6 Ways to Stay on Budget When Building or Remodeling a House

  • By Jeremy Thompson
  • 15 Feb, 2017
One of the first questions a new client asks is “How much will this cost me?” Yet the answer isn’t always clear cut. When it comes to home construction, not only do we face the “unforeseen” — those situations we didn’t plan for when we started the project (e.g. wood damaged by a hidden insect […] The post 6 Ways to Stay on Budget When Building or Remodeling a House appeared first on J. Thompson Builders.
One of the first questions a new client asks is “How much will this cost me?” Yet the answer isn’t always clear cut. When it comes to home construction, not only do we face the “unforeseen” — those situations we didn’t plan for when we started the project (e.g. wood damaged by a hidden insect problem) — but the plan often changes during the process because, for example, the clients decide they prefer a higher end product over the mid-range one we initially discussed. But there are some ways to stay close to your budget by factoring the realities of home construction into the plan.
  1. Have a plan! Seems simple enough, but yet often construction starts with many of the decisions deferred until later in the process. Make the decisions up-front, and you’ll stick closer to the established budget.
  2. Include contingency in your plan. Become some costs are unforeseen, it’s better to plan for extra costs, just in case. If you don’t need it, it means you come in under budget. Bonus!
  3. Skip making changes — unless they lower the expense. Changes in materials or adding more work to the project costs more money, and can add up rather quickly. Often the thought is “we might as well add this on…” because “this” may only cost a few hundred, but adding little items to the project adds up quickly. Stick to the plan.
  4. Identify all costs you plan to incur. Keep in mind a construction plan not only includes the cost of building or renovating the home, but also decorating, landscaping, moving costs, temporary housing and a host of other misc. costs you can incur when remodeling or building.
  5. Don’t sweat the small stuff. Sometimes the perfectionist in us comes out, and we focus too much on small details, adding extra costs and energy to the project. But in the big picture, consider if it really matters. Often it doesn’t, and you’ll be just as happy or less likely to think about it in the long term.
  6. Keep the lines of communication open with your contractor. The more the contractor knows about your priorities, and budget limitations, the more the contractor can help you make and stick to a plan.
Overall, keep this in mind: The more specific you are in planning, the tighter your budget remains.

For more tips on building a custom home or remodeling a home follow us on Facebook and Twitter

J. Thompson Builders Blog

By Jeremy Thompson 01 Aug, 2017
Your home should work for you, your family and the way you live. Sometimes a new custom home isn’t the answer yet. When you need to maximize the space in your current home, find clever ways to make your space more usable by maximizing storage in unique ways. Platforms add additional space and a new […] The post Clever Remodeling Ideas to Maximize Storage Space appeared first on J. Thompson Builders.
By Jeremy Thompson 15 Jul, 2017
The internet puts an incredible amount of information at your fingertips. Why would you not take advantage of it to get home remodeling advice? Often it isn’t created by experts in the field. Here are 3 remodeling myths you may have read or heard about and the truth you need to know to understand how […] The post 3 Remodeling Myths and Tips appeared first on J. Thompson Builders.
By Jeremy Thompson 01 Jul, 2017
With more and more people working from home or taking at least the occasional “work from home” day, the home office has become an essential part of a home plan. Even if you don’t work from home ever, the home office is still a great area to work on creative projects, store important files, or […] The post Designing a Home Office: Increasing Productivity, Inspiring Creativity appeared first on J. Thompson Builders.
By Jeremy Thompson 15 Jun, 2017
We’ve offered you lots of advice over the years about building a custom home. Here is a condensed version of some of the most important tips to follow. Get on the fast track to planning your new custom home! 7 Tips for Building a Custom Home Pay attention to your subdivision covenants. Yes, these are […] The post Building a Custom Home: 7 Quick Tips appeared first on J. Thompson Builders.
By Jeremy Thompson 01 Jun, 2017
Whether building a house or undertaking a remodel you have the opportunity to design your house to suit your tastes and needs. There are many flooring options available, each with unique characteristics and design. Since flooring is a long-lasting part of the house it is important to choose the right floor for each room that […] The post 5 High-Quality Flooring Options Available for Your Home appeared first on J. Thompson Builders.
By Jeremy Thompson 15 May, 2017
Building a new home is an exciting time, filled with anticipation and satisfaction as you watch your vision come to life. However, it can also be a little overwhelming when you’re unfamiliar with some of the technical terms. To help remedy this we’ve defined a few of the custom home building terms you may hear […] The post 5 Key Terms to Understand in Custom Home Building appeared first on J. Thompson Builders.
By Jeremy Thompson 01 May, 2017
Whether you’ve just unpacked your first box or you’ve been living in your house for years, chances are there’s something about your home you’ve desired improving. However, before beginning a project there are a few key home remodeling terms you should become familiar with. Understanding these terms will help you navigate conversations with your remodeling […] The post 6 Key Home Remodeling Terms to Understand Before Beginning a Project appeared first on J. Thompson Builders.
By Jeremy Thompson 15 Apr, 2017
When it comes to home improvements, most of us are always looking for new, innovative ways to make changes to our homes. Whether you want to remodel your kitchen or just put shelves in your garage to store your tools, there are a wealth of home remodeling ideas to explore. Thankfully, there is a range […] The post 5 Home Remodeling Blogs That Will Inspire You appeared first on J. Thompson Builders.
By Jeremy Thompson 01 Apr, 2017
Few understand the custom home building process until they’ve experienced it themselves, and even those who have often don’t understand the aspects they haven’t experienced (e.g. if you haven’t built a custom home in a subdivision you may not understand how lot covenants work). Six key facts are important to understand when building a custom […] The post 6 Key Facts to Understand About Building a Custom Home appeared first on J. Thompson Builders.
By Jeremy Thompson 15 Mar, 2017
One of the more frustrating and confusing tasks when financing the building of your custom home or the remodel of an existing home is finding the right lender. Do you go with a broker, or a credit union, or a small hometown bank, or a large banking institution? How do you know they will give […] The post Home Building and Remodeling: Finding the Right Lender appeared first on J. Thompson Builders.
More Posts
Share by: