Should I Set Aside a Contingency Budget When I Use the Services of a Builder in Sevenoaks?
When booking in for building work, one of the biggest considerations is naturally going to be your budget. Whether you are extending your home, renovating your existing property or using a builder for more substantial home improvements, you need to know how much the project is likely to cost before the materials are ordered and work begins.
However, even with careful planning and an accurate quotation, there are occasions when additional costs arise. As an experienced builder covering all Sevenoaks areas, we believe it makes good sense to have a contingency budget available for exactly this reason.
You can learn more about contingency budgets in this blog post.
Why Can Building Costs Increase?
A quotation is based on any works that can be reasonably identified, and assessed, before a project starts. The difficulty is that there could be problems that may be hidden behind walls, underneath floors or within parts of a building that aren't accessible until work gets started. Even a builder cannot see these until the job is underway.
For example, removing existing walls or floors could uncover damaged timber, unexpected leaks in plumbing, outdated electrical systems or other issues that need attention before planned work can continue.
Old properties in Sevenoaks often produce the occasional surprise!
If additional work cannot reasonably have been identified beforehand by your builder, it won't necessarily have been included within the original quotation. Addressing this can increase the project’s cost.
What Impact Can Unexpected Work Have?
Discovering an issue doesn't automatically mean the project is going to become a major headache. What matters is identifying the problem, explaining the options and talking to your builder so that you reach an agreement on how to proceed. Maintaining communication is always going to be the best way to resolve unexpected issues that arise.
Additional work will affect the schedule as well as the budget.
More materials may need to be ordered, another tradesperson could be required, and an unexpected problem might need to be resolved before the next stage of construction at your Sevenoaks property can begin.
Communication is important to Parallel Builders.
If something unexpected is uncovered, we discuss it with you instead of pressing ahead and presenting you with a surprise bill later.
How Much Should I Set Aside as a Contingency Budget?
There is not a perfect percentage because every project in Sevenoaks is different but setting aside around 10% to 15% of original project costs is a perfect starting point for many homeowners. For a £50,000 project, for instance, this means having to put approximately £5,000 to £7,500 to one side as a contingency fund should the worst happen.
This doesn't mean you should expect to spend it. The idea is to have a cushion available should your builder discover unforeseen work.
The appropriate amount will depend on the property and the nature of the project. When work is being carried out on an old building, you may feel a larger contingency gives you additional peace of mind.
Planning Projects with a Trusted Builder in Sevenoaks
No homeowner wants the cost of their building project to increase.
Nevertheless, it is important to recognise that your quotation can't always account for something that remains hidden until construction begins. A builder, after all, is just that. While provisions on the job can be made based on previous situations where unexpected works were needed, all stakeholders should accept each build is unique.
By including a contingency within a budget from the outset, you are better prepared if an unexpected issue does arise during the job.
If you don't need to use it, then all the better!
If you are planning improvements to your property and need a builder in Sevenoaks, call Parallel Builders. We discuss the proposed work, your budget, and what to consider before your project gets underway.