One of the number one concerns for people when building a new home is getting the budget right. Research we completed with home builders from across the country (not our clients) showed almost two-thirds of people ran over budget. Reflecting on their experience, people wished they had spent more time designing and planning their new home to avoid making changes to their design that impacted their original budget.
One easy way to overcome this problem, is to select a builder that offers a fixed-price policy. This means the job will be thoroughly assessed and the quote will cover all costs involved to complete the home. Once approved the fixed price cannot be adjusted by the builder, unless you change your mind about something. Fixed price quoting is not standard practice for all builders though, and many people get caught out with lists of extras and options that make budgeting much for confusing.
Although a fixed price quote will take a bit longer to complete, it is worthwhile as it provides a guaranteed level of certainty for both parties. You can be assured there are no hidden costs and are aware of all inclusions. It allows you to better manage your budget and have the flexibility to select inclusions you wish to have.
Overall, choosing a fixed-price policy is the safest option to keep your budget secure, so when it comes time to select your builder check if they offer a fixed-price policy as it might make the difference in keeping your budget on track.