How much is this project going to cost me?
October 11, 2010
Managing project costs is essential in designing a new home or renovating your existing home. The challenge is reconciling your ‘wish list’ or program with your budget. In most cases our clients are delighted with the results but not without compromises on budget, square footage and scope of work. Based on many years of experience in the field we have compiled some helpful notes:
- First things first- Start with a Project Cost Worksheet to help you manage your costs throughout the process. Work in concert with your design and building team to identify the significant costs. See link below for the LDArc Project Cost Worksheet and supporting materials.
- Manage risk- Include a construction contingency of 5-10% in your budget to cover unforeseen conditions, errors and omissions during the construction process. A client contingency for client driven design changes can also be included.
- How much?- Average construction costs in the Boston area for residential construction projects can range from $175 - $250 per square foot for new and renovated areas not including site work. Keep in mind that one of the best ways to control cost is to limit the areas ‘touched’ by a builder.
- Estimate your project often– we prefer to estimate our projects 2-3 times before construction. You can always count on costs going up and it is important to manage the costs of your project as it develops from the concept phase through construction documents. The more collaborative the process between your designers and builder the better the results and fewer the surprises.
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