Whether you’re building your dream home, expanding your office, or even heading up a major commercial development, you need to be on top of your budget. Here are 4 ways to improve project budgeting and get better results of your money.
#1 Set milestones
Every project should start with an estimate of costs… and every project ends with a final bill. Ideally, the estimate and the final bill should be the same!
If you want to keep a handle on costs, then set regular milestones to check in with your architect, designer and contractors. Keep track of the actual costs versus budgeted costs throughout your project, so that you can adjust if necessary.
#2 Check in regularly
As well as budgeting milestones, you should be in regular contact with everyone on the project. Set clear expectations about how much information you want to receive, and how often. You don’t want to get any nasty surprises, or information that comes just too late.
Get an expert accountant
Having an expert on your side is always valuable, whether you’re an experienced developer or a first-time home builder. A good accountant or owner’s representative will be aware of potential issues and help you communicate with your team. They’ll also be able to analyse tenders, review budgets, and monitor costs.
Click here to learn more about the D-Essentials accountant, Marly Cordoves!
Don’t forget about taxes
Any new construction project will have fees, taxes and duties associated with it. Make sure you’re aware of all the potential charges, and factor them into your budget right from the start. An unexpected tax bill could throw your whole budget off.