How much does it cost to build your dream home? Or you could ask, how long is a piece of string? Not hugely helpful as you prepare to embark on the project of a lifetime, but relevant nonetheless.
The building costs will depend entirely on the home you want to build, not to mention its square footage. So, start with a budget and then cut your cloth accordingly, prioritising your must-have features and compromising on others if you need to (and, believe us, you will).
Where your money goes
Don’t forget to include all the peripheral items in your budget, such as landscaping, services, site clearance, building regulations, your structural engineer and a 10-year warranty, which can quickly add up to 15-20% of your overall budget.
While we can’t give you a price you can expect to pay in this article, as that will obviously vary on a site-by-site basis, we can provide this average percentage breakdown outlining where all your money is likely to go.
Self build or custom build?
The good news is, building your own home will work out cheaper than buying a ready-made developer home. After all, you’ll be doing a lot of the work yourself. How much exactly depends on whether you choose to self build or custom build.
So, what’s the difference? With self build, you take responsibility for every stage of the process from booking the tradespeople to buying the materials, perhaps with a project manager contracted to shoulder some of the burden.
Fixed price contract
With custom build you bring in a specialist developer to take responsibility for the construction and logistics, leaving you to focus on all the fun decisions involved in creating your dream home. You have the extra reassurance of knowing your home is built on a Fixed Price Contract, so you know exactly where you’ll end up before you even start.
Self build or custom build, you’ll get the result you want and you’ll only pay for what you get, not what a builder thinks you might want.
If you do need to make savings towards the end of the project because you couldn’t resist splashing out in one or two places, you can always do some of the finishing work yourself – even if you decide the custom build model is the right way for you to build your own home. To find out more, visit our solutions page.