Financing Your Building Project
House prices are on the rise and not everyone can afford to sell up and move on, meaning more and more people are looking at enhancing their current properties. Things such as extensions, conversions and property renovations are allowing people to give their home a new lease of life without having to sell up. Whilst extensions or renovations might seem pricing from the off-set they can be a great way to give you extra space or add value to your home, helping you to fall in love with it once again.
No matter what type of building work you might be wishing to carry out, there are a number of things you need to take into consideration to ensure the project remains on time and budget. Most people finance home improvements through remortgaging or loans. You should ensure everything from design work to labour is accounted for and that you also have additional funds should any disruptions occur during the building project.
Project Budgeting - What and Who?
Accurately budgeting for your project is key to ensure its success and understanding what needs to be accounted for, will help your project to stay on budget. It’s not uncommon for people to discount certain aspects of a project meaning they end up spending more money than they first thought. When it comes to project budgeting there are a number of things that need to be accounted for, some of which are:
- Designs
- Surveying Work
- Legal Commitments and Permission Approvals
- Building Work Costs
- Fixtures and Fittings
- Decoration and Staging
- A Contingency Budget
They are the main things that should be included in any building project budget, however depending on your aspirations there may be a number of other things that need to be budgeted for as well. It’s impossible to say what the exact costs of a building project are but understanding what you need to get quotes for will help you to form a close to accurate budget.
Balancing Construction Costs
One of the biggest costs within a building projects budget is that of the labourers and construction materials. It’s important you do your research and get fair and accurate quotes so you can estimate a budget for each aspect of the project.
- Professional Advice - Once you have budgeted for your project, you should seek professional advice to ensure everything is accounted for and that your financial estimates are correct. Many people will speak to people such as Surveyors, Builders, Accountants or Project Managers.
- Speak To An Architect - Architects should be your best friend, they know how a project is envisioned and typically know the costs of the materials involved. Their experience with different trades means they can provide invaluable advice on budgeting.
- Builder Quotes - You should seek quotes from builders and try and find a company that can do it all, using multiple different companies for different aspects of a build can cause delays and confusion. When getting quotes from building companies you should ensure they are quoting for both materials and labour costs and how payment options work.
Getting Help With Your Building Project
If you’re planning on starting a building project on your existing home and need help with budgeting and project management, then we can help. At Kendon Sloggett Construction, we offer a full design, management and build service and we can help you accurately plan a budget for your building project. Once work starts we’ll ensure everything remains on track and budget. Contact us today to discuss your project in further detail.
Start Your Project
If you'd like to discuss a project or have any questions about the services we offer, then please don't hesitate to get in touch with us. One of the Kendon Sloggett Construction team is always on hand to assist.