Staying on budget during a home extension project requires careful planning, disciplined spending, and continuous oversight.
1. Set a Realistic Budget
- Include All Costs: Factor in permits, design fees, materials, labor, insurance, utilities, and contingency.
- Create a Detailed Cost Breakdown: Use spreadsheets or budgeting tools to outline costs by category.
2. Get Multiple Quotes
- Compare at Least 3 Contractors: Ensure you’re getting a fair price and understand what’s included in each quote.
- Request Itemized Estimates: Enables you to see where money is being spent and negotiate on a more equitable basis.
3. Include a Contingency Fund
- Save 10–20% More: Ensuring surprises (like rot, electrical issues, or lack of effort at the planning stage) do not arise in extensions is not unusual.
- Use It As a Very Last Resort Only: Do not be pig-headed here unless unavoidable.
4. Avoid Scope Creep
- Avoid Changes on the Fly: Improvisation of changes on site is expensive.
- Set Concrete Objectives: Have your must-haves come before your nice-to-haves, prior to building.
5. Choose Budget-Friendly Materials
- Research Alternatives: Inquire about salvage materials, similar finishes, or bulk orders.
- Straddle Cost and Quality: Cheap isn’t always smart—consider lifespan and resale value.
6. Do Some of the Work Yourself (Where Possible)
- DIY Non-Specialist Tasks: Painting, gardening, or cleaning can be budget-friendly.
- Let Professionals Do Professional Work: Don’t make expensive mistakes that need to be fixed.
7. Be Near Progress
- Keep the Costs in Check Every Now and Then: Budget software or a spreadsheet may be used to compare planned and actual expenditure.
- Gyroscopic Situations with Your Builder: Obtain current and timely changes if changes are to be made.
8. Plan Your Project Timing Wisely
- Avoid Peak Season: Availability and cost might rise when construction seasons are at peak.
- Pre-purchase Materials: Prevent delays and potential cost hikes.
9. Know Your Contract
- Get a Fixed-Price Contract: Curtails risk of cost blowout.
- Define What’s Included: Establish what is included (e.g., disposal, site preparation, finishings).
10. Be Flexible Where It Matters
- Bargain Sensibly: Negotiate space to renegotiate finishes or suppliers in case there’s unforeseen price inflation.
- Invest Intelligently: Invest more on where it will pay the most back (e.g., insulation, floor plan, frame).