Whatever building project you are planning, careful budgeting is crucial to achieving your goal within your means. Failure to create a budget could mean you run out of funds before completion, and many people fall into debt. However, Groundforce Developments Ltd is here to make sure that does not happen to you. With many years of experience, our new home builders have put together some top tips for budgeting your project. You can use this advice for a wide range of projects, such as loft conversions, property extensions, barn conversions and new builds.
Based in Denmead, our company covers all of Hampshire and neighbouring Surrey. We have successfully completed an extensive range of domestic and commercial projects across these counties and provide accurate quotes for all requirements.
Budgeting can be daunting, especially if your project is large or complex. Consequently, it is helpful to break it down and take it one step at a time. When starting to budget, our new home builders recommend considering the following:
Research your project
What work are you planning to have done and how much have other homeowners in the area paid for similar work? It is worth asking neighbours, friends or relatives in Hampshire how much they paid for a rough idea of costs.
Bear in mind, loft conversions are one of the cheapest ways to create more space. Property extensions vary a lot in price depending on size and type of space; a new kitchen will cost more than a living room, for example. New builds and barn conversions will cost considerably more, but again the cost depends on specifications.
The impact of building work
Will you need to rent somewhere else to live while work takes place? If it is feasible to stay in your home and you are happy to, you won’t need to factor in this additional cost. However, if you are concerned about disruption, you may need to fork out for other accommodation, be it a flat, house or hotel. To save costs, you may consider staying with friends or family.
If our new home builders in Hampshire will be constructing your new permanent home, you must consider current rent or mortgage payments because you will continue paying these.
Make sure your expectations match your budget. If you cannot achieve what you want, explore alternative options or continue saving until you can do it the way you imagine. For example, if you want to add a study or bedroom to your home but a property extension is proving too expensive, look into converting your loft. Loft conversions are more affordable than extensions and provide versatile living space.
We also remind our clients in Hampshire to take into account additional costs as well as building work. For example, the cost of decorating, appliances, finishes, fixtures and fittings. If you want luxury products and latest technologies/trends, you will need to set aside a larger budget for these. Opting for budget-friendly products can bring down the cost of new builds, barn conversions and other projects quite a lot.
It is also essential to factor in a contingency budget, which is money set aside to cover unexpected costs. We recommend making this 10% of your overall budget.