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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 a stage 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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