Protecting your budget when planning a house build: A practical guide

Building a house is a dream for many, but it’s also one of the most significant financial undertakings you’ll ever encounter. With building costs currently coming in at over £4000 per square metre, how do you protect your budget and avoid the common pitfalls that often turn a dream project into a financial nightmare?

Check out our top tips below to safeguard your renovation budget.

Set a realistic budget from the start

Before you even break ground, set a clear and realistic budget. This budget should include not just the cost of construction but also fees for architects, structural engineers, the costs of going through the planning permission process, landscaping, and those all important finishing touches. Include a contingency fund of 10-15% to cover unexpected costs.
Being honest about your financial limits upfront can save you from sleepless nights later on.

Plan, plan and plan some more!

Investing in an architect to create detailed drawings is one of the best ways to protect your budget.

The more detailed your plans are, the less likely you are to encounter unexpected costs. Work with your architect and builder to finalise every detail of the design before construction begins.

Not only will changes made during the building process significantly increase your costs, but if your builder has only basic drawings to work from it will be incredibly hard for them to provide an accurate quote.

And remember, time is money! With detailed drawings, everyone is clear about what needs to be done and when so there will be no downtime during the build phase as contractors try to piece together the job.

Think about the layout

Take this opportunity to rethink how you live, which might involve redesigning not only the new addition but also the existing ground floor, living rooms, and bedrooms to better align with your lifestyle.

By carefully considering all possible layouts, your overall budget, and long-term lifestyle needs, you can make it easier to plan for future changes over the next decade.

Get multiple quotes

Before committing to a builder or contractor, get multiple quotes to ensure you’re getting a fair price. Don’t automatically go with the cheapest option – consider the quality of work, reputation, and terms of the contract. A lower initial price may lead to higher costs down the line if the work isn’t up to standard or if the contractor cuts corners.

Choose the right builder

Selecting a reputable builder is crucial. Do your research, ask for references, and look at previous projects they’ve completed. Ensure that your contract with the builder is detailed and includes clear terms on payments, timelines, and the handling of unforeseen issues.

Here at Taylor and Co Architects we provide a tender service so we can help you to manage this crucial part of the project so you can find a local builder that is reliable, and suitable for your job. We will also ensure a contract is in place to manage the works.

Stay involved

Even with the best team in place, it’s essential to stay involved. Regularly visit the site, ask questions, and request updates on the progress. Keeping an eye on the project helps ensure that it stays on schedule and within budget. If problems arise, address them immediately to prevent them from escalating into bigger, more expensive issues.

Prioritise your spending

It’s easy to get carried away with high-end finishes and luxurious extras. To protect your budget, prioritise spending on areas that are difficult or costly to change later, such as the structure and essential systems like plumbing and electrical. If budget constraints arise, consider cutting back on less critical items like fixtures or landscaping, which can be upgraded in the future.

Consider future costs

Think beyond the initial construction costs and consider the long-term expenses of owning and maintaining your home. Energy-efficient systems, durable materials, and smart design choices can reduce your ongoing maintenance and utility costs, protecting your budget in the years to come.

Document everything

Keep detailed records of all contracts, receipts, and communications with your builder and contractors. In case of disputes or misunderstandings, having clear documentation can protect you from unexpected expenses and legal issues.

Conclusion

A well-planned build is not just about creating a beautiful home but also about ensuring that you can enjoy it without financial stress.

If you’d like to find out more about how we can support you through your home renovation or build project, get in touch.