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Introduction
Preparation and Planning
Financial Management
Construction Process
Regulatory and Compliance
Post-Construction Management
Land and Site Considerations
Team and Project Management
Utility and Infrastructure Planning
Resource and Materials

01.
 
How to Use the Step Guides
02.
 
Understanding Your Reasons for Building
03.
 
Key Things To Factor When Building
04.
 
Site Analysis and Pre-Design Assessment in New Home Construction
05.
 
Researching the Building Process
06.
 
Using the Simpli Portal for Building Consent and Compliance
07.
 
Setting a Preliminary Budget
08.
 
Choosing the Best Hardware Store for Your New Build
09.
 
Land Ownership Types in New Zealand
10.
 
Maximising Cash Flow in Construction
11.
 
Cost Components of a New Build
12.
 
Land Terrain Types and Their Influence on Building
13.
 
Environmental Impact Assessment in New Home Construction
14.
 
Matching Property Types to Your Land Choice
15.
 
Deciding on the Type of House to Suit Your Land and Project
16.
 
Architectural Considerations and Planning Permissions
17.
 
Choosing the Right Builder
18.
 
Assembling the Right Team
19.
 
New Build Project Management Tools
20.
 
Building Contract Guide for Clients
21.
 
Due Diligence and Contracts in Building Projects
22.
 
Change Order Management in Construction Projects
23.
 
Financing Strategies for New Build Homes
24.
 
Progressing Planning and Designing
25.
 
Design Principles for Your New Home Build
26.
 
On-grid vs. Off-grid Living
27.
 
Foundation Types for New Zealand New Builds
28.
 
External Cladding Options for New Zealand Homes
29.
 
Interior Cladding Options for New Zealand Homes
30.
 
Flooring Options for New Zealand Homes
31.
 
Utility Connection Planning
32.
 
Finalising Your New Build Construction Plans
33.
 
Key Consents for New Build Projects
34.
 
Finalising Detailed Architectural Plans and Building Specifications
35.
 
Recheck and Reforecast Your Build Costs

36.
 
Regular Financial Audits
37.
 
Keeping a Debits and Credits Log for Construction Expenses
38.
 
Construction Phase Contingency Planning
39.
 
Effective Risk Management Strategies in Construction Projects
40.
 
Breaking Ground on The New Build
41.
 
Essential Construction Material Order Timings for New Builds
42.
 
Site Visits for Building Inspections and Material Delivery
43.
 
Understanding Milestone Payments in Construction Projects
44.
 
Laying Foundations and Frameworks
45.
 
Security and Site Management During Construction
46.
 
Installing Roof Stage
47.
 
Quality Control Checks During Construction
48.
 
Installing Windows and Doors Stage
49.
 
Preparation and Treatment of Exterior Cladding Materials
50.
 
Installing Exterior Cladding
51.
 
Completing Electrical Pre-Wire
52.
 
Completing Plumbing Pre-installation
53.
 
Completing Insulation Installation
54.
 
Preparation and Treatment of Interior Cladding Materials
55.
 
Installing Interior Cladding
56.
 
Post Installation Interior Wall Preparation and Treatment
57.
 
Post Interior Cladding Installation Cleaning
58.
 
Installation of Flooring in New Home Construction
59.
 
Installation of Kitchen in New Home Construction
60.
 
Installation of Bathroom and Toilet in New Home Construction
61.
 
Installing Fixtures and Fittings in New Home Construction
62.
 
Final Electrical Fit Out in New Home Construction
63.
 
Final Plumbing and Gas Fit Out in New Home Construction
64.
 
Installation of a Deck in New Home Construction
65.
 
Final Cleaning and Detailing
66.
 
Installation of Window Treatments in New Home Construction
67.
 
Final Inspection and Certifications for New Home Construction
68.
 
Practical Completion and Handover to Homeowner in New Home Construction
69.
 
Post-Construction Reviews
70.
 
Financial Planning for Long-Term Property Maintenance
71.
 
Post-Construction Warranty and Maintenance Information
72.
 
Community and Neighbourhood Integration
73.
 
Planning for Sustainability in Your New Home
74.
 
Home Enhancement and Upgrades
75.
 
Resale Preparation and Valuation
76.
 
A Real Example of a New Build Using The realtor.co.nz Build Guide

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Build / Step 35 of 76

Recheck and Reforecast Your Build Costs

Recheck and Reforecast Your Build Costs

After finalising the architectural plans and selecting a builder for your new home build in New Zealand, an essential next step is to revisit your budget and reforecast the build cost. This process ensures that your project remains financially viable and that you have the necessary funds to complete your dream home without unexpected financial strain.

Rechecking Your Budget and Reforecasting Build Costs

The transition from planning to actual construction can often reveal discrepancies between initial estimates and the actual costs. Market fluctuations, changes in material costs, and modifications to the design can all impact the overall expense of your project. Therefore, reevaluating your budget at this stage is crucial for aligning your financial expectations with reality.

Gathering Updated Quotes and Costs

Start by compiling the most recent quotes from your builder and subcontractors, including costs for materials, labour, and any permits or fees that were not included in the initial estimates. This detailed information will form the basis of your revised financial plan.

Assessing Contingency Funds

It's wise to reassess your contingency fund, typically recommended to be at least 10-20% of the total project cost, to cover unforeseen expenses. The complexity of your build, the condition of your land, and other risk factors can influence the size of this safety net.

Reforecasting with Precision

Use the updated quotes and information to create a more accurate forecast of the build cost. Tools like construction cost calculators, available from financial institutions or building associations in New Zealand, can help in this process.

Checking Lending Capability

With a revised budget in hand, it's time to check your lending capability. This involves meeting with your bank or financial lender to discuss the revised project costs and ensuring that your loan or mortgage will cover the new forecast. It's also an opportunity to shop around for better rates or lending terms if your current arrangements are no longer competitive.

Securing Additional Funds if Necessary

If your reforecast indicates that additional funds are required, explore your options early. This might include extending your mortgage, seeking construction loans, or tapping into savings. Being proactive about securing additional funding will help keep your project on track.

Documenting Changes and Next Steps

Finally, document any changes to your budget and financial arrangements and communicate these to your project team. Keeping everyone informed helps ensure that your build progresses smoothly, with financial transparency and accountability at every stage.

Revisiting your budget and reforecasting build costs is more than just a financial exercise; it's a critical step in the journey toward creating your new home. It ensures that you're prepared for the road ahead, equipped with a realistic financial plan that aligns with your vision and your means.

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