RENOVATING OR BUILDING? TIPS TO MANAGE COSTS
When renovating or building, there are several ways costs could blow out;
BEWARE OF HIDDEN COSTS
This could include hidden structural or plumbing problems, and not enough time spent planning which could result in requiring expensive 'variation costs'. Read the fine print on all contracts. A big hidden cost could be when you obtain quotes which do not detail all associated costs such as rubbish or soil removal, delivery costs, mortal colour, and brick style. An increase in interest rates and inflation can result in your project material costs blowing out. Failing to do your due diligence can prove costly: Ensure your contractors have the appropriate and active insurance/s and licence. NSW Fair Trading to confirm that the person does hold a contractor licence. HOW DO I KNOW I'M SELECTING A RELIABLE CONTRACTOR? NSW Fair Trading COMPLAINTS REGISTER lists businesses that have had 10 or more complaints against them in one calendar month. Additionally, it's very important to investigate a builder's reviews online/ and work history disputes.
MANAGE YOUR EXPECTATIONS
Not everything has to be showroom-ready when you move in. List the finishes you can tackle after handover, without it impacting your site's qualifying to receive its construction certificate. This list might include major landscaping work, furniture, solar (although you may require a small system initially to satisfy BASIX), and other non-essentials you can tackle when you aren't paying an extra 10-20% to builders
PLAN A COMPREHENSIVE BUDGET
It's essential to do your research and consider all costs such as landscaping, finishing curtains, furnishing, moving costs, and interest repayments. It's recommended to put aside a buffer of 15-20% as part of your budget planning in the event any hidden costs arise, despite your best efforts.
AVOID OVERRUNNING YOUR PROJECT
This is not only common, but it is another factor which can add to your costs (interest repayments, extending approvals, rental costs) unless delays are caused due to unforeseen weather delays. A good solution to managing delays is to work closely with your builder or tradesperson and ask them to be upfront about any potential delays. If delays occur, your builder or tradesperson might be able to suggest alternative materials, products or changes to the project that could help move things along.
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