Any home construction project is a big undertaking with many moving pieces that requires a lot of coordination. Because it’s such a comprehensive process, it can be difficult to plan out everything all at once. However, due to the high cost of home construction projects, the possibility for unexpected costs and roadblocks to arise, and the personal cost of interrupting everyday home life, proper planning and budgeting is incredibly important in home construction.
Failure to properly plan and account for each piece of a home construction project can leave you with many unexpected costs – and once you start, you can’t stop, which means you’ll be left with a much larger bill than you thought, or lower-quality materials, or both. Here are a few unfortunate, but common, consequences that often arise from poor home construction cost planning:
1) Lower-quality materials & higher costs down the road
Failure to account for unexpected costs early in construction can lead you to buying lower-quality materials, appliances, and furniture later in the project to make up for it. Not only could this lead you to being less happy and satisfied with your new home or addition, it could also cost you more in the long term. Though cheaper products may seem like your only option at first, they may break, scratch, or fall apart earlier and require you to pay even more in the future.
2) Unexpected Delays
Even if you have everything planned out on a perfect schedule, unexpected setbacks can arise due to anything from materials in the land you’re building on to hidden mold. These setbacks will likely put a dent in your budget, and you can also end up with a much longer-term construction project than you anticipated – especially if you can’t immediately fund these unfortunate interruptions.
Losing time in a construction project can be a big problem – especially in home projects that displace or interrupt everyday life. If you live in a climate with more extreme seasonal weather, or if you’re embarking on an especially large project, it’s even more important that you build in extra time (and money) to your plan so you’re not left with an unfinished home!
3) Small (but necessary) details
In the midst of a big home renovation or construction project, smaller details like lightbulbs, mailboxes, and landscaping are often forgotten – but no less necessary than bigger, more obvious considerations. If not accounted for before construction starts, small details can add up quickly on top of an already large construction cost.
If you’re thinking about a home construction project, make sure you don’t lose time and money due to poor planning. Though it’s impossible to plan for every unexpected cost, here are some tips for making sure you’re not caught completely off guard by any unplanned surprises:
- Ask for recommendations on contractors, builders, and experts from friends and family to make sure you hire someone you can trust.
- Get multiple opinions from experts and contractors before you start your project. This will ensure that you get a range of pricing options and a better idea of what your project will actually cost.
- Make a detailed budget and plan – including small costs and all the details you can think of. Make sure to ask for specifics from contractors, builders, and specialists about how much they charge and exactly what’s included in their pricing – some companies like to bid low to get a job, then add on extra costs.
Build in a lot of room for extra monetary costs and time that may arise. You can’t plan for everything, but you can try to make the inevitable surprises more comfortable if and when they do come.