When the time comes to breathe new life into your home, whether to give your growing family space or to add a contemporary touch of luxury to your property, you’ll need to make a tough choice at the outset: Will you build a new home, renovate or extend?

Making this decision will require carefully weighing up the benefits and challenges of each option. But at the heart of this decision-making process lies a fundamental consideration which you (quite literally) can’t afford to neglect – your budget.

Whether you choose to start from scratch or spruce up your existing property, you’ll need to work closely with your chosen builder to make your dream home come to life. By forming a relationship based on transparency from the get go, you’re saving yourself a lot of grief later in the process.

Your budget paves the way.

Each building project is a unique and exciting journey with benefits and challenges. If you aren’t certain whether your best move is to build a new home, renovate or extend, consulting with a trusted builder can save you a lot of hassle.

With their expertise and experience, a good builder can help you figure out which path is best to undertake within your budget’s constraints. Sometimes starting afresh is the cheapest option, sometimesbuilding an extension or renovating can have the best financial outcome in thelong run, and sometimes it’s best to demolish and rebuild on your patch ofland.

If you’re transparent with your builder about what you’re willing to invest in the project, it’ll be much easier to decide whether to build a new home, renovate or extend.  

Trust is essential.

Bringing your dream home to life won’t happen overnight. The building process takes times which is why it’s important to establish a good relationship with your builder right away, based on trust and transparency.

Your builder will tell you if you have unrealistic expectations, but they will also work tirelessly to get the best out of your budget.  By being upfront about how much you’re willing or able to spend, you can avoid delays, setbacks, frustrations and disappointments from derailing progress once the project has already commenced.

All of this, of course, relies on picking the right builder who has a wealth of experience and is renowned for quality work. Sometimes that means investing a little more of your budget into the right builder, but save you in the long term. If one builder is charging significantly less than the rest, you’re probably going to end up paying hidden costs down theline. Not to mention that a good builder will help you build a home that willlast for generations to come, using only the finest materials and employingquality craftsmanship at every step.

Know what you want.

If you’re transparent with your builder about how much you can or are willing to spend on your project, you can ensure the budget you’resetting will meet your needs and desires.

There will be aspects of your new home, renovation or extension that you absolutely need –perhaps a certain number of bedrooms or an extra bathroom or simply more storage space. Then there will be the things you want but are willing to give up if they cost more than you’d anticipated.

Differentiating between aspects that are fundamental to you and your family and those you can give up in order to finish your project within budget is so important. Your builder will help you understand the projected costs of your wants and needs and will work with you to build your dream home – as long as you’re upfront about your budget and its constraints!

At McGowan Homes we take pride in staying ahead of the market with the latest trends, techniques and materials. To help you with your building journey we’ve put together the 10 essential must-knows before building. Download today or sign up to our newsletter.

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