Building Variations: What You Need to Know

When building a home in Coffs Harbour, Sawtell, or anywhere along the Coffs Coast, it’s common for changes or building variations to arise after your initial quote is provided. While your builder may give you a fixed quote at the beginning, unforeseen changes can quickly increase costs.

These variations might include:

• Colours
• Flooring choices
• Extra power points
• Kitchen and bathroom finishes

At North Coast Lending, we encourage you to plan for potential variations upfront. If we know about these changes early, we can factor them into your construction loan, ensuring your loan covers the additional costs. We also recommend leaving a small buffer in your loan to cover any unforeseen variations that might arise.

The Importance of Planning for Variations

Variations often come from personal preferences or recommendations by the builder to improve the overall quality of your home. Some common areas for changes include:

• Upgrading finishes: Opting for more premium options for floors, countertops, or fixtures.
• Additional features: Such as extra power points or lighting options.
• Layout adjustments: Modifying room dimensions or adding extra features like storage.

Our Tip: Before construction begins, make sure you’re aware of all the costs. If your builder suggests changes during the build, make sure you have enough cash or financial room to cover them. This avoids any disruptions or financial stress midway through construction.

Handling Mid-Build Variations

If you decide to adjust the building plan during construction, and those variations were not included in your loan, you’ll need to cover the additional costs yourself. This happens when your loan has no contingency due to borrowing capacity or equity limitations.

This is why it’s crucial to communicate openly with your builder and broker early in the process. The North Coast Lending team can help review your budget and ensure you're prepared for any potential changes.

How North Coast Lending Can Help

At North Coast Lending, we work closely with you to ensure your construction loan fits your needs. Whether you're looking to factor in known changes or want a contingency for future variations, we guide you through the process. The more information we have upfront, the more we can adjust your loan to suit your needs.

Final Thoughts on Building Variations

Building variations are a natural part of home construction, especially in areas like Moonee Beach, Woolgoolga, or Toormina. By working closely with North Coast Lending and your builder, you can avoid financial surprises and ensure your construction loan covers any potential extra costs. Always talk to your broker before committing to changes, and make sure your loan is designed to cover potential extra costs.

Contact North Coast Lending
Email us at [email protected] to discuss your construction loan today!