Starting any kind of construction project can be a little intimidating. After all, you’ve saved, planned, and researched for a long time to make this happen. It’s a big deal! Naturally, you want to make sure your new space is everything you’ve dreamed it would be, but you also want to make sure your project stays within your financial means.
Fortunately, by carefully planning and creating a budget during the design phase of your project, you can ensure you’ll have the funds necessary to tackle any challenges that may arise. Below are some of the most common steps we suggest our clients take as they plan a budget and prepare for the first day of construction.
1. Create your budget during the design phase.
Planning your budget as you go is asking for a financial disaster. As you’re designing and visualizing your new space, you should also be calculating precisely how much you’re willing to spend on each design component. That means estimating the cost of everything, no matter how big or small, from appliances to paint and furniture to doorknobs. The sooner you figure out how much everything costs, the sooner you can choose which specific elements fit within your budget.
2. Think about the value of your project.
How much is it going to improve you and your family’s lives? Whether you’re renovating a small bathroom or building a brand new home, your space is worth more than just a number. A new space can make you feel happier, healthier, and more comfortable, and those emotional advantages are worth factoring in when planning your budget.
3. Prioritize, prioritize, prioritize.
Unless you’ve won the lottery or have unlimited funds, you’re probably going to have to make some compromises at some point during your project, which is why it’s crucial to figure out what’s important to you early on. If you’re remodeling a bathroom, you may need a new toilet. You also might want granite countertops, but they may not be feasible with your budget – and those kinds of choices are ones you need to be prepared to make.
4. Factor in labor costs.
Construction projects don’t run themselves! When planning your budget, you don’t just have to add up the cost of your materials but also the cost of hiring someone to bring it all together. Don’t forget to consider the potential costs of cleaning up after the project is complete!
5. Plan for permits.
No matter how large or small your project is, chances are you will need quite a few permits to get things going. On the one hand, you could find that a permit for a minor task costs no more than $25. On the other hand, more extensive construction projects permits can cost thousands. Fortunately, the team at Elite Home Construction has plenty of experience in acquiring permits and can help you factor these costs into your budget.
6. Consider accommodations for you and your family.
Depending on how extensive your project is, you may find yourself in need of a place to stay while construction is ongoing. This is often a factor that many families neglect to plan for. If this applies to your construction project, look around your area for different types of accommodations that may suit your needs and try to get estimates for how much they may set you back.
6. Create an emergency budget.
Construction and remodeling projects often come with a degree of uncertainty. Things can go wrong, shipments can be delayed, materials can arrive damaged, and unexpected costs may arise. It’s better to plan for these situations in advance than it is to find yourself in need of money at an inconvenient time. In most cases, you should have a minimum of five percent of your total budget set aside in an emergency fund, but ten percent is even better. And, if you don’t end up using it, you’ll be pleasantly surprised to have that money left over once all is said and done!
7. Get plenty of quotes.
With a decision this big, you can never be too careful. There’s no harm in getting estimates and bids from multiple contractors. In fact, we wholeheartedly recommend it. Search for companies with good reviews, galleries of their past work, and all the necessary licenses and insurance. But above all else, make sure you find a contractor who listens to you, truly hears what you want, and is willing to go above and beyond to make it happen.
Elite Home Construction provides more than just a service. We offer our time, expertise, and passion. We strive to build long-term relationships with our clients & customers. We will be there to consult you throughout the designing, budgeting, and building process, and we guarantee you’ll love working with us. Ready to get started? Schedule a consultation today at 484-442-0710.
