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Exciting times – you’re starting a new build project! But let’s be honest, it can also be a bit daunting, especially when it comes to figuring out the costs. Whether it’s a cosy first home or an architectural masterpiece, the price tag can vary widely depending on a variety of factors. So, where do you even begin?
The good news is, you don’t have to be a seasoned builder to get a ballpark figure for your new build. One of the simplest and most effective tools you can use to estimate costs is an insurance build calculator. Let’s walk through how to use one and why it can be so helpful.
Step 1: Find a Trusted Insurance Build Calculator
First things first, head over to a building value insurance calculator. This tool is designed to estimate the rebuild cost of your home, which is pretty handy when you’re trying to figure out how much your new build might cost.
A good one to try is the Cordell Sum Sure Calculator. It uses its own building cost information, coupled with property-attribute data supplied by CoreLogic – the largest provider of property information, analytics and property-related risk management services in Australia.
Step 2: Enter the Details of Your Build
Once you’re on the calculator, you’ll need to enter some basic information about your project. This includes the style of your build, the size, and the level of finishes you’re aiming for. Are you going for a sleek, modern design with high-end finishes, or something more traditional with standard materials? The choices you make here will significantly impact the estimated cost.
Style of Build
Think about the overall look and feel of your home. Is it contemporary, traditional, or somewhere in between? The style will influence the materials, labour, and time required to bring your vision to life. For example, a contemporary home with lots of glass and open spaces might cost more than a traditional brick home.
Size of the Build
This one’s pretty straightforward – the bigger the house, the more it’s going to cost. But it’s not just about square footage. Think about the number of stories, the complexity of the layout, and any unique features you want to include. A sprawling single-story home might actually cost more than a compact two-story design, depending on the materials and labour involved.
Level of Finishes
This is where the real fun begins. The level of finishes includes everything from the type of flooring to the quality of your kitchen countertops. High-end finishes like marble countertops and hardwood floors will obviously cost more than laminate and carpet, but they can also add a lot of value to your home. It’s all about finding the right balance between your budget and your taste.
Step 3: Play Around with the Variables
Now that you’ve entered the basic details, take some time to play around with the variables. Adjust the size, change the style, upgrade the finishes -see how these changes affect the overall cost. This is where the calculator really shines, as it allows you to experiment with different scenarios and get a feel for how your choices will impact your budget.
Maybe you’ll find that upgrading to high-end finishes only adds a little to your overall cost, or perhaps you’ll discover that a slight increase in size pushes you over your budget. This is the perfect opportunity to make informed decisions about where to splurge and where to save.
An Example of this Process in Action.
We have an incredible build happening at 28 Jessie Street, Northcote, which we have signed a contract on, so to demonstrate what how we might use this calculator and how accurate it is here is our process.
- The build will be 340m main house + 60m2 pool house = 400m2
- To keep the programming simple, we have kept out the pool and landscaping for now – these need to be separately calculated.
- We are using an Architect, and sheet cladding in the modern style and it will be a prestige build.
- As we know a little about building 😉 we have designed this build efficiently, so I would say we sit in the high-end, but without wastage section of the market.
Here’s how we calculated the price (seen below):
- Step 1: We entered the address.
- Step 2: We entered the project details as described above (Yes, they capture data to provide this information but please know we’re not affiliated with this website)
Our output:
We signed a contract for $1.2 million (including GST) for the house and pool house, which is quite accurate, in our opinion. The demolition cost, however, is quite high and professional fees can vary depending on how you manage the project. Our design process was different, so those costs don’t match exactly in this case.
Is It Precise? No. Is It a Good Guide? Yes.
Let’s be clear—this calculator isn’t going to give you a final, set-in-stone number. There are just too many variables in the building process to get an exact figure from an online tool. However, it’s a fantastic guide to help you start shaping your budget and understanding the financial commitment of your new build.
Think of it as a roadmap. It won’t give you the exact route to your destination, but it will point you in the right direction. As you start refining your design and making more concrete decisions about your build, you can begin to tighten up your costs.
Next Steps: Refining Your Budget
Once you’ve got a rough estimate from the insurance build calculator, you can start refining your budget. This might involve working with a builder or architect to get more detailed quotes, or perhaps talking to a financial advisor to figure out your financing options.
Remember, building a home isn’t a fluid process, and costs can change as your plans evolve. The key is to stay flexible and be prepared to make adjustments along the way.
We’re Here to Help
If you’re still feeling unsure or overwhelmed, don’t worry, we’re here to help. We specialise in guiding women through the building and renovation process, whether you’re doing it for your own home or as a profitable investment.
In fact, we’re hosting a free two-evening online event, “Stop Dreaming, Start Renovating for Profit,” this Sunday and Monday (8th/9th September). It’s a great opportunity to get more insights into the building process, ask questions, and learn from the experts. We’d love to see you there!
Final Thoughts
Estimating the cost of your new build is just the beginning of your journey, but it’s a crucial step that sets the stage for everything that follows. By starting with an insurance build calculator, you can get a solid foundation for your budget and make more informed decisions as you move forward.
So, take a deep breath, dive in, and start exploring the possibilities. Building your dream home is an exciting adventure, and with the right tools and guidance, you can turn that dream into reality!
