8 Tips for Budgeting For Your Project

Even with a small renovation project there is so much to consider that it can be hard to know how to budget. Optimise Home carried out a survey earlier this year of people planning a home improvement project. 71% of people surveyed stated the budget as their biggest concern.

Here are 8 tips to make the most out of your money when Building

1. Get some advice

Before you start it’s worthwhile getting some advice. An architect, for example, will advise clients where best to invest in their homes and will always endeavor to recommend ways to save money and keep the job within budget. You could also consult a contractor to get a guide price on what you are planning to do. Optimise Home have created an easy-to-use guide for budgeting as a free ebook, which you can download HERE.

getting advice about your budgeting project

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.

Don't be afraid to say how much money you have to spend on your project. 8 tips for successful budgeting for your project

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.

Know what's included in your contractor's price

4. Do your research

For the items not covered in the contractor’s price it’s a good idea to get quotes from a number of different suppliers. The important thing here is to make sure that each company is working from the same brief. Even the most subtle of differences can have a huge impact on the total cost. If everyone is quoting for the same kitchen you can compare the quotes exactly, which will ensure you get the best deal. 

Do the research about your contractor. 8 tips for successful budgeting for your project

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.

Factor in proffessional fees

6. Budget for other costs

If you need planning permission for the work you are proposing there will be contributions to the council. These will vary depending on the works you are planning. If you need to move out while the works are going on will you need to rent? Or will you need to pay for storage costs?

8 tips for successful budgeting for your project

7. set aside a contingency

Once you have a firm idea of what your budget is you will need to set aside at least 10pc as a contingency for any unexpected extra costs. Building projects can often run up against problems that are impossible to predict from the outset.

Set aside 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.

Last minute decisions can cost you money

Check out another post by Denise O’Connor on 8 reasons not to be afraid of colour!

Samanta Juskaite8 Tips for Budgeting For Your Project

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