Home Building Uncovered: Hidden Costs

So you have decided to build your first home, congratulations – you have taken a positive step towards a bright and happy future. While a new and exciting chapter is about to begin, you want to make sure you have all of the necessary details regarding your project carefully planned out in order to make the construction process as smooth and straightforward as possible.

Construction projects such as knock down rebuild or completely new home construction projects may have unexpected financial expenses or fees from contractors that can arise at any moment, particularly if you haven’t planned the financial scheme in detail. Here are some hidden costs you might now have been previously aware of that you should keep an eye on while planning the construction of your new home.

Emergency funds

Naturally, the ideal situation would dictate a smooth ride from the start until the end of construction, however, unforeseen circumstances are bound to arise no matter how well you prepare. You don’t want to be caught penniless in a moment of crisis such as this. The work needs to continue and you need to meet all the deadlines in order to avoid substantial financial expenses.

Therefore, you need to have an emergency, or contingency fund in place. Depending on the scale of the project and the number of people and resources involved, you want to set aside a sizable sum in order to cover any hiccups during the construction phase.

Hidden fees and extra costs

The modern construction world is no stranger to shady contractors offering amazing low-cost deals and packages, only to blindside you with additional fees and extra costs when the project is well under way. No matter the contractor, no matter the conditions of your project, you should always have all of the financial expenses listed and justified in the up-front quote.

Everything outside this quote can be taken out of your contingency fund. However, you should also exercise cautious scepticism when considering employing your project home builder, and be wary of those offering fixed price tenders, or at least review the section about site costs thoroughly before signing.

Changing the design

Making changes along the way, although not recommended, is a natural part of any process. The contractor will fight you on it, but if you get your way, keep in mind that any changes that are not part of your contract will exude additional fees. That is why project homes are an excellent choice as a first home.

When building your first house, you want an affordable solution that comes with all of the necessary features. These project homes built in Sydney demonstrate that a dwelling can be a wonderful place to enjoy all of the modern features a family needs without having to deviate from the initial design. Remember, the more you stick to the original plan, the less you’ll have to pay in the end.

Soil testing

Before you can begin the construction process, the builders will need to conduct throughout soil testing and land surveying in order assess soil quality and composition, its reactivity, and in order to eliminate any hazardous chemicals that might be dormant underneath.

This is an essential part in any construction project, and it is something you will have to cover in your contract. While you might have planned for all of the above, you might have missed this crucial step, so make sure you don’t fall prey to this common, and costly mistake.

Additional features

It’s not just about building a home, you will also want to introduce some essential add-ons that will complete the project. These can be anything from gardens, driveways, and garages, to window coverings, blinds, etc. Naturally, these will come at an additional cost, so be sure you negotiate these features before you begin construction. In addition, asphalt driveways or sidewalks usually require asphalt maintenance to keep them durable, safe and aesthetically-pleasing. Ask an asphalt paving company how much it would cost.

Building your first home is huge step towards a happy future, however, in order for the construction process to run smoothly, you will need to make some thorough preparations. Be sure to keep these hidden costs in mind when planning the construction of your new home.


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