Whether you're building your first house or your tenth house, it's essential to work with your builders to define a budget for the project's potential cost – this will ensure you have a clear idea of how much you need to save or borrow to bring your project to life!
At Platinum Pro Construction, we know how exciting it is to start your building journey (we get excited too!). So, we have designed our process to be simple and easy, but most of all, detailed, so you know exactly what each stage looks like and what it will cost you. We use our process as a roadmap for your build, clearly communicating our fixed costs and estimated labour and materials costs, so you're prepared.
As you can imagine, building options vary in price from affordable to luxury; you can decide whether you want to build on a budget or whether you're happy to splash more cash on your home. There are numerous elements that will affect the final price of your build, including the level of finishes, fixtures, and quality of materials. Don’t stress though - we'll talk you through each of these options so you can make informed decisions.
The first stage of our process is the initial consult and feasibility – where we meet with you to discuss your vision and, of course, your budget. We can then start to plan what your home will look like and run a budget feasibility - this will give you some clear expectations, but more importantly, align your expectations with your budget. If you're unsure of your building budget, Platinum Pro's average cost per square metre is between $1,800 to $1,900. (Read on to find out more about cost per square metre.)
So, where do I start with my budget?
Most builders define the cost of building a house in dollars per square metre. The final price is calculated by taking the total cost of the build and dividing it by the home's floor space. (Land is not included in this price).
The average price difference per square metre throughout Australia can be vast. For example, Domain estimated the 2022 cost per sqm in Sydney starting at $1,960, ranging to $5,900 per sqm for a high-end home. At Platinum Pro, our average price per sqm is $1,800 - $2,000, which can easily be less or more depending on labour, materials, and fittings.
Also, keep in mind that the cost per square metre for a kitchen or bathroom costs more than the cost per square metre for an empty room. Because of that, the size of your bathroom and kitchen can significantly impact the final cost of your home construction!
Once we have established your budget and run a feasibility, we can get the official design underway! Moving us into stage 2 of our process - the preliminary agreement. A small deposit fee of $2,000 will need to be paid at this time; this will cover the initial design costs as well as some extra costs.
Extra costs you should take into consideration.
Except for cost per square metre, labour, materials, and features are other things that should be considered when defining a budget for your build; these include soil testing and site surveying. If your block is considered rural, additional costs involved are AWTS (Aerated Wastewater Treatment Systems, to treat sewage and liquid waste, which is approximately $20,000) and also Stormwater detention (usually between $5,000 and $15,000).
Soil quality is one of the things that can increase labour costs. All price estimations are built on the assumption that your soil has good classification and is easy to work with. However, if the soil at your property is difficult to work with, you can expect the price to increase. The best-case scenario is to have ‘M’ classification soil and a perfectly flat block, so there will be no additional costs. Part of the preliminary agreement is soil testing; we will get this done for you, communicate any findings, and discuss potential impacts before any building starts.
When surveying your building site, we consider the slope of the block and assess whether your build will need retaining walls, extra excavation to level the block, the slab, floor systems, and many other things to ensure your home stands the test of time. But don’t worry; while all these cost a little extra, Platinum Pro will keep you informed throughout the whole process and communicate all costs involved before starting the build.
Also, if you have a Bushfire Attack Level (BAL) attached to your property, you will have extra costs to keep it safe during bushfires. In addition, if your property is located in a flood-prone area, it will be necessary to take additional measures to prevent hazards in case of flooding.
Each builder will vary with these costs. Here at Platinum Pro, we understand this can be expensive, and we will do everything we can to minimise your costs. The $2,000 deposit fee is the only cost incurred until we start building - we will cover the remaining $15k required to design, engineer, certify and approve your plans so that your hard-earned cash can continue to be saved. Saving this money can reduce lender's mortgage insurance and potentially increase your borrowing capacity up to $100,000!
Interested in designing your dream home?
If you are interested in designing your perfect home and you want to know how much it costs, you can get in touch with Platinum Pro Construction, and our team of professionals will be able to help you through the whole process.
Once you sign off on the concept plans, we will run another quick check to ensure we are still within our budget. As part of this more detailed estimate, we will also provide you with a ‘selections allowance’ document. Armed with this document, you can then meet with our design partners (joiners, electricians, fittings & fixtures, colours, etc.) to select the internal finishes for your home.
Sounds like a lot of work? Enter house and land packages.
House and land packages are a great option that can give you fixed prices and save you a lot of time and money. At Platinum Pro, we're lucky to have many great connections in North-West Tasmania, which means we can offer our clients packages like West Beach Estate.
Opting for a house and land package at West Beach Estate, for example, can save you up to $20,000 and 12 weeks in your total build. Titles have just been issued for this development, meaning we can now save you even more time in your build. These house and land packages start at $525,000 fixed; while vacant lots start at $204,000. (You can click here to read more about this development.)
As soon as we receive notice that the development application has been approved, we will commence the detailed construction documentation. This process includes engaging an engineer and energy consultant. Next, our project manager will complete the final construction estimate for your new home.
We endeavour to provide our clients with a fixed-price contract at this stage. We do this by running our clients through the selection process before the build starts. We’re lucky to work with some great local businesses here at Platinum Pro to offer everyone their dream selections, no matter the budget. We’ll complete a detailed online selections document where you’ll choose everything from door handles to flooring, skirtings, architrave, and your paint colours! If you’re unsure or want to ask a pro, our in-house interior designer is available to discuss any selections and walk you through the whole process.
This estimate forms the basis of your fixed-price building contract, which you can use to receive formal finance approval. Then, the moment you’ve been waiting for… we start your build!
Your build begins!
We will meet regularly throughout the build, keeping you updated with progress. Our process is designed to complete the majority of the project management and procurement during the earlier stages.
Platinum Pro's typical build time frame is 4-6 months. This is 9-12 months quicker than the Tasmanian industry average! If you’ve read this far, you’ll realise that this efficient timeframe is not due to any shortcuts or scrimping on quality – but is a result of our streamlined and carefully thought-out processes.
Our award-winning builders at Platinum Pro Construction will make your dream come true. We offer a local, reliable team to guide you smoothly through all home build phases without hassle or hidden costs.
Contact us for your new home or unit development project, and we can assist you in the design process, or you can choose from our ready-to-go plans!