Cost overruns on construction projects are typical and even expected on projects today but can they be avoided? Absolutely!
Follow these home renovation budget tips to avoid surprise costs during your home renovation:
- Have a detailed plan prepared of exactly what your renovation will look like prior to beginning the bid process.
- Renovate in keeping with the style or period of your home. This can positively impact your total home renovation budget.
- Choose fixtures and finish materials in advance. Having these details predetermined will eliminate cost allowances (guesses).
- Have a realistic idea of what your project might cost before inviting contractors to bid.
- Build in a 5-10% margin of error into your home renovation budget.
- If possible, move out of your home during the project. The more freedom the contractor has to execute his work the more quickly and efficiently the job will be completed.
- Avoid changes. You can’t always anticipate every challenge, however, time invested exploring details up front will help eliminate costly changes during construction and keep you within your home renovation budget.
- Set a predetermined schedule to review the project status each week. A standing weekly appointment with your contractor will allow him or her to plan ahead, keeping the job running smoothly without unexpected interruption.
- Treat your jobsite visits like a business meeting. Use time to efficiently and effectively address items you would like to discuss. Save visits with friends and family for weekends or after work hours.
- Keep pets under control. A builder’s biggest fear is the element of surprise when dealing with animals. Even the most disciplined animal can react strangely when their territory is being compromised.
