How to budget for your building project
Budgeting can make or break a building project so before you start get accurate estimates to ensure you achieve it without major overspend.
L&S Builders Ltd pride themselves on sticking to our clients budgets, but here are some tips to make your money go further:
For help with budget planning, please contact L&S Builders.
L&S Builders Ltd pride themselves on sticking to our clients budgets, but here are some tips to make your money go further:
- Allow a contingency of 10–20% to act as a cushion against unexpected costs.
- Changing your mind about the layout or specification of your home as you go can dramatically increase the costs. Work out exactly what you want before you start and then stick to it. The more time you spend planning in advance; the more likely you are to keep to your budget.
- If you do have to make changes to the plans, communicate these to your builder as soon as you realise they are needed. Whether something as major as moving a wall or as minor as extra power sockets, let him know.
- Don’t be in a hurry in the earliest stages - remember, time spent planning and working out every detail up front will pay dividends later on.
- Avoid top of the range specifications - you could spend £300 on a bathroom suite, or £3,000...
- Break up your project into the build stages as this will make the finances more manageable.
- Keep track of what you are spending to prevent your budget getting out of control. Keep all job sheets, invoices and receipts on file, and update your accounts at least once a week.
- If your budget is being swallowed up rapidly, make cut backs. It’s vital that you spend money on the fabric of the building, so spend less on fixtures and fittings that can be easily upgraded at a later date.
For help with budget planning, please contact L&S Builders.