As a homeowner, your budget for your new build or remodel project is never far from your mind...
Any of the above scenarios are more likely than you might think, so the aim of the budget section in the Home Project Playbook is to take you through some methods to manage your budget for your new build or remodel successfully from the start of your project to the day you move in.
To start with I want to talk about the perception of your budget and I don't mean your perception about whether or not it's sufficient for your project. It's more to do with your budget mindset and how you view the role of your budget in your project.
Here are a few perceptions I've heard on budgets...
When you think about it, you can begin to see the different aspects of how your budget for your new build or remodel will help your project rather than holding it back.
Your goal is to create your new home on budget. Early on in your project, when you're doing your research, you'll start to get a picture about what you can afford. You can take a look at the construction costs section of the site and research things like construction costs per square foot or remodeling cost per square foot or getting a construction cost estimate. Right from the beginning, create goals that are feasible for your budget.
As you progress through the design stage of your project you'll begin to allocate your budget to different parts of your home. The decisions that go into the iterations of keeping your design aligned with your budget will improve the design of your new home as each decision will have been carefully considered bearing in mind your budget and your priorities.
Your budget forms part of the plan for your home project and as such is an important part of securing finance for your new home.
The combination of the money you spend and smart design decisions will create value in your new home. The value may be monetary, property crashes not withstanding, but most importantly, you'll create value for your lifestyle in creating a home that improves your everyday life.
Not a bad investment if you ask me.
If you're serious about keeping your budget in control, you'll be serious about sticking to it. However, above the bottom line of the total of your budget there are all sorts of line items and details making up the cost and many of those line items can be negotiated.
Putting money on the line, or skin in the game as they say means committing to your project. Once you've negotiated and signed contracts with your professionals, consultants and contractors, all of you are making a commitment to your home project.
The progress of work on your project and making payments go hand in hand. As soon as you see any problems with the budget during your build, you'll be able to course correct.
Spending the amounts of money involved in your home project can be stressful. House Plans Helper is all about getting your prepared and informed so that you can reduce the stress that you experience on your project.
The good news is that if you're in control of your budget, you're likely to be in control of the other aspects of your project, at least those that are within your control .
I just want to add in here a little bit about talking about your budget for your new build or remodel.
Some people believe that if you reveal your budget to your builder or an architect, they’ll design a building that eats it all up, or they put their fee or margin up.
You can’t get any meaningful advice unless you’re upfront about your budget.
If you don't have an exact figure to talk about, you can keep it to a range or state your upper limit if you feel more comfortable with this.
The Playbook is a work in progress. Anything without a link is coming soon.
Project Delivery Strategy
Your Design Professional
Schematic Design (Floor Plans & Elevations)
Design Development (Detailed Design)
Your Contractor / Builder
Building Your Home