Budgeting for Success in a 100-Day Renovation

 Renovating in 100 days promises quick facelifts to your space with minimal disruption. This can be quite exciting due to the fast pace, but one should definitely not lose sight of their budget. Now, the best construction companies understand just that. With that said, here is everything you need to know in order to keep things on budget when you are working on any 100 day renovation project.

Cost Control Strategies and Early Procurement

Sticking to your budget during a 100 day renovation demands proactive cost control strategies. Here are a few key ones:

Detailed Cost Breakdown and Contingency Planning: Due to the fast pace of renovation involved with fix and flip, before starting, you must make a detailed breakdown of all the anticipated expenses, including material and labor costs, permits, and potential unforeseen circumstances; with a contingency plan in place, there will be a proper allowance for various unforeseen situations that could arise in the fast renovation pace.

Advanced Buying of Materials: Do not wait until the last minute ordering materials. Once you have settled on your design be sure that the prices lock on the materials in time so that a sudden increase of the same or shortages of materials do not meddle with your project. Work together with your contractor towards finding materials that you could order way ahead of time.

Value Engineering and Exploring Alternatives

Sometimes, achieving your vision within budget requires creative thinking. This is where value engineering comes in:

Optimize Design and Specifications: Work with your contractor and designer to explore alternative materials or construction methods that offer similar functionality or aesthetics at a lower cost. This does not necessarily imply reducing quality; it's just finding smarter alternatives.

Prioritizing Must-Haves and Exploring Alternatives: Be sure to identify what features are absolute needs for your project and those places where you might want to look at an alternative that is less expensive. A good contractor can be extremely helpful with suggesting alternate materials or finishes that will keep the look and feel of the design without the huge hit to the wallet.

Conclusion

Behind the success of a 100 day renovation is a clear budget, being proactive with regard to control over costs, and readiness to seek smart alternatives. Remember, even small adjustments can make a great difference. Partner with a construction firm that prides itself on clear communication and collaboration. Work with them to generate a realistic budget and explore any value engineering opportunities.

Are you now ready for a 100-day renovation? Partner with a construction company that values budgeting and creative solutions. You can engage with Douglas OHI for assurance of on-time and within-budget completion of a transformed space.

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