Tips on How to Stay on Budget
Tips on How to Stay on Budget
So we get it is difficult to navigate your build journey while trying to maintain a budget. Given there is so much volatility in the market, we wanted to put together some thoughts on how to navigate your project without blowing the bank.
Here’s what we’ve got!
1) Build in contingency!
If you can say with certainty that the market is still volatile, it is wise to build in a slush fund for any unforeseen price changes or material swaps that end up costing more. We would advise a minimum of 10% depending on your budget/scope. If it is a smaller project with a smaller scope, best to plan on 20%. Bigger the budget, the bigger the contingency is at 10%.
2) Decide early and purchase early.
If you can, once materials are selected, go ahead and order them! Store them as needed until the jobsite is ready. Some vendors will store your products (like appliances) for you until they are needed, at no cost. Ask what they can do to help with this.
3) Choose where to spend wisely!
Splurge on areas that have high visual impact (lighting, counters, plumbing, hardware) and be conservative on areas where you can (tile, flooring, etc.). Know where you would be willing to cut costs and save if need be. Think about that preemptively so that it isn’t an emotional decision later.
4) Meet with your Builder regularly.
Have regular budget meetings. Ask questions and track the increases and costs. We love our builders but some (not all) are not super great at the back end administrative stuff. So you have to be diligent about working with them to have clarity. If you don’t feel comfortable having those conversations, be sure to hire a design team that can help you with that!
5) Trust the Process.
Part of the way we approach our projects is to design and select based on the ideal list of what you want. It is inevitable that once we pricea ll that out, you may need to edit and reprioritize based on the how the project has developed. This is totally normal. Reselections are normal. That being said, if you get to that point and start to take the rabbit hole on Pinterest of what your alternatives are, it will ultimately hinder the progress and slow your design team down. So, let your team know when you are experiencing angst. We got this. It’ll all work out. Promise.
Let me know if you have any questions or comments! Hope this helps!
Happy building!
