Prerequisite: Home Building Journey [3.0] — Budget Wisely
If you look at the budget stages, you can notice that in each stage you can’t predict or see what is going to come in the next. No matter how detailed your initial budget is, you cannot know what professionals will tell you, nor will the architect know what will happen when contractors pull down the gyp board, nor will anybody know how much it’s going to rain during construction and how much damage it will cause. But, you can be absolutely certain that the unplanned will happen.
You should disclose your budget to the architects and the contractors in each phase. It’s important for them to know what the goal is. Designing is a balancing act. Designing for low budget and then expanding, or designing for unknown budget and later downsizing is double work and gives not so good results. Think of it as planning, browsing, and trying on your fabulous new look at Saks and later going to Gap trying to achieve the same look. You would design your look much better by going straight to Gap. I’m sure you will agree that opposite thinking also doesn’t work very well.
….but, don’t share info about your total funds available. That number is only for you.
Hold designers and contractors accountable for the budget. If you disclose it at the beginning, expect them to design within the budget. Word of caution, designing within the budget is not easy and some designers are not best at it. Check and question alignment with the budget regularly. Checking only at the end doesn’t leave you many options. Paying somebody to check the budget for you results very often in savings in overall cost.
Develop budget options. For example, you can have two options for a fridge at different price points and decide towards the end of the construction when it’s more clear how much you have left in the budget.