Excel budget template for building a house
Excel budget template for building a house
This article provides details of Excel budget template for building a house that you can download now.
Microsoft Excel software under a Windows environment is required to use this template
These Excel budget template for building a house, work on all versions of Excel since 2007.
Examples of a ready-to-use spreadsheet: Download this table in Excel (.xls) format, and complete it with your specific information.
To be able to use these models correctly, you must first activate the macros at startup.
The file to download presents five Excel budget template for building a house
Track labor and materials costs against your original budget with these home build budget templates. The graphs allow you to see at a glance if the budget is respected and the funds left over. Expenses are detailed on a second spreadsheet.
Why is an accurate budget important?
Along with the fabric of your existing home, your site and councils’ building controls, your building budget is a major constraint within which we design. It is important to consider your budget options carefully as different development approaches and budget amounts can result in very different design results. For example, if a workable budget is not clear at the starting point (i.e. too low) then many good design opportunities may be discarded because they are feared as too expensive. When this occurs it may be difficult to achieve the desired brief even when the budget is adjusted later.
What guides your budget?
The budgets for most renovations or new home projects are determined by the chosen design approach. Below are some typical examples; Investment budget This approach is concerned with maximising the rental return or rentability of an investment property. It may also be concerned with achieving long term capital growth, whilst minimising ongoing running and maintenance costs.
This approach is primarily concerned with resale profit immediately following or up to 2 years after completion. In this budget the brief is formulated and costed to achieve this profit.
Capitalisation conscious budget
This budget is capped to avoid the risk of overcapitalisation on the property, which may arise if the money spent improving the property added to its current value exceeds the likely resale value. The risk of overcapitalisation depends very much on the location of the property, the quality of the work done, the amenity added and the health of the market during the time it takes to complete.
This budget is concerned with making the best use of the limited funds available and requires a design that achieves excellent value for money. On these kinds of projects the scope of the brief is restricted by the budget.
A staged budget approach comes about because the entire budget for the desired design is not available in one lump sum, but may be available in two or more installments. The brief for this kind of project is then concerned with creating a masterplan design that can be completed in stages. Note: Because council approvals don’t last indefinitely, all stages should be started within 2-5 years of the approval.
For many projects the final budget is born out of the brief and the architects design - not driven by the budget. This is not to say the budget is limitless - simply that amenity, style, features and finish take precedence over cost.
Budgets in Summary:
Most budgets are determined with the assistance of other experts, such as;
- Real estate agents
- Banks and mortgage brokers
- Investment consultants and solicitors
- Builders and building cost estimators
- Your architect
Once you have decided on the type of budget you have, you will find out the amount of budget a bit easier.
What building options do I have to meet my budget?
Your options will vary depending on whether you are renovating or building new.
These are homes which are designed to be built in large numbers from a range of off-the-shelf designs.
- Represent excellent value for money
- Are very affordable
- Not designed to suit your block
- The design doesn’t take into account factors such as orientation to the sun, views, neighbours, etc..
- Can usually only be built on level or near level sites
- Not specifically designed to be ‘in-keeping’ with area
- Usually have a shorter effective life
- Can only be used to build new homes, not renovations or additions
- Many are considered ugly and their style can be very ‘in’ at the time they are built, but date quickly
- Always cheaply built
- Easily recognised so they have a reduced resale value
Design and construct projects:
This is where a building company quotes to build or renovate your home and includes the design as a package. It is a good way of knowing what the final costs are from the beginning and some of the better ones use architects for the design work.
- Are designed specifically for your site and needs
- Total cost includes the design process
- Saves you the time and trouble of finding a builder and going to tender
- They are designed more for profitability than for good design, quality or aesthetics
- You get a design that you must build with this builder - no tendering or taking the design elsewhere
- Not every style of home is suitable for this kind of service i.e. some companies just do upper level additions to certain types of homes only.
Architect / designer homes & renovations:
This is the best but also the most expensive way to design your home or renovations. Some architect-designed homes can be very inexpensive, while others can be quite lavish and fit into the luxury category. Some of the reasons that architect-designed homes are usually more expensive than project or design and construct homes are because of the closer attention to detail, the greater use of glass, more expensive finishes and the designs are oneoff to suit your site and your brief.
- Custom-designed to meet your individual needs
- Unlimited choice of style or aesthetic expression
- Enhanced resale value
- Generally well-built with excellent attention to detail
- Designed to optimise your site’s orientation to the sun, capitalise on views, enhance privacy and generally increase enjoyment.