How to set a budget and choose the right home building approach

One of the first and most important steps in building a new home is establishing a budget. How you approach this will depend on your individual circumstances.

Some homeowners start by estimating the maximum they can afford, taking into account current finances, future earnings, borrowing capacity, and savings. Others may already have a dream home in mind and calculate the costs required to bring that vision to life.

Either way, starting a build without understanding the costs involved can quickly lead to surprises.

Here’s how to set a budget and choose the right build approach

Should you choose a home design or buy land first?

Traditionally, most homeowners purchase land first and then select a home design. However, at Homes by ZAC, we’re seeing more customers explore our display homes at HomeWorld Box Hill before securing a site.

There’s no single “correct” order, but knowing your land’s size, aspect, slope, and other features will help determine which designs will work. Visiting display homes and speaking with a builder like Homes by ZAC allows you to identify your preferred design style, inclusion level and upgrades, and receive a price estimate to include in your budget. Once you have your land, we can then confirm which homes will fit perfectly on your block.

Understanding your building options

Once you have a budget in mind, it’s time to consider your building approach.

Project home building

Project homes are designed to simplify the building process. Off-the-shelf designs provide good value and a clear cost structure. You will still need to factor in extras like loans, insurance, landscaping, and outdoor areas.

At Homes by ZAC, our Ready-to-Build Collection of designs is the equivalent of project home building: choose an off-the-plan design with minimal changes. It’s the fastest path to tender with quick turnaround times and cost efficiencies through a standardised build.

Even easier, and if you don’t already have a block of land, house and land packages offer a final, fixed price proposition with minimal decision making required, making budgeting straightforward.

Architect and builder

For ultimate flexibility, you may choose an architect and builder. This route allows a one-off design tailored to your site and brief, with freedom of style, orientation, and aesthetics. Architects can also incorporate sustainable design and optimise natural light, views, and privacy.

This option typically takes longer, requires more involvement, and is the most expensive. Budgeting needs to cover design fees, approvals, supervision, land purchase, site preparation, and build costs, as well as landscaping, driveways, fencing, and outdoor spaces.

Custom builder

A third option is to work with a building company like Homes by ZAC to create a bespoke custom home. In this approach, design and build are integrated, handled by a single experienced team with decades of expertise.

This method provides the uniqueness of a custom or architect-designed home while offering the efficiency and clarity of a project home. You’ll know your costs upfront, including site preparation or demolition, which is managed directly by our specialised team.

The custom build with Homes by ZAC gives you:

• Flexibility to tailor the home to your site and lifestyle

• A clear understanding of final costs from the start

• A seamless, expert-managed process from design to completion

Build a new home with Homes by ZAC

At Homes by ZAC, we make the journey of building your new home exciting, rewarding, and stress-free. Our team delivers exceptional service, guiding you through design, inclusions, and build options to ensure your home reflects your style and meets your lifestyle needs.

We build with pride, respect, integrity, and craftsmanship, qualities we bring to every customer and every home.

Call us on 1300 350 793 or submit an online enquiry to start designing and building your dream home today.