How Do I Keep My Building Budget?

The key factor in whether this project can become a reality is primarily finance. Many who have already taken the step of renovating or building a property say in retrospect that keeping the budget was one of the biggest challenges.

Is demolition or renovation worthwhile?

This fundamental question is at the beginning of every major construction project. The best thing to do is to get an architect or appraiser on board, who puts your own project through its paces and lists which construction measures are due in detail and uses them to write a detailed plan and construction description. Professional advice is not free of charge, but it is not for nothing: In retrospect, you can save a lot of money on planning with the information gained.

Are there any grants for my project?

State subsidies for construction measures that happen in the interests of the environment are often subsidized. For example, there are grants for heating renovations or window renovations.

The service provider search

Once it has been clarified whether part of the expenditure can be remunerated through subsidies and whether a demolition or renovation is worthwhile, it should be clarified which service providers are suitable for you. Comparing is the very first requirement. Online assessment tools are a good addition to classic word of mouth, which good artisans have often used to make a name for themselves.

Networks

Brand communication: “You know someone who knows someone, who knows someone …” This type of network is particularly common in artisan circles. You can also take advantage of that. In discussions with the artisans, one or the other insider tip often needs to be taken into account.

Avoid obvious lure offers

Caution is advised when craftsmen or companies lure you with offers that sound too good to be true. Inferior components are often used in such offers that only barely survive the guarantee period. To be sure, it is better to pay attention to high-quality products and careful installation right from the start of construction.

Insist on invoices and receipts from service providers.

Actually, of course, but since small cattle are also known to make a mess: keep a detailed record of all interim expenses, from the daily snack beer for the construction workers to the disposal of pollutants.

Don’t forget additional costs

So that the dream of owning a home does not become a financial nightmare, each builder must calculate the incidental costs in addition to the pure construction and renovation costs. As a rule, these can make up to 20 percent of the total. In order not to miss anything in the jungle of costs, enough time should be planned before the start of construction to get the best possible information.

Trust is good, control is better

If the house construction is coming to an end, the trade bills will not be long in coming. If the bill is higher than agreed due to various additional services, the trouble is pre-programmed. In order to avoid this situation, which is unpleasant for both sides, one should not blindly trust the craftsmen, but monitor the work regularly and document any verbal agreements. A valuable tip: keeping a construction diary. The respective construction progress and any special features are recorded and the documentation is an important safeguard in the event of a dispute. In addition, the invoices should only be paid when the service has actually been performed and its accuracy checked.

Schedule financial reserves

Even if every detail of the new home is carefully planned, additional expenses can arise unexpectedly during the construction phase due to new wishes or unexpected events. This is why the expert recommendation is: Plan around 10 percent as a buffer to be prepared for all eventualities and to avoid financial difficulties. Because the joy of the new home should be enjoyed to the fullest!