April 15, 2010

Budget Estimate for Home Building

At this stage in the construction of our house, we are already over our budget. I have to admit that we did not prepare an estimate of the expenses for this and that we just took the plunge! Of course, it helps that our foreman is my brother-in-law who is there to protect our interest and to tell us the best and economical way to do what we have in mind.

Initially, we only thought of putting up the roof and flooring at the back. Then after we bought the materials for this and realized that we still have a little money left, then why not transfer the bathroom and the kitchen at the back? And then while we are at it, why don't we put two rooms. And oh, we need one more window here so why don't we take the time to put a hole in that wall? And of course, we need more switch and outlets, jalousie windows, grills and a lot more! So yeah, this is how we ended up being over budget. And we still need to have roof insulation!

So what is the moral of the story? Of course, have a budget and stick to it! And have a plan of what you really want to have and stick to it. Discuss everything with your partner and agree on everything first. We almost had a shouting match over one window, ha ha!

So while we are closer to building this dream house of ours, we have learned some new lessons and discovered new things. I just hope that when we have the money for our second floor, we would have followed our own advise and prepare a budget!

1 comment:

  1. Hi Dinah, having a foreman is way better than having a contractor but if he is also your brother-in-law, that's the best!

    For the first 2 foreclosed properties I renovated through a general contractor, the cost was more than Php130K each. For the last one I renovated, I opted to hire a foreman and just buy the materials. The total cost was just a little over Php30K, savings of about 100K per house.

    I'm sure you will have additional funds soon but please prepare ans stick to your budget. Goodluck! :-)