It is no secret that the vast majority of people from outside the property development industry who decide to undertake a project to build a new house or fully restore an old, dilapidated house, tend to go over budget – quite often by a significant percentage, or even multiples of the original estimated cost! This is often because of factors that simply can’t be predicted like unforeseen problems or rising costs in terms of materials over the course of the project. But, many inexperienced people also miss out important and expensive things in their original plans.
Here are some things you must remember to factor in to your original budget and get quotes for when starting your building or restoration project:
Many people think about the big things, like getting the walls up and the roof on, but not so much about the smaller jobs that will turn the structure into the home you dream of. This can mean things like painting, both on the interior and exterior, and even hiring an interior designer to pick out color schemes and choose and procure things like drapes and furniture. Decorating a home, particularly if you have big ideas, can be almost as expensive as building one, so make sure you factor in the costs of ‘finishing’ the house as well as simply putting it up.
Equipment and Machinery Hire and Transport
Most projects will require quite a lot of expert equipment, and as well as getting hold of this, you need to arrange for it to be brought to your site, set up and operated. Depending on the extent of your project, you could need anything from a cement mixer to a crane, and you need to make sure you have not only done your research and worked out what you need, but also planned for a machinery moving service, and any set up and operation costs.
You’ll need insurance coverage for all the people working on your project. If someone is injured on your site you may be held liable, and so it is vital that you have adequate coverage, as well as following all health and safety standards appropriate to your area and the project itself. You should get quotes for this early in your planning as you will need coverage to start from day one that people are working on your premises.
Legal Fees and Permits
You may need a lawyer to help you sort out any planning permission or permitting issues, and you may (depending on the laws in your part of the country) have to pay for permits for certain things, or pay to have inspections to prove what you are doing is up to code. Looking into your legal position is something that should be done before you even begin to plan the project in earnest as it can prevent you from doing anything at all. So, make sure this is something you investigate right away and learn the costs that you will be expected to meet so you can include them in your budgeting.
This post has been contributed by Danny Sawyer, who is an employee at Halbert Brothers Inc. His hobbies include bike racing and playing chess.
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