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Renovations & Extensions - How Much Do They Cost?

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One of the biggest concerns for anyone undertaking a renovation or extension projects in Nottingham is money. How much will the building work cost? Are there any hidden extras? And is the expense justified in terms of the value it will add to the property? Without a clearly worked out budget, it is impossible to answer these vital questions, or to make informed decisions.

 

Developing a comprehensive budget is an essential part of the project planning process. Initial estimated figures, gleaned from looking at other people’s build costs, will enable you to plan a project of appropriate scale and ambition according to your available means.

 

A more detailed analysis of costs will allow you to make decisions on the specification of materials, fixtures and finishes, allowing essentials to be prioritised over luxuries. It may also be possible to plan for the work to be phased, with the essentials completed first, and fitting out of some parts completed at a later date when more funds might be available.

 

A budget is not a one-off calculation, but should be adjusted on an ongoing basis throughout the project. As some costs inevitably increase, others can be renegotiated, reduced or omitted to compensate. If costs come in under budget, some extra features can be brought back in. This way financial problems can be flagged up long before they become a crisis.

 

A huge number of disputes with builders boil down to the fact that the client has simply run out of money, and can’t afford to pay for the work they have instructed, and then looks for any reason to avoid paying. Make sure you do not end up in this difficult position, by preparing your budget carefully, making sure you have allowed for all of the costs listed here, and by leaving a contingency of 10-15% of your total budget to cover unforeseen costs.

 

 

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