In an era characterised by fluctuating building material costs, a scarcity of skilled labour, and supply chain disruptions, the construction industry is continually evolving. This constant change poses a significant question for many prospective homeowners and renovators: When is the right time to build my dream home?
The answer to this question isn’t as straightforward as one might hope. However, being equipped with accurate information can guide you in making this significant decision. After all, for many individuals, building a home represents one of the most substantial financial commitments of their lives.
The first step, though seemingly obvious, is deciding to proceed with your new home project. The process of building a home extends beyond just construction; it’s also a journey. Opting to commence instead of waiting for the ‘perfect’ moment can prove more beneficial in the long run. The longer you wait, the higher the potential cost of your project due to escalating prices.
In these unpredictable times, with factors such as rising fuel costs, the ongoing COVID-19 pandemic, import supply chain disruptions, and fluctuating interest rates, it seems like a perfect storm of adversities.
So, how should you navigate through these challenges? It begins with extensive research and conducting thorough checks on your chosen home builder. Here are some key questions when choosing your builder to consider:
These questions will help you make an informed decision about proceeding with your build and choosing the right custom home builder. Remember that the least expensive option is not always the best one, and be wary of numerous provisional sums, especially in initial tenders. Provisional sums are not fixed and quoting within a pricing range may be used to attract you with lower pricing.
Provisional sum allowances can make it challenging to stay within your budget. During the construction process, each stage will be costed to determine the final price, which often exceeds the allowance, leading to ‘cost blowouts’.
Ensure you understand precisely what’s included in your tender and what isn’t, including site costs, property services, and council permits. If you’re unsure, ask your builder to provide a detailed breakdown of these itemised costs.
At Yorcon, our team of luxury home builders work closely with you right from the start to meet your design brief, budget, and timeframe. We believe in transparency and communication. You will be kept informed about any price or supply changes and offered alternative options throughout the process to stay within your budget and replace any unavailable items.
Despite the unprecedented challenges we face, our industry remains resilient. If you’re interested in finding out how Yorcon can assist with your project, contact us to arrange a discussion and discovery meeting. Helping you bring your dream home to life is our greatest satisfaction.