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Questions on cost July 26, 2006

Posted by Art K in Art K's Blog.
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I have been pricing jobs in the construction field most of my adult life. Over the years I have found that less than 5% of clients I have talked to about home renovations have worked out a budget for their project. This oversight can lead to minor setbacks, major downsizing or in worse case senarios, maritial distress. I have found that most projects can be worked within budget restrictions. It is crucial to determine the difference between the emotional, (what you want) to the practical (what you can afford). Any variation between the emotional and the practical will mean cost overuns. When deciding on a budget one should allow up to 10% for unforseen costs. When a project starts, in my experience, there will always be some changes made during construction. This is quite common and can be accomplished smoothly if the changes are agreed upon before they are made.Be wary of contractors that are not agreeable to putting these changes on paper. If a change can save you money and it is not in writing, it is unlikely that you will see the return. On the other hand, if a change is going to increase your costs, you will know the amount if it is agreed upon by you and the contractor. Most contractors are are legitimate, but do not be afraid to ask for references. Call the reference and ask how their project went. What was the contractor like to work with? Did the job come in on budget? Was the time frame acceptable? Hopefully these questions can be answered easily.Happy renovating.

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