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Usually, people build a house only once in a lifetime. Thus there is hardly any scope for learning from past mistakes. Hence, they must be aware of the basics – building materials, their quality and good construction practices before starting construction.

Budget checklist for home-building

Financial Planning is one of the most critical aspects of home – building. You do not want your construction plans to change mid-way due to budget constraints.

Below is a checklist to help you stay financially well planned for your dream home.

Budget for different stages of construction

You can plan for your overall budget basis a broad breakup of different costs incurred during home-building:

The detailed break-up under each head can be worked out in consultation with your Architect / Engineer / contractor depending on the quality / nature of construction and finish opted by you. All along the construction process, it is advisable to keep 10-15% of the budget as an emergency fund.

Estimate cost as per building plan

Discuss your building plan thoroughly with your architect / engineer / contractor. Questions such as built up area, no. of floors, type of construction (RCC framed structure or Masonry load bearing walls), type of finishes (stone, tiles, decorative plasters) etc. which influence cost should be asked to ensure you have adequate funds available for the construction.

Explore financing options

Today, Banks / Financial Institutions fund money as home loans for construction of your home. 80 – 85% of your total construction cost can be taken as home loan. Before taking a home loan, do evaluate the following points:

budget checkilist for home building

Select The Best Contractor

You do not build your home every day. So when you do, make sure you choose the right person for the job.

Below is a checklist to help you choose a contractor for your dream home.

Check His Credentials

Years of experience, Associations with any authoritative body, certifications, etc.

Reference Check

Look into his past work. References of his previous customers along with their contact details, buildings constructed in the past (If possible, visit the site to check for quality of construction)

Cost Of Construction

Labour & Material Rates (Do a price comparison in case material is purchased separately), additional costs (if any). Get the details of type of manpower, their skill and cost, that he is going to engage and compare the same with market rates.

Building Materials

Ask for which building materials (brands, type, quality) will be used for your construction in case of Labour + Material Agreement with the contractor, so that you are sure during construction that he is not cutting corners in any way.

Pay-Out Policy

Understand his payment process to sub-contractors, vendors, masons, etc

Project Timeline

Ask for a timeline for your entire home -– building, specifically finalize the start and the end dates of the construction, beforehand. Do look at his track record in keeping up with the given timelines.

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Other Stages

During Construction

During Construction

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After Construction

After Construction

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