A large part of the building material price increase originates from shipping and supply issues that still echo from the pandemic. The UK’s separation from the EU is another contributing factor that has surged building prices. Using this news it is now paramount that you understand the best places to save and spend money. A good example of this is insulation and fixtures. Investing in quality insulation will improve your home’s insulation keeping it cool in summer and warm in winter whilst lowering energy costs. There are numerous ways fixtures can save you money during renovation. For example, you can reuse your previously installed fixtures and even buy them second-hand from various second-hand furniture and homeware stores – acting as a nice finishing touch to your home renovation.
Plan! Plan! Plan!
To stay afloat while renovating you’re going to need a good plan. There are many things that need to be considered before beginning any sort of construction or renovation of your home. To ensure everything goes smoothly details like budgeting and planning are essential. It’s difficult to get these things right the first time, especially within a given time frame.
You need to decide how much of the renovation you will do on your own and how much of it will be left to your builders. If the entire project will be handled by an architect you need should contact them immediately. Typically it would take a few weeks to get hold of your builder but things are looking bleak with the current state of the construction industry. Unfortunately, you may need to wait up to an entire year for a contractor. Similar times should be expected for construction materials to arrive.
Try and research lead times for materials that you are sure you will need for renovations. This allows your builder to place an order as soon as they start working with you. Leaving you with valuable time to begin your project, and evading any delays that may hinder progress.
Don’t cut corners when hiring builders
It is essential now more than ever to take the appropriate time and precautions so that you pick the builder that is best for you and your needs. Opting for cheaper alternatives could result in problems you don’t need in this climate. It may seem more affordable now to hire a builder with less experience however, this could lead to sloppy workmanship and structural issues meaning you’ll have to spend more money in the future. We strongly advise you against compromising material and service quality just to grab a cheaper quote.
You are probably eager to get your home’s construction up and running as soon as possible but waiting for your perfect builder to come along is your best bet, even if it leads to delays down the road. Hiring specialists, as opposed to a jack of all trades, is important as you want someone who can do what you need well especially when it comes to your home.
Create a contingency fund
Once you have planned your project thoroughly and figured out the costs the next step is to create a contingency fund. Besides the standard hiccups, like beam replacements, a contingency budget will really help you to counterattack any unexpected structural issues, site delays, and most importantly cost increases. Additionally, we are about to enter the winter months so this fund can be used to treat any damage caused by the weather. We recommend you set aside around 20% of your available construction budget for safekeeping.
For further information, please visit the Geobond website.