Tips for staying on budget for your build project
Creating the property of your dreams is an exciting prospect – whether that’s building your ideal home, home renovations or embarking on a commercial development. Setting and sticking to a budget will keep your project on plan with less chance of it derailing later down the line if the money runs out. Here are a few things to consider when drawing up and managing your budget.
Be clear about your vision and your budget
Be as specific as possible (and realistic) with your architect and builder. Sharing your vision will mean a more accurate quote from the beginning. Of course, a good architect will make suggestions you perhaps hadn’t considered to enhance your space or overcome planning regulations.
Consider what are your priorities or non-negotiables? What can you not live without?
Choose the right suppliers
Researching suppliers experience, previous work, and reputation are critical. As are transparent and detailed quotes, so there are no nasty surprises along the way. Comparing quotes can help you give you a more accurate view of the cost. If you choose to work with bi Design, we can often recommend a local builder.
Can the suppliers provide services and goods that are in line with your budget?
For all professional services and tradespeople – do your homework, are they members of professional organisations? If you need an architect or architectural designer for your project, make sure they’re members of the two architectural professional bodies; RIBA and CIAT.
Decide on your budget and stick to it!
If you absolutely can’t live without underfloor heating throughout or that ultra-high-spec kitchen? Then now is the time to compile your list of must-haves and budget accordingly. Don’t find yourself in a position of not getting the build of your dreams and come to regret it later. Changing your priorities further down the line could leave you feeling disappointed if there’s no budget available.
It’s easy to go over budget if you haven’t researched properly all your options in advance of the build, so take the time to consider what can you compromise on? Once it’s all complete, which areas will matter most to you? Focus on those areas.
Plan for the unexpected with a contingency budget
Regardless of how careful and detailed your budget is, there will always be unexpected expenses that pop up. Adding a contingency budget of around 10-15% means your project can still go ahead even if unforeseen issues arise.
Budget, budget and then some more
If you’re project managing your build, create a schedule of works once the costs are understood; a list ideally in order of who is doing what, by when and how much will it cost.
Once you’ve agreed on your budget and you’ve found a way to keep on track, it doesn’t end there. It’s important to make sure you’re consistently monitoring the progress until the end of the project. Make it part of your weekly workload, updating your budget as you go. If spreadsheets aren’t your thing, there are many free budget trackers available online.
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bi Design offers a straightforward and fresh approach to residential and commercial architecture alike. We quote for every project based on the time taken to deliver the right design solution, therefore each quote is bespoke, like our clients and our designs.