It’s easy to find yourself over budget with all of the details and additions and the unplanned costs for unforeseen issues during construction. Make sure you start with a proper budget. Most will find themselves spending nearly 90% of their budget on the bathrooms and kitchen and will not have enough for other important projects like the staircase. Before beginning construction, keep yourself from over-spending by making sure that your budget is fair and well divided.
Keep yourself on plan and keep track of where money is being spent by reviewing your project plan and taking note of estimates. Sometimes it’s easy to make cuts right away. Your contractor may have given you estimates including upgrades that you can simply live without. It’s also possible to swap materials with more economical choices. If you see anything in the estimates that you don’t understand, question it. It may be a cost you can eliminate if you don’t find it necessary.
Talk with your contractor if you are concerned about the budget and ask for strategies for cost reduction. They should be able to offer helpful advice. Consider little things that will end up saving you a good chunk of money in the end. Before placing orders for parts and materials, do the proper planning and order all of it at once. This will save you the cost of multiple shipping fees. This will also keep your contractor from waiting on supplies which can slow your construction and cost you more money.
If you are unwilling to change the design you already have, you are going to need to really think outside of the box. Can certain materials be changed out with less expensive options? Can a portion of the proposed project be postponed until a later date? Are you able and willing to leave a room raw and unfinished until you need it? The more flexible you are, the more opportunities you will have to cut costs. If you are willing to trim down your existing plan, it may be a good money-saving option to eliminate a portion of the design. Is there extra space planned for the garage you can live without? Is the extra deck an addition you are willing to do at a later date? Or if you’d rather, you can rethink your design completely keeping your money-saving goals in mind.
Consider sourcing your own materials. You will be able to find less expensive light fixtures and hardware if you acquire them outside of your contracting company. This is also true with things like cabinets and counter tops as well. Just be sure to talk with your contractor before making any purchases.
If you don’t mind DIY projects, you’ll be able to save on materials and labor costs. If you aren’t comfortable, leave it to the professionals. But if you feel there is a project you can handle, you will save yourself some money.
Winter is the slow season for contractors and construction projects, meaning lower prices. If you are able to start your project in the off season you could save up to 5%.
Most importantly, stay alert and keep track of what is going on. Stay involved in your project and maintain communication with your contractor.
Article by Amber Burkhart
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