The Cost Of Building A New Property – How Does It Work?

On October 29, 2018 by Preeti

Building A New Property

A new home build is an exciting project. You get to buy a plot of land and choose the type of home that you want to live. However, you should not get carried away with the excitement. You need to plan the build carefully and work out how much the home you want is going to cost. If you do not know what you can expect to pay, there is a good chance you will exceed your budget.

It is not something that you want to happen as you want to enjoy living in your new home, not be worried about financial issues caused by its construction. You need to speak to Sydney home builders, architects and planners to discover all of the building costs that you will have to pay.

The Cost Starts With The Land

You may be surprised at just how much land costs. If you are thinking of building a new home in Sydney, you can expect to pay an average of around $933 per square meter. These are the highest land prices in the country. Think carefully about the land that you buy. It may be more affordable to purchase property that has some issues, such as a sloping plot. However, the cost of building on this type of land may be more expensive than on a less problematic plot. You need to factor in all the potential expenses before you make a final decision about which land you want to buy.

How Much Will You Pay The Builders?

One of the most significant costs you will experience during a home building project is the cost of the construction itself. The approximate cost of building an average Australian home is between $290,000 and $370,000 (not including architect’s fees, permits or planning fees). It is only a guide, and you will need to speak to construction professionals to get quotes for the work.

Do not forget that there is a National Construction Code in Australia, so you need to balance the quality of work with cost. Choosing a very low quote is often not the best idea. You need to pay attention to the materials and methods being used as well as the price you are being asked to pay.

Knowing What You Can Afford

When you are asking for quotes for the cost of building your property, you will need to talk to the builders about what you want from your home. Being realistic about what you ask for is essential. There are so many exciting trends around, when it comes to home building, that you can get carried away with asking for a lot of features that you do not need. Always have your budget in mind when you are discussing costs with a builder, and work with them to get a great home at a price you can afford to pay.

If you take the time to plan all of the costs involved in your home building project, you should end up with the result that you are looking. It’s possible that there will be some minor hurdles along the way, but you will significantly reduce the risk of any major problems occurring.

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