Read the original column at the Waikato Business News website.

As we begin to hear more noise about interest rate cuts, many people who have been considering a building project are preparing to start the process.  If you are amongst this group, you may find these tips and advice useful.

1.        Make sure you are doing it for the right reasons.
A building project should enhance your lifestyle, or enable business growth or productivity.
Something we hear a lot in the residential market in particular are preconceived ideas of what is important for resale value.  It’s very unlikely that you will realise the value of a new build or renovation project if you sell within five years.  Therefore, the project makes sense only if the goal is to enhance your lifestyle, with a view to enjoying the benefits yourself for 5-10 years or longer.

2.        Hire experts.
This should be obvious, but engaging registered professionals to work on your behalf will improve the experience and outcomes.

3.        Have a clear brief and budget.
The more clarity you have at the outset, the more likely you will achieve them.  In particular, it’s important that all of the decision makers have had input to the brief.

4.        Take time to understand the process.
A good Architect should explain this to you – see #2 – but the more you can educate yourself the better.  Meet with prospective Architects, ask lots of questions, and take advantage of free guides on Architects’ websites (ours included).

5.        Expect challenges.
You’ve no doubt heard stories from friends of projects that run over time and over budget.  Once again, good Architects and contractors can help, but don’t assume that yours will be the one mythical project in which everything goes perfectly.

6.        Include a contingency in your budget.
As per #5, expect challenges, and plan for contingency.  A good starting point could be 10% of your budget, i.e. if your target budget is $1M, make sure that you can finance $1.1M.  Also consider obtaining a cost estimate at an early stage in the design process.

7.        Be willing to compromise.
Most projects require some degree of compromise, often between the brief and the budget, or between different decision makers.  Rather than being surprised, be prepared for this.  Clarity on your brief and budget will help greatly, as well as giving some advance thought to your priorities.  For example, there may be some elements that are nice-to-have rather than essential, or the project could be staged as budget allows.

8.        Try to enjoy it!
For many people a building project is a once-in-a-lifetime occurrence, so don’t forget to have some fun along the way.
Build strong relationships with your Architect and contractor.  Listen to and trust the professionals you engage, it’s their job to lead you through the process in a way that creates the best outcome.