qld Blog 2024 2403 How-to-budget-for-a-new-home-build mcp-ch-parkhill-0224-022-2000x850
Building your home /22.03.24

How to budget for a new home build

Building a home can represent a brighter future, a new beginning or a healthy investment, depending on your why. While your reasons for building may differ from your neighbours, it’s absolutely crucial to understand how budget can become a problem when the money you have available doesn’t match your design dreams. Find out the why, how and when to start behind budgeting for a new build from the experts at Clarendon Homes. 

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How much does it cost to build a house in Queensland?

According to the ABS, building a house in Brisbane can cost $473,000 on average, although other sources state a far more modest number of $289,000. Assuming the true cost lies between these two numbers, there are numerous elements that can impact how much you spend by the end of the build, from provisional sums dedicated to more extensive siteworks, luxurious Lifestyle Studio selections and covenant specifics.

What is average when it comes to houses?

From the perspective of size, the average South East Queensland house is a three bedroom family sanctuary, with two bedrooms (one ensuite and one main) and a double garage, with the total footprint spanning around 235.8 square metres

Use our estimate tool for a guide on how much it will cost you to build

While reports from the ABS and banking institutions are important for historical record, they do not comment on the here and now. Calculate the general cost of your build with Clarendon homes today and start working out your budget in the long (or short) term.

Tips for building a house on a budget (from people who have seen it all)

Don't wait to get financial advice

It’s never too early to gain a detailed understanding of a) how much you can borrow and b) the projected total costs of your build. Like any large and sometimes unpredictable project, home building can attract unforeseen costs like post contract variations, hidden site works (detected in the post-contract stage), and council demands, changing how your design comes to life. 

Your budget should have enough buffer to absorb these costs - if you’re spending almost all of your budget on the basics (land and design), you’re going to run into trouble. Be honest about what you want, what you can afford and when to pull back and say - maybe this isn’t the design for us (during the pre-contract stage). 

Need financial advice? Speak to the wonderful team at Australian Home Mortgage

Set a savings goal

It’s time to kick some goals by putting a soft deadline around when you’ll have your deposit. If you’re keen to get into your new home sooner, squirrelling away $600 per week means you’ll be ready to begin the process in a little over a year. We know that sounds like a lot of money in today’s economy, but setting a clear household budget with the help of the Queensland Government’s planner may help you find opportunities in your day to day habits. Do you really need every single streaming service? How many subscriptions do you have funnelling money away in the background? Everyone has savings hiding in their accounts!

Talk to us about the right design

Tight budgets can make you feel like you’re being backed into a corner when it comes to layouts, but with experienced support, we can find you a pre-designed home that will match your vision and speak to your needs (and your wants) without sacrificing quality! As a general rule, browse our range of single storey homes and keep an eye out for open plan designs (these don’t need as many internal walls) with minimal construction based extras - you don’t need a butler’s pantry to have an amazing kitchen.

Take advantage of promotions

We’re passionate about connecting our future owners with extras that will make their homes a paradise. To get the most out of your build, get in touch with our New Home Consultants and find out more about the latest promotions across our Luxe and Aspire collections, in addition to the inclusions you’ll enjoy. 

Set yourself a Lifestyle Studio limit... and stick to it

The Lifestyle Studio is where your imagination and wants collide, making it easy to run over budget. Go into the appointment aware of your limits, and give yourself grace for one or two choices that are a little bit more than you can spend, but still within your buffer zone. But really, ask yourself if it’s worth spending an extra $500 on premium tapware when it could go into a stronger exhaust in the kitchen, or lush grass on the lawn. Some things are easier to change in the future, while others are more challenging!

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Get budgeting with Clarendon Homes and utilise our estimate tool to paint a picture of how much your dream home will cost, including your chosen floorplan, facade and any current promotions.