What Things Should I Consider When Developing A Budget For My Project?
First, consider the long term goals of your home. If the plan is to sell in 1-5 years, let your design/build team know that so they come up with a plan that will bring you enjoyment, but also one that will be versatile and attract the most potential buyers. If this is going to be your forever home, our design approach will be sure to reflect that. We may suggest more custom design and layout applications, solutions for again in place, and even multi-generational living accommodations.
Second, what kind of neighborhood do you live in? We always incorporate this into our initial design and build agenda. We don’t want to overbuild for the area. If a client spends too much on a remodel, they may not be able to get their investment back upon selling. Take into consideration what is owed on the property, what it was originally bought for, and where the value is estimated at now. We also want to be sure that we don’t under develop the design and build plan. If the highest equity value in the neighborhood is a 3200 square foot home with 5 bedrooms, we don’t want to design the addition to only have 3 bedrooms.
Finally, what do you feel comfortable spending? If the contract with the stated scope of work is significantly under budget, then ask your design/build team what the most bang for your buck add-on options would be. Maybe the outdated fireplace should be remodeled at the same time. Perhaps the single paned windows could be replaced with new, energy efficient windows that would bring value and enjoyment to your new space. If the contract is significantly higher than you are comfortable with, let your design/build professional give you tips on which areas to either remove from the scope altogether or ways to streamline or value engineer in savings to the project.