How to learn the cost of building a new house in Melbourne? The price will greatly depend on the type of home you want to be built and the features and fittings you want included. The bigger and more luxurious it is, naturally the more expensive.
Here is a checklist of the costs that you need to include in your building budget. The fact is, there could be hidden costs that could increase the building quote. Being informed and knowing the actual fees and charges will help you to budget correctly.
1. Soil and contour tests
Such tests are carried out to check the quality of the soil and the topography of your property. Builders can identify if you have a slope that needs levelling, a rocky plot or poor-quality soil. All of which will come with a set of challenges and may result in expanding the budget.
2. Site costs
Soil and contour tests will inform your site costs which can quickly add up. Some additional features that may need to be taken into consideration pre-construction are as follows:
- Clearing of trees.
- Road closure management or traffic interruptions
- Building of necessary retaining walls.
- Bushfires and/or flooding prone area.
3. Essentials elements
Did you know elements such as flooring, driveways, landscaping may not be included in your quote? This means if your home is built, complete with a driveway, flooring and landscaping you could be up for additional, unexpected costs. So, make sure to check that all works are included in the breakdown of your quote before you sign it off.
4. Add-ons and modifications
The whole idea of getting an estimate with all the details outlined from your custom builder
is so you can set a budget. If you decide during the build that you want something added, expect the estimated cost to change, along with a few extra costs, such as legal and penalty clauses as the contract will need to be adjusted.
5. Land registration
If your block of land is unregistered, it can incur additional costs. Check with your builder or real estate company to see if the location has already been registered. If not, you can find a titles fee calculator online which can estimate the charges.
6. Other fees
There is no such thing as a one size fits all where construction costs are concerned.
Factors such as wheelie bins, lender’s mortgage insurance, and interest repayments during construction can affect the total cost of building a house in Melbourne.
So, once you know what additional costs you are up for then you can build your dream home and not have a problem with sticking to your budget.
Make sure the quote your builder presents is comprehensive and ensure you check it thoroughly.
Speak to an expert from Waltara Homes about all the costs included in building your dream home.
