How to budget for a small home

Allow for the plans, construction and site work. Compare finish levels and identify costs to discuss with your builder.

A small-home budget needs to include both the plan set and construction. Seventy sells the plans. You appoint a licensed builder, who prices the work for your property.

Our build-cost calculator uses indicative rates of $2,950 to $4,350 per square metre, depending on the finish level. The estimate changes with the size of the home and the site category. It is a budgeting estimate, not a construction quote.

Sloping ground, difficult access and soil conditions can increase the cost of foundations and site work. Ask your builder to confirm what the quote includes, what is excluded and which items are allowances that may change.

Check the costs of water, wastewater and power connections, excavation, retaining walls, delivery access, drainage and reinstating landscaping. Council fees and any specialist reports may also need to be included in the budget.

Use the calculator to compare options, then obtain a written quote from your chosen builder. If you intend to rent the home, budget for finance, rates, insurance, maintenance and periods without a tenant as well.