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priorities

by nat stevens

How do I allocate my budget when building?

the five fears

One of the five fears many people have when building is of making the big decisions. Those big decisions are often made up of lots of smaller decisions. When all those little decisions are spinning around in our minds they can lead us to procrastinate ourselves out of our best lifestyle. Fear of making the wrong decision can stop you from making any decisions at all.

 

prioritising the big decisions

However, when we nail down every decision into our very own checklist we can feel safe and warm in the comfort that only three things are relevant when you are looking for the yes, no or maybe answers. These are:

  1. Your needs
  2. Your wants
  3. Your desires

Needs are the things we must have for our lives to function well. For example, my family of six needs four bedrooms, two living areas, two bathrooms and a double garage.

Wants are the things that aren’t essential to the function of a home, but make us happy when we have them. For example, I want an alfresco area and a study.

Desires are the things that would be considered luxuries, such as a butler’s pantry or a theatre room. These are the kind of things that go in your dream home.

direct your budget

We’ve already established that, in reality, most of the decisions about the type of home you build are determined by your budget. You can only build what you can afford. But, where the magic of building comes into play is how it lets you spend your budget on the areas of your home that will bring you the most happiness. You can make decisions using a give and take system that will, upon completion, paint the picture of what your personal best lifestyle looks like with the budget you have, be it big or small. This topic is all about figuring out what rooms, features, fixtures and fittings will contribute to that lifestyle. It’s about setting out what you need, want and desire in order of importance, so you know how far your budget will take you.

in summary

nothing10b

The Building Home Masterclass Series helps you prioritise how you spend your budget so that you achieve the ultimate goal of building a home that will let you live your best lifestyle.

 

quote

sep-head1

The happiest of families aren't the ones who have the best of everything, but they are the ones who make the best of everything they have.

- Natalie Stevens

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Disclaimer

This information is of the nature of general comment only, and does not represent professional advice nor should it be substituted for professional advice. Whilst attempts have been made to ensure the accuracy of the information, we don't guarantee it's accuracy.  Any information we provide is not intended to provide specific guidance for particular circumstances and it should not be relied on as the basis for any decision to take action or not take action on any matter which it covers. You should always obtain professional advice before making any decision to purchase property of any kind.  We recommend you seek professional financial advice prior to entering into a contract of any kind.   Build In Oz disclaims all responsibility and liability to any person, arising directly or indirectly from any person taking or not taking action based on the information in this course.  Please refer to our privacy and disclosure statement for further information.