Early budgeting and feasibility checks are critical to a successful renovation.
Too often, projects suffer from significant “cost blowouts” because homeowners and designers progress into detailed design without a clear understanding of the financial reality.
This lack of foresight frequently results in thousands of dollars being poured into consultants, site reports, and formal design drawings and approvals – not to mention the enormous amount of time and emotional investment – for a design that is ultimately unaffordable to build. But it doesn’t have to be this way. This course gives you the tools to align your brief and budget before you go too far.
Key Learning Objectives
On course completion you will understand how to:
- Establish a realistic project budget to suit your specific project and personal financial situation.
- Deconstruct your total project budget to reveal your “Construction Budget” – the sum paid to your builder.
- Validate your design feasibility early to prevent wasted time, money and emotional investment.
COURSE PREREQUISITES
- Concept Design Plans: Please have your preliminary sketches or concept plans ready to use for your feasibility investigation.
- Total Investment Goal: For home renovators – A rough idea of the total amount you are willing to commit to the project.
SUPPORTING INFORMATION
This course refers to costing processes discussed in the Renovation Collaborative – Season 1. Podcast: Renovate or Sell?
Find the podcast resources here: PODCAST
COURSE CONTENT
- 1. Let’s talk about money: Overcoming the hesitation to discuss costs.
- 2. Understand your Budget: How much should you spend? Setting an appropriate budget for your specific project and situation.
- 3. Understand your budget: What’s in a budget? Identifying the consultant fees, approval costs, and other costs that eat into your “Construction Budget.”
- 4. Check design costs: How much will my project cost? Preparing a rough cost estimate to see if your concept design is actually viable.
- 5. Check design costs: When to check costs: Identifying the key stages to check costs and knowing which professionals to involve.
- 6. Feasible or not feasible? Clear guidance on next steps once you know if your ideas are feasible or need a pivot.
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