Budgeting for construction projects can be challenging, particularly if you’ve not had much building work done before. Whether you’re tackling a small project like adding a new wall or a bigger project like a large extension, some careful planning will help you to manage your finances. Here’s a quick guide to help you plan your construction budget like a pro:
Define Your Construction Project
You can’t make a plan for your budget without first knowing what your project is going to entail. We recommend that you write down what your goal is, so you know exactly what need to be achieved. This doesn’t have to involve technical drawings or knowledge. Simply write down a list of what you’d like. From there, you can discuss with your contractor what the size of the project will be, which materials will be needed and any specialist work that may be required.
Do Some Research
If you’re not very clued up on construction work, you may feel a little overwhelmed by some of the prices you’re shown. Make sure you have reasonable expectations, and do some research ahead of time. You can discuss with your builders what the market rates are for the materials and work you need, as well as have a look on Google. If you know someone else who had similar work done, you can also ask them how much their project cost. Remember, times can change quickly. If you’re asking someone who had an extension built in the early 2000’s for example, their budget will look very different to one that’s needed today.
Break Down The Construction Costs
Ask your contractor to provide you with a full breakdown of costs. You’ll want to know how much you’re spending on labour, materials, permits and fees, as well as any equipment. With that fee in mind, have a think about how much more you would be able to put towards your project. A contingency fund is essential, as you never know what might be uncovered or what could end up not going to plan. Be realistic with your contingency fund and make sure you can afford to spend it if necessary.
Choose Castle Construction & Groundworks For Your Building Project
If you have a building project in Carmarthen that you’d like to get off the ground, get in touch with the team at Castle Construction & Groundworks today. We would be happy to discuss your requirements with you and provide you with a full breakdown of costs. Let us help you plan your construction budget for your next project.