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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