Real renovators love the challenge of buying homes, commercial buildings, and properties they can renovate. These renovations result in increased property value as well as greater curb appeal. The integral part of any renovation is being able to properly estimate costs and manage the renovation project in the most timely, efficient manner to meet budgetary constraints.
To perfectly time your project, there are several things you can do to expedite the goal of project completion.
. Setting a timeline for overall project from start to completion
. Creating a budget complete with final cost estimations
. Formulating a workflow timeline for labor involved in renovations
The Importance of a Renovation Project Timeline
Plot a timeline for the major phases of home renovations in four phases. These include:
. Estimating renovation costs
. Purchasing of items needed for renovations
. Labor-related time and costs for electrical, plumbing, roofing or drywall services
. Full and final project completion
Phase One: Estimating Renovation Costs
The first phase of any comprehensive renovation project should begin with estimating costs. Knowing in advance the cost of renovations to a home reduces the burden of unexpected outlays of cash. Also, estimating costs for various types of electrical, plumbing and other repairs and installations help renovators remain on budget.
Phase Two: Purchasing
Actual purchasing should be carefully monitored. The real renovator has the option of purchasing from the previously estimated vendor or supplier list. However, all terms of delivery and payment should be directly linked to the quality of products or services supplied.
Phase Three: Labor Time and Cost of External and Internal Installations
Labor, whether performed by the homeowner or outsourced contractors, should follow the purchase phase. For renovators who perform labor, compare labor costs with outsourced contractors’ labor charges. For example you might call Alberta Water Services to check their installation time and price for Calgary commercial plumbing, against what you can do on your own. See what the savings will be and use these toward other parts of the project. This helps balance time and labor to meet project budget constraints.
Phase Four: Full and Final Project Completion
A project’s fourth phase is full and final project completion. This means all building permits and other local compliance regulations have been approved, all vendors and suppliers have been paid, and the project meets original time, labor, design, budget and estimating plans as originally set forth in the project timeline and workflow timeline. A renovation project is considered “full and final” when all renovations are satisfactorily approved by the home owner.
Make sure you are starting on the right track when it comes to a new home renovation. Take time to consider the timeline and costs necessary to get everything done. It’s all up to you to make the project worth every penny.
