A carport is a popular feature on the frontage of an Australian house. With the right design, it can increase the value of your property, a convenient benefit when you decide to put it on the market down the road.
Much like other home projects, the construction of carports in Brisbane, Melbourne, Darwin, or Sydney deserves circumspection. This addition may seem simple, but you ought to put a lot of thought on its financial side. Otherwise, you might wind up spending more than you should.
Below are the four mistakes you must avoid.
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Skimping on Labour
Building permits surrounding carports may vary from jurisdiction to jurisdiction. Irrespective of your residence, the authorities may not always require whoever will construct the structure a full builders licence to handle the project.
This apparent lack of strict regulation doesn’t mean you should award your carport installation to the cheapest bidder. Strongly consider hiring a credentialed and experienced contractor. You can’t put a price on quality, so don’t regret spending a bit more for more promising workmanship.
Besides, spending less money on labour to have a bigger budget on material could cost you more in the long run. Doubling your expenditure because of a botched job is a risk you have to take if you go with a less reliable contractor.
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Forgetting to Take All Costs Into Account
Material and labour are the two main cost drivers of a carport project. But you may also have to set aside some cash to cover the permit, an expense that may or may not apply to your project.
To know whether you have to pull a permit and deal with another cost, reach out to your local council. Make this phone call before drawing the design of your carport to learn everything you need to know to avoid surprise expensive setbacks.
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Creating No Contingency Budget
When budgeting for any home project, you must look beyond the estimated cost of construction and financially prepare for contingencies.
If your project goes as planned, you should be able to keep 20% of the budget. This percentage is usually significant enough to cover some additional work that must be done and minimise the disruption to the schedule as much as possible.
If you encounter unexpected structural issues, scrambling to find the funds necessary to overcome unanticipated challenges will delay your project and cause you more stress.
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Choosing the Wrong Financing Option
Unless you have tens of thousands of dollars lying around, you’ll need to borrow cash to make your dream carport a reality.
Luckily for you, there’s a wide range of financing options at your disposal. You could restructure your mortgage and borrow against your house. If you prefer unsecured sources of funds, you could apply for a personal loan or pay with your credit card.
Realise that all financial products are not without dangers. Exceeding a credit card limit is an excellent example.
It’s imperative to study the nature of each, but having a full understanding of your capacity to repay is more important. If you know how much you can’t afford, you can determine the most sensible form of financing.
Carport construction isn’t the most expensive home project there is. Nevertheless, one poor decision could suffice to ruin your finances, which might keep haunting you long after your mistake.
