Why does a renovation project cost so much?
One of the realities of an extension or renovation project is that there are likely to be a few surprises along the way, and unfortunately these generally aren’t nice ones. Unlike a new home where there is little scope for surprises to catch you out, a renovation may have any number of surprises that do not reveal themselves until work has commenced. Upgrading electrical work, structural modifications and waterproofing issues are common problems.
There are two common ways that surprises lead to additional cost. Firstly, the builder may add a contingency into their quote to allow for some of these surprises. Secondly, the surprises might be treated as variations to the contract price as they arise; meaning that the additional work and cost may also incur a builder’s margin of up to 20 per cent on top of the cost of the additional work. In some instances, both of these situations will eventuate, where, even after making some allowance in the quote, the actual cost of dealing with unknowns is over and above what has been allowed for and quoted.
What is the timeline for the project?
A project timeline is a visual reference point that allows teams to understand the flow of steps necessary to complete a project on time. It offers an overview of all the required tasks, along with their assignments, priority levels and milestones.
Having one, no matter how simple, allows for optimal time management and efficiency.
Benefits of a Project Timeline
Creating a timeline for projects of any size can provide significant benefits for every member of your team. Having a plan to refer to whenever things get murky allows everyone to stay on task and work as efficiently as possible.
A project timeline ensures deadlines are met, and that the entire team is unified and working together towards a common goal.
Timelines also provide team leaders the ability to track progress, and pivot direction if necessary. And since no one wants to be micromanaged, a project timeline provides the space and flexibility for team members to work at their own pace when completing tasks.
How is renovation project initiated?
This is where your dream begins to take shape. This where you define the project’s purpose and scope, much like sketching a blueprint for your home’s transformation.
What is the total budget for construction?
In construction, where every penny counts and the unexpected is expected, a well-managed budget is essential for finishing a project successfully. More than just setting up initial figures, budgeting is a constant process — it requires ongoing attention and the flexibility to adjust as project demands change.
A well-thought-out budget that skillfully handles the complexities of construction finance can make all the difference, giving a project the solid financial foundation it needs to thrive and ensuring that the project is completed within its financial limits.