get real about the budget

While it’s great fun pinning images of your dream living room, like the swoon-worthy space by Plantation Homes’ ‘Emerson’ series (opposite), there’s a lot of work to be done before you plump that final cushion. Getting your head around your budget is vital.

Keep in mind that the actual cost of construction is only a portion of the money you’ll be spending. Your finances need to cover everything from planning, design and approvals to site works, fixtures and fittings and external works – as well as what you might want to spend on new furniture further down the track. “There’s nothing worse than taking your old brown couch into a brand new house,” says Frank Tarulli. “We want people to move into their home and be happy – not think, ‘Now I have to save up for the next three years for things that we need to finish the home.’”

Your architect, builder or project manager will be able to give you a rough idea of how much you’ll have to spend, but don’t discount your own bank of knowledge. “People know more than they think about the cost of building a house,” says builder John Davis of Open Plan Living. “They know, for example, that they’re not going to be spending $10,000 on their kitchen and that a pool doesn’t cost $20,000.”

A building estimator can work out an accurate budget from your finalised drawings. From here, you can make any cuts and adjustments as needed.

educate “WE TRY TO PEOPLE ON THE TOTAL COST, NOT JUST THE building COST” ~ FRANK TARULLI