I seriously can’t remember ever building a home, when I was being employed by another contractor, where the construction budget was balanced. Whenever they were my projects, I ensured that individuals finish the work on a budget, unless the homeowner wanted something extra and understood the results.
I can’t stress this enough, to anyone interested in creating a new house, renovating a well used one or simply just remodeling your bathrooms. If the contractor will give you a cost of $25,000 to transform your home plus your prices are $26,000, this should send an obvious signal which you only have an additional thousand dollars to waste time with.
I was working on an entire house remodel on one occasion and also the budget was around $400,000. The contractor that I was working together with at that time wished to please the homeowners and incredibly didn’t reconsider going through, as well as on the building budget.
When the work was completed, the homeowner had spent over $625,000 and that’s $225,000 over budget and I’m certain that it put this family into some strong financial burdens. This isn’t the first time similar to this happened to someone who I was dealing with or employed by.
If you’re constructing a home along with the contractor who doesn’t provide you with a fixed price, you need to find another contractor. You must know exactly what the home is you go to cost when finally completed. In case you didn’t hear what I just said, make sure which you have a fixed price contract from the general contractor and that it is all totally in the contract.
The worst thing that could get lucky and anyone creating a home or remodeling one is, to begin with, a construction budget that is already more than within your budget, only to find out later on that the cost overruns are likely to force you into financial devastation.