How to manage cost when building your new home or extension

  • July 2024
  • Kieron Peaty

Managing the budget for your project is always going to be one of your top priorities. Whether you're extending, refurbishing or going big with a new-build, keeping costs in check can feel overwhelming, especially if you're not familiar with the process. Not to worry though, here we're going to give you our top tips to help you navigate those budgeting challenges and manage potential cost overruns.

Manage Cost

1. Clear, Detailed Budgeting from the Start
We begin with a detailed, transparent cost plan tailored to your project’s specific needs. By clearly defining scope, materials, and construction phases early on, we reduce the risk of unexpected expenses. Our expertise in small residential projects ensures we know where hidden costs often arise, and we're well versed in helping clients avoid the pitfalls.

2. Flexibility Without Compromise
Unforeseen issues can happen during any build, as with life! But by working closely with you to identify cost-effective solutions we're able to hold on to the essence of the design without compromising on quality or losing the concept. By regularly updating the budget and having open communication, we ensure that any changes are carefully considered and approved before moving forward. After all, the detail is the design.

3. Contingency Planning
We always recommend setting aside a contingency fund of around 10-15% of the project cost. This buffer helps to accommodate any surprises during construction, so you can stay on track without stress.

4. Value Engineering
Through value engineering, we help you find smart alternatives to reduce costs without losing the essence of your design vision. Whether it's recommending alternative materials or optimizing layout efficiency, we focus on maintaining the project's quality while keeping costs manageable.

The important thing to remember with value engineering, is that the biggest savings happen early in the process. That's it's vital to the success of any project to have meaningful conversations about cost and budget at the outset.

5. Regular Cost Reviews
To ensure the project remains on budget, we conduct regular cost reviews throughout the build. This allows us to identify any deviations early and adjust accordingly. Our proactive approach keeps both the project and your finances in balance.

By working with us, you get more than just beautiful design – you get a partner dedicated to managing your budget and delivering exceptional value.

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Book your free consultation to tell us more about your project and to find out how we can help.