Construction Preliminary Budgeting Guide

 

DESIGN TO YOUR BUDGET

 

It is important to start with a realistic budget, whether you are designing the project yourself or working with a professional designer. I recommend that you start with your own rough estimate for the size and type of project you have in mind before you start a detailed design. It’s best to use multiple approaches for ballpark estimates. Throw them all in a pot, stir, and you’ll come up with a good “guesstimate.” This number is a good starting place for establishing what you can build.

 

If you are working with a professional designer, share your budget numbers with the designer or architect so they can start off working in the realm of the possible. Find a designer familiar with residential construction costs, and make it clear that you cannot exceed X dollars in total project costs. With clear budget guidelines, you will reduce your chances of getting a design that is so over budget that it will never get built. Unfortunately, this is the fate of many ambitious designs.

 

 

COST-CUTTING STRATEGIES

 

If your find that your preliminary plans are significantly over budget, you’ll need to cut costs (of fine more money). You can
Scale back the size of your project.
Choose less expensive windows, doors, cabinets, flooring, siding, and other finishes.
Cut out luxury items such as jetted tubs or granite counters.
Hold off on the deck, porch, garage, or other components that can be added later.
Leave parts of the building such as basements and attics ready to finish later.
Create an expandable design that is easy to add to later.
Depending on your skills and time, do some of the finish work yourself such as interior trim, painting, and landscaping.

 

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