Building on a Budget

Building can be an expensive venture, particularly when our expectation can exceed our budget. Developing a realistic budget is an essential first step before delving further into the design process of a project. There are many factors to consider prior to settling on a total project cost. In this article we will explore some key insights into preparing a budget to ensure your architectural project meets both budget and expectations.

SITE & LOCATION
Although the initial price of a property may fit into the allocated budget, it could have the potential to be a problematic site, which can have costly consequences. There are several factors that need to be considered to avoid challenging and expensive solutions. Some of which can include, retaining walls, gradient, lack of utility connection, soil types, planning codes, sewers, easements, and restrictive covenants. Prior to committing to a block of land, it is best to have the property overseen by a Perth architect, to ensure clients don’t get stuck in a difficult and pricey situation.  

UNDERSTANDING YOUR LIFESTYLE
Rushing into the building process can be detrimental to your budget. Often people will make the mistake of listing all the rooms they think they will need, without first considering how they interact with the built environment on a daily basis. Prior to committing to a specific brief, it is important to analyse and understand your lifestyle requirements, so that money is not wasted on unnecessary spaces, and taking away from the more important aspects. It is essential to take time on the decision-making process in the beginning, in order to save on costly design changes deeper into the project or disappointment in the functionality.

NEEDS VS. WANTS
It is very easy to get caught up in the emotion of building, particularly when it comes to our personal homes. Unfortunately, this approach often sets clients up to fail before they even begin. As difficult as it can be, needs should always take priority over wants when building. Identifying the essentials, in terms of rooms, accessibility, and storage, ensures a functional footprint, upon which there is potential for desired features to be layered. An architect is not only skilled in getting the most out of a small area, but can also future-proof the design, to allow for growth and change over the lifespan of the building. This prevents unnecessary overspending and can assist with stabilising expectations.

THE RESALE MYTH
A common mistake that clients make is approaching a project with resale value on their mind. When falling into this trap, clients end up spending more money on rooms that they don’t need, purely based on the chance of selling in the future. This usually results in a building that ticks off the checklist, but the sizes and functionality of the prescribed spaces simply don’t work for their intended purposes. Specifying a brief that meets daily needs that focusses on a better functioning home is far more appealing to the buying market than numerous restrictive rooms. Perth architects are skilled professionals in designing versatile buildings that focus on maximising the value of the architectural project whilst remaining within budget.

SMART DESIGN
The common misconception when starting out in the architectural design process is that bigger is better. The knock-on effect with this theory is that the greater the size of the building, the more materials, time, labour and associate costs will be needed, making the project more expensive. A large floor plan doesn’t necessarily mean that it works, and/or is efficient, in space or usage. It often drains the budget and leaves very little left to embellish and create features and detailing. Smart design can be achieved by minimising the size and usage of materials, cleverly utilising every square meterage to its maximum potential, and devising innovative storage solutions, that brings maximum value and quality. For more information on Smart Design, please refer to our previous blog, Why is Sustainable Architecture Important?

ALLOW FOR A BUFFER IN YOUR BUDGET
Quite often when people are creating a budget, they forget that there can be unexpected expenses along the way. When a client sets a maximum budget without a buffer, they can be caught off guard as soon as a variation arise. In some instances, the bank may not cover such variations, depending on the nature of the loan. To avoid these kinds of situations, it is best to either allow for a buffer within the total budget or have additional savings set aside for unforeseen circumstances. The best-case scenario should this money not be required, the client will have spare money for furnishing decorating.

CONSULT A PROFESSIONAL
It is essential before embarking on your next architectural project to select the right professional that can bring value to the project. Much like choosing the perfect block of land, choosing a professional with the right qualifications and knowledge can save you considerably throughout the project. Aside from skilled in the arts of design, Perth architects are also licensed to tender projects in a competitive bid process to ensure a fair and accurate price is attained. During the contract administration process of the build, there is always need for troubleshooting to ensure the budget and quality of the project is upheld.  As expert problem solvers, with an obligation to their clients, architects will explore various solutions until the right outcome can be achieved.  

The building process should be a fun and stress-free process. However, at times finances can have a major influence of that factor. With the knowledge of these seven key insights, clients can avoid spending unnecessary money on their projects. In selecting the right Perth architect, clients can ensure they are receiving maximum value for their budget.