How to stay on budget – renovation tips from Alair Homes on Vimeo.

Bernadette: “Hi everybody my name is Bernadette Laxama and I am here with Veneesh Das and we are from Xeva Mortgage. We are here with David from Alair Homes and talking about the importance of the budget when it comes to construction. The big challenge that clients face when it comes to construction is there is a budget and it doesn’t end that way after construction. Can you talk about that how to keep the budget?”

David: “Sure. To keep on budget it is about the process that you enter into. So what’s really common in our industry is you enter into a contract with a contractor and you start the process and you are designing as you are going, you are making choices as you are going. And that is a recipe for cost overruns and delays because when you are in the middle of construction and you are still making choices then you are going to step backwards to redo things or you are waiting for delays for the choices to be made. So that’s a really poor method to go about it.
The better way to do it and to protect your budget is make all of those decisions before you start construction. So there is a number of things that should be done first which includes: all your drawings, all of your designs, all of your engineering, you’re designing if you are going to do that. And then that information your contractor has the ability then to get quotes and details on everything for the whole house, and he should get all of that before starting. Then you are in good shape to be able to control your budget so it will stay in because all of the decisions are made, all of the quotes are in, so you should be able to stay on budget as you go through. So that’s really the best way. Use that process, don’t just start launching into building without that.”

Veneesh: “So to recap create your budget, create your plans all up front, do as much work upfront and stay within that budget and those plans and your budget will stay intact.”

David: “That’s right, yeah.”

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