So you’ve spent months of discussions and design work with your designer and now you’ve arrived at the delicate point in your renovation project. Hopes and dreams collided with the cost estimate from your builder…
What does it cost to have all the design features you wanted in the design? How did the assumed cost compare to the actual build cost?
More to the point, how do we fix this problem if our designs have cooked the budget?
Today I want to talk to you about your budget – it’s one of the first decisions that you make when you start thinking about your renovation, even before you start the Design Process.
✅ Have Your Designs Blown Your Renovation Budget?
This scenario is played out regularly and if you don’t get this right from the start, you’ll be throwing good money after bad at the problem. We already know that over 80% of designs don’t get built if a builder hasn’t been involved in the design process right from the beginning. Starting to build or renovate without a budget in mind can lead to a project ending up off track or not starting at all.
✅ Knowledge is power
In hindsight, when this scenario plays out, the back of an envelope estimate to calculate the actual building costs isn’t the smartest way to cover off on all the eventual costs of any project. Sure you want the latest creative design and sustainable features included however while these design choices were being included, your budget wasn’t being cross-referenced or checked.
✅ How to Fix a Blown Renovation Budget
Every renovation will have a different budget depending on what design suits your home, your family and your lifestyle. Everyone will make a different choice depending on their individual needs and what they want to achieve out of it. You probably also need to take into account what you’re willing to spend on a project like this to achieve the end result. Sure you probably don’t know what the eventual costs are going to be, however everyone one knows their own financial circumstances before they venture into a project like this.
✅ Does Your Builder Have the RIGHT Experience?
Next you need to align yourself with an experienced builder who specializes in this type of renovation work and who best suits you and your individual project. A builder that can identify your cost problems and how you arrived at this point; most of all, problem solve the design to give you solutions.
Now before the builder can identify and resolve all of these issues, you’ll need to share with them your honest budget projections. Remember your budget you’ve shared is now the actual build cost of your project and your builder now can begin illustrating where your costs are going over in the design.
✅ Are You Ready to Align Your Budget with Actual Build Costs?
Talk to Constructive Homes about your budget so that you can get your custom renovation underway with the assurance that your budget aligns with the actual build cost.