When is the right time to build my dream home?
With increasing building material prices, skilled labour shortages, and supply chain issues, the construction industry has one certainty – constant change.
And this leaves home builders and renovators asking the question: When is the right time to build my dream project?
While it would be great to know the exact answer, the next best thing is having the right information to assist you in your decision-making. After all, for many of us, building a home will be one of the largest financial commitments we make in our lifetime.
It may seem obvious, but the first decision to make is to go ahead with your build. This is a process, and it can take some time as building is a journey. Making the decision to move forward rather than waiting to find the perfect time will be more beneficial in the long run, as it allows you to then channel your time and energy into your decision. And the longer you wait may increase the cost of your project due to the challenges of price increases.
These unpredictable times are likely to continue for a while, and add in the uncertainty of other factors which are contributing to these higher proces: fuel costs, COVID, import supply chain issues and interest rates. As the media continually tells us, it’s the perfect storm of a combination of negative factors working against us.
So how can you navigate your way through? Make sure you do your homework and perform all necessary checks on your builder:
- Is my builder financially sound and not at risk of collapsing during construction?
- Does my builder have good references from past clients and trades they work with?
- Will my builder provide a detailed quote?
- What is included in my quote?
- How long is the quote fixed price locked in for?
These questions will help you navigate your decision to build and the builder you choose. Remember, cheaper is not always better, and beware of numerous provisional sums, especially if it’s the first tender. Provisional sums are not fixed and quoting within a pricing range may be used to hook you in by skewing to lower pricing. Refer to our blog “Provisional Sum and Prime Cost”.
Provisional sum allowances make it difficult to stay within your budget. During the construction process, each stage will be costed to determine the final price, which will often exceed the allowance and cause ‘cost blow out’.
Ensure you understand exactly what is included in your tender and anything that is excluded, including site costs, services to your property and council permits. If you’re not sure, ask your builder to provide a detailed breakdown to explain.
At Ramsay Builders, we work with you to meet your design brief, budget and timeframe right from the start. It’s all about transparency and communication. You will be kept up to date with any price or supply changes and given alternative options throughout the process to remain within your budget or to provide any obsolete items.
Even though we face unprecedented challenging times, our industry still remains resilient.
If you want to find out how Ramsay Builders can help with your project, get in touch with us to arrange a discussion and discovery meeting. Bringing your dream home to life is our greatest satisfaction.