If you’re thinking about building a new home or embarking on a home addition project, chances are you’re starting to plan for how much money you’ll spend. While that’s clearly important, we suggest you also think about how much time your project will take, and plan wisely to avoid long delays with a home building cost estimator.
There are clearly a lot of reasons to keep any project as short as possible. For one, construction projects are stressful, especially when your daily life is interrupted because of work being done on your own home. Long projects can often mean spending more money, especially if you’re contracting out most of the work. And, depending on where you live, bad weather can be a big problem for home addition and building projects.
Still, unexpected delays are common in home addition projects, and it’s important to plan for some interruptions in your schedule. However, there are some ways you can avoid some of those delays before you start. Good planning starts with a home building cost estimator tool, which can help you educate yourself on construction costs, remind you of all the details to keep track of, and make sure you’re on the right track to finish on time. And, before you start your project, follow these best practices for keeping your project running smoothly:
Hire with good communication in mind
When you’re hiring workers, whether an architect, contractor, painters, or interior designer, make sure to factor communication into your decision. In terms of getting your money’s worth, communication is sometimes just as important and necessary as construction experience and expertise.
Have the right materials at the right time
Between contractors, construction companies, specialized workers, appliances, interior design, and more, home addition and construction projects require a lot of coordination and communication. Not having what you need, whether it’s your bathroom tile arriving later than expected, a miscommunication with your contractor, or not having the dimensions of your preferred oven or dishwasher when you’re planning out a new kitchen, can throw off the timing of your entire project. Make sure you plan as much as possible before starting on your project, and build in some extra time to account for those unexpected delays.
Make decisions early
Home construction projects aren’t just a lot of time and money — they can also cause a lot of stress. Construction projects require a lot of decisions, big and small, and that alone causes a lot of stress, especially in the middle of everything else going on! Decisions large and small, from the layout of your whole addition to the paint color of a single room, can cause delays in your schedule – and those decisions get harder to make as your project progresses and you’ve got more going on.
Try to have most of your decisions made before you start the project so decision-making doesn’t cause long delays. Even the decisions you won’t need to make until much later in the process — like interior decor — will be much more stressful in the middle of your project than at the beginning. And make sure to think about everything you’ll need along the way — for example, even though you won’t buy an oven until after your new kitchen is completed, you’ll likely need to know exactly how big your preferred appliance is in order to plan its layout.
Make sure you’re as thoroughly prepared as possible for any new addition or home building project. Using a home building cost estimator tool can help you think through the details before you start your project.
There can be some hidden costs so it’s important that on top of using a home building cost estimator, that you consider other things that play into the total cost. Often, homeowners fail to calculate costs effectively—leading to financial mistakes and under estimation of total expense. Maintaining your budget is one of the most important parts of the entire process so save yourself some problems by using these three tools to make sure you have a good handle on the overall scope of the project costs.
Tool One: Cost Index
This home building cost estimator contains a wealth of information relevant to home additions. Remodeling an existing house can cost more than new construction, as additions must be tailored around pre-existing conditions.
Take a look at the budget guide to get a general idea what kind of budget you will need to consider before beginning a home addition project. Of course your actual costs can vary widely, mostly based on where you live. So you should consult local experts to get more realistic projections. Architects and contractors can be a great help in this area.
Tool Two: The “Budget Equals Cash Plus Borrowing Power” Equation
When planning your project, make a list of all the building materials and equipment you can think of. Put the costs in an estimate spreadsheet. Increasing a home’s value requires an effective use of resources, and it requires an effective list to comprehend it all.
Understanding “borrowing power” is important. Your local mortgage lender can assist with your project’s valuation. They also can assist with borrowing. If you’re considering getting a loan—factor borrowed funds into your total budget equation. In the end, your equation should look like this:
Budget = Cash + Borrowing Power
Combining borrowed finances with total, spendable cash dictates your budget. Your total funds indicate your spending potential. Financing effectively is incredibly important for any home addition project. Not only does it create a “safe building” environment, fiscally, it also helps create an accurate “home value” price. If you ever resell your home, you’ll have a literal shopping list of the items that went into building the addition and that can be a valuable sales tool.
Tool Three: Your Local Contractor
A general contractor is a wealth of material resources, information and skill. Professional assistance guarantees quality project management and that helps you maintain high-standard goals.
Additionally, your contractor understands industry regulations. He or she knows the “laws of the remodeling land”. They can offer guidance that can help you save money in the long run.
When building an addition, your contractor can ensure that you are using the best materials for the job. While identifying costs is important, obtaining quality supplies is equally important. Contractors have been industry experts for years, and they can assist with all aspects of home addition projects including the all important cost aspect.
Why are home building cost estimators important?
Like any project, home remodeling consumes resources. Time, labor and money are these resources, and when you don’t plan, that leads to lost money, wasted time and poor execution. On paper, a remodeling project may look simple. It may look easy, too. However, that is a misconception. As with any project, planning is everything.
Approaching a home remodeling project with careful planning is important. The structural planning and design planning is best left to the professionals like architects and contractors. However the financial planning falls on your shoulders.
So prepare for your responsibilities and you will ensure that your home addition project stays on track and doesn’t break your bank.