Your budget is talking. In fact, it usually has an opinion about everything. So what is it saying about the idea of a building project? And where should you start the conversation?
In our first installment of this series, we took you through the 8 Starter Questions To Answer When Thinking About Building. Now comes the even more fun part: taking on that chatty budget. It won’t be hushed. We’ve tried. We used duct tape. It chewed right through it. So what budget questions do you need to ask?
In our years of experience, we’ve discovered that although a budget won’t be silenced, it can be guided. Gentle like. If you want to establish a budget for your project and feel comfortable that the budget is realistic, start by answering these budget questions:
How many square feet will I need in my new building?
How much per square foot have I budgeted?
How does this compare with the average construction cost in my community?
Have I budgeted for total project costs?
- Building costs
- Land improvements
- Utility development costs
- Equipment/furniture costs
- Soil tests
- Site demolition (if any)
- Site preparation/improvements
- Design fees
- Construction insurance
- Special construction insurance
- Brokerage or legal fees
- Land survey
- Environmental impact study
- Traffic study
Now that my budget is established, is that dollar amount flexible?
You may always feel as if you are speaking English and your budget’s native tongue is Swahili. However, with these questions answered, and a little game of charades mixed in, this will get you and your budget talking in no time.
Check back over the next few weeks as we tackle this ongoing series and outline the questions you’ll want to answer at each step of the building process. And don’t miss the first in this series: 8 Starter Questions To Answer When Thinking About Building
If you have any questions or comments, tell us below! We’re here to help.