Note these tips to avoid budget overshoot in construction

Image Credit: Special Arrangement/Manorama Online

Estimate budgeting is a major factor that could make or break the construction of your dream abode. The amount that you are willing to spend should be decided in advance. Bank loans or other loans, their monthly payments and their duration should be considered while preparing the estimated budget. It is important to decide a deadline for the completion of the construction as the budget/construction cost is directly connected to the duration of the construction.

Make sure to get a detailed estimate of the construction from the engineer/architect. Besides the construction of the structure, the detailed expenses for building the compound wall, well, outhouse, store and landscaping too should be included. It must be noted that all these too should be built along with the structure for the construction to be completed. The remuneration of the designer as well as the amounts that are to be paid to the government should be included in the expenses.

The specification details should be noted while preparing the estimate as the fluctuations in the estimated budget would mean that the cost of each brand of building material is different. For instance, the cost of flooring materials, switches and taps vary with the brand. Similarly, there is a huge difference in the cost of materials like plywood, marine ply and MDF, when it comes to various brands. While building a budget home, the material specifications should be clearly understood and choose only what is required in order to keep a check on the expenses.

Having an idea about the furniture that is required in the house would make things easier as the construction gets over. It would be wise to decide in advance whether your old furniture could be reused or given a makeover. However, in case you are reusing the furniture, you must ensure that they suit the interiors and design of the new house.

People often complain that the budget overshot and the expenses were higher than the estimate. This clearly indicates the lack of proper execution of the budget.

Points to note
Decide in advance the budget that you can afford.
Save an amount for the construction of the compound wall, well and landscaping. Besides, the designer’s fee and the amount that needs to be paid to the government too should be calculated.
Knowledge of the specification details is significant while preparing the estimate.
Discuss with the designer and prepare a list of items and areas where you intend to go easy on the pocket. 

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