New kitchen, an extension, or turning that attic into an office? Whatever plans you have for your home, major projects often come at a price. So here are a few points to consider before you start ripping those floorboards up.
Consider the time and cost of the project
First off plan what needs to be done and how long it will take. You can get a good idea of what it will cost just from doing this. Get your project plan together, with a start and end date, check contractor availability, hunt around for competitive quotes and take seasonal influences into consideration.
Cost of the appropriate preparations
Do you need planning permission? If you do, how much will it cost and how long will it take to get? Make sure you check with your local borough and don’t forget to take into account money for all the materials you’ll need to start the job once you have the thumbs up.
Realistic cost of the project
Short cuts can often end up costing more in the long-run. So make sure you’re not cutting corners or being over optimistic about costs. Have a contingency plan in case your budget doesn’t stretch as far as you want it to and don’t forget to consider recurring costs for your project.
Exit strategy in place in case of going far over budget
How would you cope with blowing your budget? What would your exit plan be? Do you have access to any additional funds or savings just in case? Set a minimum cost for the entire project and factor something in on top for emergencies. Keep an eye on costs throughout the project and watch for any early warning signs that you might be spending too much.