you go any further.

If you’re wanting to build a new home in Brisbane, you’ll also need to undertake a rigorous financial check. Specialist mortgage brokers with construction loan experience are ideal in this scenario. They will review your personal circumstances and advise you on how to secure the best construction home loan to suit your needs.

If you’ve made it this far and still excited, then it’s time to start finding some project partners, ie. us!

Need some advice from a quality builder in Brisbane for a renovation or re-build? As a family-owned business with over 25 years’ experience, building is in our blood. Contact us now to find out how we can help you extend, renovate or build.

 

If you have any questions or would like to start discussing your dream project, get in contact with us!

Contact us or phone (07) 3050 5652.