March 25, 2019
To build your own home, financial planning is extremely important. You don’t want to be in a situation where your home is incomplete because the finances have gotten out of hand.
There are many variables that can impact your finances. So a sensible approach would be to chat with neighbours, relatives, friends, and find out how much they exceeded from their initial budget and why.
Before you start, make sure to set aside money for stamp duty and registration charges.
Discuss your building plan with your contractor. This will give you an idea of labour, construction material and contractor costs and allow you to adjust your household expenses in relation to your spending.
Before you close on a number, don’t forget the interiors. The cost of plumbing, tiling, painting, flooring, and furniture will need to be added to your estimate.
Finally, keep an emergency fund for the expenses you haven’t foreseen.