In the last post: Have you allowed for all the costs of your new home build? Part 1 we considered some costs to consider when planning and budgeting you home renovation or new house. In this post we continue with more costs to consider.
Costs for your construction project could include some or all of the following:
Forgetting or overlooking costs may result in your project going over budget, which could mean you can't complete the project, or you have to compromise on the project, perhaps reducing the quality of finishes, so that you can save money to bring the project within budget. Regrettably sometimes owners end in financial difficulties because of incomplete or insufficient budgets causing severe financial stress for many years, in the worst case even losing their new home.
Always make sure you have allowed for all of your estimated costs. Then allow a contingency.
This is an extract from: 'Build and Renovate Your Home With Your Eyes Wide Open' by Paul Netscher. Available in paper or eBook from Amazon.com, Amazon UK,Amazon CA, Amazon AU and all online bookstores. To read more
© 2018 This article is not to be reproduced for commercial purposes without written permission from the author.
I’m a construction professional, author of several successful construction management books, and a home owner. I’ve made mistakes in construction management, I’ve seen others make mistakes, but importantly I’ve had multiple successful construction projects and I’ve learned from the mistakes. I want to share these lessons and my knowledge with you.