There are costs that sit outside the building contract itself, and if you haven't factored them in, you can find yourself in a tough spot mid-build. I'd rather people walk into this with clear eyes, so let me run through the main ones.
Land costs are often the starting point. If you're buying a block, there's stamp duty, conveyancing, and possibly site costs if the block is sloped or has poor soil conditions that require extra foundation work. A flat block in a standard subdivision and a sloped block with reactive clay behave very differently at the quoting stage.
Then there's what I call the authority costs — building approvals, development applications if required, energy compliance assessments, and connection to services like water, sewer, electricity, and gas or solar. These vary depending on where you're building in the ACT, but they're real numbers that need to be in your budget.
Landscaping and driveways are often not included in the building contract either. A finished concrete driveway, a fence, a garden with turf and retaining — these can add up to tens of thousands of dollars, and you'll need them done before you feel properly settled.
The other category to understand is the difference between a fixed price and an estimate. A well-structured fixed-price building contract gives you certainty on most items. But prime cost items — things like fixtures where the final product hasn't been selected yet — can move. Know which items in your contract are fixed and which aren't.
My advice is simple: work backwards from what you can genuinely spend, not forwards from a figure that sounds reasonable. A good home builder in Canberra will help you understand all of these costs upfront rather than after you've signed on the dotted line.
If you want to start with a clear-eyed conversation about your budget, head to inh.com.au/Canberra and let's talk it through.
