How to plan your build budget when you already own land
How to plan your build budget
Building a new home comes with plenty of exciting decisions, from choosing your floorplan to selecting the finishes and features that make it yours.
If you already own land, you’ve also taken an important step in your homebuying journey. From here, it helps to understand what may be involved in building the right home on your block and what costs could form part of your overall budget.
Your build budget may include more than the advertised price of your home design. Depending on your land, site conditions and the choices you make, there may also be costs associated with site requirements, selections and upgrades, permits, fees and getting your new home ready to move into.
Understanding these costs early can make it easier to compare your options, plan with confidence and choose a home that works for both your block and your budget.
Look at the complete cost of building on your land
When you already own your land, it can be helpful to look beyond the advertised home price and consider the broader cost of getting your new home built.
Your overall budget may include:
- The home design you are interested in
- Site-related requirements
- Any upgrades or optional selections you may want
- landscaping, fencing or other works you arrange separately
- Additional costs outside the building contract
Understanding these costs early can give you a clearer picture of your overall build budget.
It can also make it easier to compare home designs, see what’s already included in the price and choose a home that works for your block and your budget.
Understand what is included in the home price
Not every builder includes the same features in their advertised home price, so it’s important to know what you’re getting from the start.
At Homebuyers Centre, your home comes with a range of standard features and inclusions. When comparing home designs and builders, take a closer look at what’s included in the price and what may be available as an upgrade. It can also help to know the questions to ask your builder about inclusions and pricing before making your decision.
Some key areas to compare include:
Flooring
Kitchen appliances
Heating and cooling
Cabinetry
Benchtops
Bathroom finishes
Lighting
Window coverings
Driveway
Understanding inclusions can help you make a more accurate comparison between different home options.
At Homebuyers Centre, our New Homes Consultants can talk you through the inclusions available through our Advantage and Select ranges with the home design you are considering.
Allow for site-related costs
Every block is different, and the characteristics of your land can influence the work required to build your home.
Site-related considerations can include:
- Soil conditions
- Slope
- Site access
- Retaining walls
- Service connections
- Bushfire requirements
- Planning requirements
- Developer design guidelines.
These requirements can vary from block to block, which is why having information about your land early can be helpful.
If you already own land, documents such as your plan of subdivision, land contract and developer guidelines can help your builder understand the block and identify what may need to be considered.
Consider costs outside the building contract
There may also be some costs that sit outside your building contract. Depending on your circumstances, these could include:
- Conveyancing or legal fees
- Government fees and charges
- Internet or utility connections
- Fencing
- Landscaping
- Furniture
- Moving costs
- Temporary accommodation
The costs that apply will depend on your land, your home and your individual circumstances.
Allowing for these expenses early can give you a clearer picture of your overall budget, not just the cost of building your home.
Check whether any government support may apply
Some homebuyers may be eligible for government grants, concessions or homebuyer schemes.
Eligibility requirements, property thresholds and available programs can change over time, so always check the latest information directly with the relevant government authority or speak with a suitably qualified professional.
Homebuyers Centre can also connect you with our expert finance partner, Resolve Finance, if you would like to discuss your finance options with a finance specialist.
Already have land?
If your land is titled, you could be closer to moving into your new home than you think.
With our 9-month move-in guarantee*, eligible customers can have greater certainty around their build timeframe and a clearer path from owning land to moving in.
Our New Homes Consultants can help you find a home design that suits your block, understand what’s included and get your build journey underway.
Start exploring your options
Whether you already own land or are still looking for the right block, understanding where you are in your land journey can make the next steps easier.
Learn more about the difference between titled and untitled land, what each stage means and what to consider when planning your new home.
Ask questions early
One of the easiest ways to understand the potential costs associated with your build is to ask questions from the beginning.
When speaking with your builder, consider asking:
The more information you have upfront, the easier it can be to understand your overall build budget and make decisions with greater confidence.
If you’re unsure whether your block is ready to build on, you can also learn more about titled and untitled land and what each stage could mean for your build.
For more questions worth asking before choosing your builder, read our top questions every first homebuyer should ask their builder.
Already have land? Start planning your home
Once you understand your budget, the next step is finding a home that works for your land and the way you want to live. Explore what to consider when building on your block and how Homebuyers Centre can help you get started.