Here are 8 tips to make the most out of your money when Building
1. Get some advice
2. Don't be afraid to say how much you have to spend
It’s very important that you are upfront about your budget. There is a misconception that telling an architect or builder how much you have to spend is a bad idea. This is absolutely not the case. Without knowing how much you have to spend it is impossible to advise you appropriately. Understanding what funds are available is vital as it will allow your architect to prioritize and steer you in the right direction in terms of where your money would be best spent and what, if any, compromises need to be made.
3. know what's included in the contractor price
Currently, you should budget €2,000 per square meter for new build works. This includes extensions and between €850 and €1,200 per square meter for refurbishment works. These figures do not include purchase of things like windows, kitchens, bathroom fittings or finishes but do cover all construction works, electrical and plumbing works, internal doors and the fitting of all finishes and sanitary ware.
4. Do your research
5. factor in professional fees
Fees are another cost you will need to factor in. If you are planning on working with an architect speak to them about how their fee structure works. Is it percentage-based or a fixed fee. A percentage-based fee will mean that if the budget were to increase the fee would also increase so this is important to factor into your cost plan. Aside from the architect’s fees you will also need to include fees for other consultants such as structural engineers and a Quantity Surveyor for example.
6. Budget for other costs
7. set aside a contingency
8. Changing your mind can cost you money
Finally, once your project is under way, be careful about making changes or last-minute additions. These will be things that the builder had not priced for and will add up quickly to bring you over budget.