Your Budget To Build A House + Home & Land Packages

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Jun 22, 2017
Laundry room - House

Updated May 2021

We Kiwis are known for our laidback, “she’ll be right” attitude. While this approach can work well in some circumstances, coming up with a budget to build a house isn’t one of them.

Money is one of those topics that people can feel uncomfortable discussing, but unless you recently won Lotto the reality is that you will have a fixed budget for your build. So if you don’t do some careful planning around your budget right at the start, you may find that at the end of your build you don’t have any funds left for curtains, landscaping or that new lounge suite that you had your heart set on.

Reputable building companies definitely do not want their clients to end up in this situation which is why we like to establish early on what your budget is for your building project. After all, if we don’t know what your budget is, how can we make sure that your building costs come in within budget?

Once we know what your total budget is for your finished home, we can deduct costs that need to be allowed for such things as driveways and street crossings, fencing and landscaping and curtains or blinds. If you are building in a rural location, you may also need to allow for the cost of installing services such as power, a water tank or septic tank.

Working backwards by deducting these costs enables us to determine the actual build budget and design a house to suit that budget.

The next step is to decide on which are the “non-negotiable” features that you really want to incorporate in your home, and which items would be “nice to have” but not essential. For example, a separate office so that you can work from home may be non-negotiable for you, whereas a butler’s pantry may be less important.

To help you with your decision-making the Fraemohs team can then prepare an estimate of building costs including your non-negotiable items and list your “nice to have” features as extra costs. This gives you the ability to work through your wishlist with a calculator and decide which of the “nice to have” items you can afford. We find that this isn’t always a straightforward process as couples often have different views on which features they can or can’t live without!

Another aspect to consider when determining your budget to build a house is how long you are intending to live in the home. If you are intending to stay in your new home for many years to come, it makes sense to think about ways you can future-proof your home to allow for changes in your family or health.

By thinking carefully about what you really want and need in your home, you can make sure you get the best home possible within your budget.

Our team take a sensible, realistic approach to budgeting for new homes. If you want to make a start on building your new home and need some assistance in creating a budget to achieve this, drop us a line today via our contact page.


Affordable first home builds Christchurch


Home and Land Packages

Traditional house and land packages in New Zealand generally involve the purchaser buying land and house from the building company as a turnkey package. However this isn’t necessarily the most cost-effective way for a purchaser to secure a house package in New Zealand, due to the additional legal fees and finance costs incurred.

A common concern for buyers is around being able to cover the costs of a home and land package while still paying their existing mortgage or rent. At Fraemohs, we have finance consultants who specialise in new build financing and will work with you to arrange a payment structure you can afford.

If you are keen to kick start the process of securing your new home, keep an eye on the house and land packages on our Trade Me page, or get in touch.

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