Stage 2: Navigating The Budget

Talking about Investment in your Home Improvement Adventure 

Renovating or building a new home is a thrilling yet complex journey that starts with a vision and ends with a realised dream. As a builder, I’ve navigated countless projects, and the budget discussion is one of the most critical steps. Let’s walk through this integral phase together and shed some light on essential considerations and strategies that help streamline the process.

Once we’ve established clarity on your dream home’s specifics in Stage 1: Mastering the Brief, it’s time to talk about money. 

Discussing finances isn’t everyone’s cup of tea, but it’s a fundamental aspect of the journey. And here’s the truth – it’s okay if you’re feeling uncertain about costs. At The Perfect Space, our expertise lies in bridging this knowledge gap and what matters most is your initial estimation regarding your investment.
To aid in talking about money, and navigating your budget, our free Case Study Resource Portal provides a great resource. In an industry first, we show you all the nuts and bolts and analyse data like actual preliminary fees, variations and total project costs. This is live data from our recent select jobs and also links to case studies so you can compare your aspirations with similar projects and offer a realistic perspective when it comes to finances. Check it out and see how your expectations align with previous jobs. This small bit of research will make it easier to set a benchmark for your own budget.

Home Extension or New Build?

If you’re considering significant house extensions or contemplating a complete knock down rebuild, conducting thorough research is paramount. And deciding whether to  renovate or rebuild isn’t solely about preferences – it is a complex cost analysis and it’s important to consider all costs involved.

Renovating, while typically more expensive on a per-square-metre basis, can be a more economical choice if the existing structure is in reasonable condition. Other advantages come into play during a house extension or renovation, like the possibility of staying in your home, particularly if second-storey additions are involved. This convenience, and the emotional attachment to your existing space, can often weigh in the decision-making process. 

Other costs to think about include:

·   Stamp Duty: For instance, in NSW, stamp duty on a new $2 million property purchase amounts to approximately $100,000. This is a significant factor in the overall cost consideration.

·   Cost to Sell: When evaluating whether to renovate or rebuild, it’s crucial to consider the expenses associated with selling your current property. Factors such as agent commissions, marketing costs, and removalist expenses need to be factored in.

Early Budget Estimates

At this stage, we begin by comparing your desires to our recent or current projects, which helps give you an initial idea of associated costs. 

It’s important to note these early estimates are ballpark figures, offering a starting point for budget discussions. As we progress, we refine these estimates, ensuring accuracy and alignment with your expectations.

The budgeting phase of a renovation, or new build, is a significant juncture. By demystifying the uncertainties surrounding costs, and providing tools like past case studies, we can empower you with all the information you need to make smart and informed decisions.

Remember, while the initial discussions are based on estimates and comparisons, our process continuously refines these figures to ensure an aligned budget and our team is here to guide you through every step of the process.

Begin the Budget Conversation

When considering budgets for home improvement projects in Sydney, homeowners often grapple with the decision of whether to build a new home or opt for renovations, especially when contemplating significant enhancements like home extensions in Sydney. If you’re ready to initiate the conversation about your plans and finances, we’re here to help. Book in your free consultation with our team today.

Stage 3: CDCA 

Now we’ve nailed a mutually agreeable financial plan it’s time to embark on Stage 3: Concept Design and Cost Analysis. This is where we craft a design concept and detailed specifications tailored to your requirements. And believe us, this is where the magic happens.