Just because most home construction or renovation projects go over budget doesn’t mean you have to resign yourself to the same fate. With careful planning, thought, and a healthy dose of will power, anyone can use the below tips to make sure their projects don’t spiral out of control:
Be Realistic: Probably the single most common reason that projects go over budget is because the homeowners weren’t realistic as to how much it would cost. Pretending that you can afford a new pool during the planning project doesn’t make it any cheaper. Before you start planning a new project or renovation, do some basic research into what you should expect to pay. If it’s more than you can afford, consider scaling down your plans to something that’s realistic and affordable. If that doesn’t work, continue to save money until your realistic budget is feasible.
Talk, Talk, Talk: Make sure your spouse or family are all on board with the project before you ever start. Is it worth it to everone to have that new deck, even if it means no vacation trip that year? Will you really use that hot tub enough to justify the expense?
When you’re getting bids from contractors, get as many as possible. Yes, it’s not fun and can be quite painful but the more people you talk to, the better, as you’ll be reassured that you hired the best contractor and the finished product will probably be better. Don’t stop talking to the contractor once work starts. If you hav any concerns let them know immediately, when you have them. Don’t wait, assuming they’ll read your mind and adjust or change things the way you really want them, because if you do you may blow your budget later having the changes made.
Big Projects Shouldn’t Happen Overnight: You probably don’t want to hear this, but if you’re considering a major project such as adding a pool, you should spend at least six months during the planning stage. We all want things done, immediately, or at the very least by tomorrow, but you should give yourself a period of at least six months to not only properly plan the project but to get comfortable with the idea and be sure it’s what you want to do. The longer the planning period, the more likely you’ll stay on budget.
You Hired a Good Contractor for a Reason: Don’t bristle if your contractor suggests changes or alterations to your plan. They’re the professional and if they’re suggesting a change that might disturb you, believe me, they’re aware of the danger so give extra weight to what they suggest.
You don’t necessarily have to cave in but don’t assume they’re changing your plan simply to make life easier on themselves. If an element of your plan is very important to you, be firm, but try to be flexible on other areas, especially if it will save you headaches later on. Adjusting your project plans as it develops can often be crucial in staying on budget.
Stay on Task: It’s easy to let yourself go wild, especially in the middle of a major project, adding this, throwing in that, thinking what the heck, you’ve already spent a ton of money, why not go for the gusto? That’s a perfect recipe for a blown budget, and usually ends up with lots of expensive additions that aren’t really that useful or enjoyable. Stay focused on your plan. When it’s done and you’ve spent time enjoying your new pool, patio, or deck, then that’s the time to consider what additions might truly be nice and enhance the effect you’ve created, not when you’re in the process of creating the effect.
