Home additions and other build-outs aren’t cheap. And there’s a reason for it – that reason being that they’re an investment. That being said – investment shouldn’t be confused with crazy and there are ways to keep your construction budget lower and under control. Renovation project budgeting will be key to your successful project.
Here are some tips you can follow to keep your costs down without sacrificing quality.
Have a plan
Whatever it is you decide to add on to your house, make sure you prioritize what’s most important to you and what isn’t. Renovation project budgeting mostly involves keeping a keen focus on what is a must have and less attention to paid to what you would like to have.
Also – home addition projects can vary in price from job to job. For example – it might cost more to install cabinets in a newly renovated kitchen than it would cost to install other cabinets. So in order to be prepared you should know all the items on your list and ask your contractor to get a range for the types of projects within the project and then determine from there what you can and can’t do.
Multiple estimates
We recommend getting 3-4 estimates from different contractors and look at each one carefully. While the price is ultimately the most important thing in the estimate, itself – there are other things you should keep an eye on as well. Are quality products being used on the project? Are there corners being cut? Who is going to be on the team for your project?
The winning bid should be less about price and more about the overall detail on the plan. If there’s a detailed plan and list of items – then it’s a solid indicator that you’re working with a contractor that knows what they’re doing.
And knowing what they’re doing usually means a contractor who’ll stay on budget.
Know your limits
Not only does this apply to the financial aspects of a project – but also your house’s physical limitations and your own – whether it’s doing certain projects on your own, your emotional limitations, etc. Don’t be too proud to get an expert’s opinion or ask for help with something. For most – things like permits, inspections and managing a crew are new. Don’t put too much on your own plate.
Leave room for error
Anyone who’s ever built anything knows it’s rare that a project goes 100% the way you hoped it would. Something ALWAYS goes wrong. It’s important to prepare for that. We recommend setting aside about 20% of your actual budget to cover any surprises that’ll pop up during construction.
If you have any questions about setting your budget or construction in general, give us a call! We’ll give you a free consultation!
