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How to Budget for Building

Creating a budget for a building project requires an understanding of all the elements involved and where you might experience budget blowouts. This article provides a simple breakdown to help guide you when discussing your finances with financial professionals, the architect, and the builders.

Steps:

1.  Budget per square meter. Ask your architect for a breakdown of costs per square meter for:
    
         A finished building(interior as well as exterior)
         An incomplete interior(where you can save a lot of money if you do the internal work yourself).

2.  Allow 5 to 10 percent of  the construction  costs  to  cover design  fees. This amount will vary depending on whether your architect only draws up the plans for you or also project-manages the construction.

3.  Get in a quantity surveyor to provide an accurate  budget estimate early  on in the building project. It is wise to do this as early as possible, as a quantity surveyor will be best  placed to give you an accurate overview of  the  costs  involved  in the entire  building  project. This  independent  advice  will  be important, as your architect will often have ideas that don't fit within budget.

4.  Consider  the costs  required  for  building  consents. These  can  add  up  quickly,  especially  if  you  have earthworks to consider. Find out in advance what  consents will  be required and find out the costs charged for each  consent. If  your architect cannot  help you, find  out from the  local municipality's building  consent area.

5.  Budget  for living  away  from  home costs. If you are building from scratch, you will need to keep renting or owning  the place you are in currently as well as funding the new build. If you're only renovating, you may still need  to  leave  for  a  way if major renovations prevent normal living from carrying on. Unless you can bunk down with family, this will cost you extra money in rental accommodation.

6.  Budget for landscaping as well as building. If you  plan  on fixing up exterior spaces and the garden as part of  the  build, these  costs  will also  need  to  be  taken  into  account, although you  might consider staging the project rather than trying to bite off more than you can chew.

  Tips

Considering staging of building work can be a good option when money is tight. Every time as tage is finished, you can see a new bank valuation to see if you are eligible for additional funding.

  Things You'll Need

   Architect
   Quantity surveyor
   Builder
   Building site
   Building materials

   Source: wikiHow

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