How To Ensure Financial Security During Your Project


Building a custom home is an exciting opportunity to create a truly bespoke space – from crafting the ideal floor plan to selecting the perfect design elements. Of course, it’s not always smooth sailing – building a custom home can be a stressful and challenging experience for many people. 


One of the biggest concerns we hear from clients at Christou Homes is around budget blowout. It’s true – unexpected costs can quickly derail your dream. In this blog, we’ll explore some key strategies to ensure financial security during your build, empowering you to navigate the process with confidence and peace of mind.


Choose a reputable builder


We’ve all heard stories of friends or family members being ripped off by low-quality or untrustworthy builders. That’s why it’s so important to do your due diligence to find a trustworthy builder prior to commencing your project.


A reliable and trustworthy builder creates a collaborative environment built on financial transparency. They provide clear and detailed information about payment schedules and contractual obligations, ensuring you understand exactly what’s included, what’s excluded and when payments are due. This transparency fosters clear communication and sets realistic expectations throughout the project.


The impact of a good builder goes beyond just the final product – it ensures smooth communication, minimises surprises and ultimately helps you stay on budget. At Christou Homes, we pride ourselves on total financial transparency, ensuring our clients understand exactly what is expected of them at every stage of the build.


Understand the payment process before signing a contract


Understanding both the contract details and payment schedule are essential to a successful build. It’s essential that you have a firm understanding of both these documents before signing anything.


A well-written building contract protects you and your builder by outlining key project details and defining each party’s role in the project. A building contract should state the scope of work, specify materials (where possible), provide timelines, and clearly outline the payment schedule. This schedule details exactly what work each payment covers, ensuring you only pay as specific milestones are reached. 


The contract should also establish a clear process for handling variations (any modifications that are required or requested during construction) to avoid budget surprises. Finally, a fair dispute resolution process should be outlined in case of disagreements. 


At Christou Homes, we’ve fine-tuned our payment schedule over our many years in the industry. Below, we’ve included an example of how this might look in your building contract to give you an idea of when your builder may expect payment.


Sample payment schedule:


Contract Signing Deposit: 5% due


Concrete Complete: 15% due


Framing Complete: 20% due


Roofing Complete: 15% due


Close up Complete: 10%


Plastering Complete: 15%


Painting Complete 15%


Practical Completion: 5%


Expect the unexpected


While a well-planned build can minimise surprises, unforeseen circumstances can and do arise during construction. This could be anything from hidden site conditions to minor design tweaks made along the way. Any requested variations made during construction will incur a variation fee.


At Christou Homes, we recommend a contingency budget of around 10% of your total budget. While you hopefully won’t need to touch it, a contingency budget means you have the resources to address surprises without derailing your overall financial plan.


It’s also crucial to understand your builder’s process and costs involved in variations or changes so you can make informed decisions about what’s essential and what might be an unnecessary cost.

At Christou Homes, our commitment to financial transparency and proven track record with delivering custom homes on budget set us apart from other builders. If you’re looking for a reputable builder to help bring your custom dream home to life in Sydney, get in touch with the experts at Christou Homes today.

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When you partner with Christou Homes, you choose a builder who will not only build you an exceptional home, but who values relationships, integrity and excellence – from concept to creation. If you’re ready to partner with our team, get in touch via the form below. We look forward to discussing your custom home building project.