5 tips to keep your construction project within budget

Jul 21, 2023 | Property News

Basement conversions, extensions, and other major home renovation projects require significant investment. If you are already stretching your budget to pay for the construction, then keeping the project on time and on budget will be critical. Here are five tips to make sure you renovation projects goes to plan:

1. Set a realistic budget and timeline

Contractors may provide optimistic quotes, both in terms of the timeframe and costs in an effort to win your business. At the outset, it is critical to make sure that any budgets and timelines are realistic, and it is always worth discussing with your contractors what they think may cause delays or increased costs and try to budget in these eventualities.

The reality of a major renovation project is that something unexpected may happen during the construction that puts the project back a week or more, or increases material prices. You should build in a little slack to both the timeline and budget so that you can manage these issues and keep the project on track.

2. Hire experienced professionals

There is no substitute for experience. Younger, less experienced contractors may be able to offer you a lower priced quote, or claim to deliver the project in a shorter timeframe, but the reality is that an experienced professional will know from previous similar builds how long such a project will take and how the costs might vary.

If you are trying to set a budget and timeline for your project, then an experienced contractor will be able to help you set realistic expectations and make sure you are prepared.

3. Avoid scope creep

Detailed planning is crucial to the success of any major renovation project. Once you start the construction phase, you want to be certain that you have nailed down exactly how you want the extension, attic, or basement to look, its size, the materials you want to use, and more.

Whilst it is always possible to make changes as a project progresses, this is often where costs begin to swell and timelines get pushed back, as contractors will need to change tack, order new materials, or get changes made to the designs. A successful renovation project is well planned out, and that programme must be carefully followed from start to finish.

4. Keep communication channels open

Major renovations can take several weeks or months to complete, and whilst you intend for everything to continue as originally planned, it is vital that contractors feel able to discuss any issues that arise with you. If the costs of materials have risen, or they have found an issue with your property during the build that needs to be resolved before further work can continue, you need to be receptive.

And it is important the other way round too. If something changes in your circumstances or you really do need to change some of those original designs then you should feel comfortable talking to your contractors and finding the best solution to keep costs down and any overruns to a minimum.

5. Invest in experienced project management

A major renovation is a complex project to manage. It is possible to manage this yourself if you have the time and experience, but for most people the best way to make sure that a projects runs on time and stays within budget is to hire a professional project manager to oversee the project from start to finish.

From producing a tender, to choosing the right contractors, to making sure the materials are delivered on time and the construction project runs smoothly, Good London Builders is here to help make your dream project a reality. Contact us today or call us on 0207 978 5097 to discuss your options.

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