Budgeting

Budgeting for your build
The following are a few things to consider when you are planning your build, and have already engaged a designer (an Architect or Draughtsperson)

Budget per square metre.
You can ask your Architect for a cost estimate, but bear in mind that the shape and complexity of the build will always result in some potentially large variations in the cost of the project.

Engage a builder early in the planning of the project
(see KNOWLEDGE CENTRE / CHOOSING A BUILDER)

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.

Think about getting 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. A quantity surveyor talking to the builder will get you the fairest price.

Consider the costs required for building consents.
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 councils building consent area.

Consider the cost of things not included in the Building Contract Scope of Work.
You can ask your builder to allow a sum (a Prime Cost Sum) in the Contract Price to enable you to buy, for example, bathroom fittings and kitchen appliances. Remember that these sums will attract a margin from the builder if they are included in the Contract Price

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 while if major renovations prevent normal living from carrying on.

Budget for landscaping as well as building.
If you plan on completing the landscaping as part of the build, these costs will also need to be taken into account, although you might consider staging the project.