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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:

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.

Other Stages

During Construction

During Construction

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After Construction

After Construction

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