Top Tips And Tricks For Sticking To Your Budget

Having the opportunity to build your home from scratch or renovate it to be exactly what you’ve always wanted can be so exciting! There are so many important decisions to make when you are planning for your new build or renovation. One of the biggest parts to consider is your budget. Without a budget, you have no foundation or direction. One of the hardest things to rectify is getting partway through a project and realizing you’ve already capped out. Where do you go from there? Prior to beginning your build or renovation, you should have a set budget in place and continue to reference it as you work through your plans to ensure you are still on track. Here are some tips and tricks to help you stick to your budget so there are no surprises down the line.

Have a documented plan in place: Prior to starting a new build or renovation, i.e buying supplies or actually physically starting the labor, you should have a well-thought-out and documented plan on what you want the place to look like, what supplies you will need, the estimated amount of time it will take to complete the project, etc. Having a documented plan and referencing it regularly throughout the project will help everyone stay on pace and help keep everyone on the same page about where you are in the process. 

Make a short list of your top priorities: The best way to stick to your budget and ensure the most important parts of your vision come to life is to decide what the most important ideas are to begin with. What are the parts that you absolutely want to include no matter what and what parts are optional and can be scrapped if you are about to cap out your budget? Having a clear idea of what visions are the most important will help mitigate the risk of hitting your budget before the most vital components of your vision come to life. 

Ask any and all questions: Make sure every question you have is answered to your satisfaction. If you need clarification on something from your builders, just ask for it. You are paying them to do a service so it is important you understand what the plan is for your home and how they are going to make it happen. There are no stupid questions. When it comes down to it, it is their job to ensure you understand the work they will be doing and that everyone is on the same page so the project will go smoothly. It’s better to ask for clarification when you need it before the project is started, rather than after when you see something you don’t like.  

Choose the right team: At the end of the day, you need to trust the team of builders you choose for your project, and have confidence that they will complete the projects to your liking. You wouldn’t hire people you don’t trust to run your business, right? So why would you do that with the team handling your new build or renovation? Ask to see proof of their credentials and licensing; to see their portfolio of completed projects; etc. You need to be sure the team you hire will get the job done to your satisfaction, while trusting them to stay within your budget and be upfront about any issues or changes along the way.

Be flexible with your budget: Going into any new build or renovation with a strict budget can cause issues further down the line. You never know if a product or material will change costs, maybe you end up needing more supplies to complete the project than initially planned, or maybe the product you chose is discontinued before you’ve finished purchasing supplies and you have to pivot your idea. Going into the project with a flexible budget and flexible mindset will allow you to create a new plan more easily if something in the original plan goes awry. 

Communication, communication, communication! When it comes down to it, communication is key. Make sure every party involved in your project is apprised of the plan, the budget, the supplies needed, what vendors are in charge of what, etc. Have a meeting set to discuss so everyone is on the same page and continue to check back regularly to ensure all questions are answered and everything is clear. You don’t want to run into an issue where you go over budget, simply because someone misunderstood something in the plan. 

If you’re looking to build or renovate in the Sacramento area and have questions about your budget, reach out to the experts at Vinson today.