Sure, the price to build a house has the potential to be lower than buying. But there are a few unforeseen costs you may not have accounted for in your budget.
We’ve listed 10 of the hidden costs of building a home so you have all the expenses in mind.
1. Soil and Contour Testing
Building a home isn’t just a matter of getting some timber and setting up shop. Builders need to do a soil test and contour survey before they can make a start – and these 2 tests will generally leave you out of pocket around $1,000-$2,000.
If there are issues with your soil, or you’re building on a particularly sloped block, you can incur extra fees.
2. Site Preparation Costs
Site preparation is often the largest cost you’ll face when you want to build a new home, and it can range dramatically from case to case, depending on your soil and contour results and other variables. From excavating to demolition, not to mention connecting and maintaining services such as water, sewerage, and fire control, you could be looking at paying anywhere from $10,000 to $70,000.
3. Land Registration
Some blocks of land are already subdivided and registered. But if you’re looking to build on new land that hasn’t yet been registered, you might be looking at additional costs. These might include connecting your electricity and plumbing.
Make sure your builders include the costs of flooring into your quote. Many builders base the quote off a simple cement slab, not those gorgeous timber floorboards you’ve got in mind.
Unless you want to go for that industrial concrete look, don’t forget to factor in the cost of your new flooring.
A picture-perfect yard doesn’t come cheap, and this is another cost builders exclude from their quote. Some building companies don’t provide landscaping services at all, while others provide the bare minimum (a bit of grass here, a few pavers there). A good way to cut landscaping costs is to roll up your sleeves and try some DIY where you can.
Again, not every part of your beautiful new house will be considered in your builders’ quote. And chances are you’ll want a snazzy new driveway to lead into your snazzy new garage, so don’t forget it’ll cost money, too.
7. Temporary Site Requirements
Temporary fencing and portable toilet hire for builders generally aren’t things you consider when budgeting for your house build. Make sure you ask your builders about any site requirements that will add to your costs.
8. Road Closure Fees
Building a house may mean closing off the road or interrupting traffic near your site. If this applies to you, you could be getting a bill from your local council or state government.
9. Wheelie Bins
While this isn’t technically a part of the build, your new home will still need a wheelie bin or two. These can cost a few hundred dollars or more, depending where you live and the size you require.
10. Design Modifications
Don’t go overboard with modifications and additions to your home design, unless you’re willing to pay the price. If you change your mind partway through the agreed-upon design you were quoted for, you could quickly run up a range of additional costs.
If you’re looking to cut costs on your new home, consider energy-efficient appliances for savings in the long run. This post can tell you how much you could save each year by opting for energy-efficient models.
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