When it comes to building a new home, budget is the single biggest factor that will shape your project — and it's often the most misunderstood. It’s said in the industry that you can have anything you want… if time and money are unlimited. But for most homeowners, that’s simply not the case.
Before you dive into design ideas or dream floorplans, take a step back and get crystal clear on your financial limits. Know exactly how much money you have available right now, how much you can realistically borrow, and how much you can comfortably repay — not just at today’s interest rates, but if they were to rise in future. That’s your top-line budget. Go beyond it, and you’re inviting financial stress that could stick around for years.
The biggest mistake people make is assuming that their budget goes entirely towards building the house itself. In reality, construction costs are just one piece of the puzzle. Council fees, consultants, landscaping, site prep, and even GST can quickly chew through your funds.
Take this rough example: a 300m² home built at $2,500 per square metre comes in at $750,000. But once you factor in a sloping block, luxury extras like a pool, demolition, landscaping and professional fees, the real total could be over $1.1 million. That’s a massive gap — and one that could derail your plans if you’re not prepared.
It's worth noting that experienced builders can usually estimate project costs within 20% accuracy from a brief chat, but for most people, it’s wise to speak with a professional cost estimator or quantity surveyor early on.
Lastly, always be honest with your builder about your budget. They’re not there to spend every last dollar — they’re there to help you create something achievable and avoid costly surprises. A clear, realistic budget is the best foundation you can lay before a single brick goes down.
Our builders aim to help understand the financial aspects of building your home. Why not get in touch to start the conversation about your new home? Find a local INH builder
