HOW TO PREPARE A BUDGET FOR YOUR DREAM HOME

 

Preparing a budget for your dream home is not a difficult task.
Having communicated one’s intention to the Architect, he will produce a drawing based on the client’s requirements and pass the drawing to the Service Engineers to produce theirs. All the drawings will now be passed to the Quantity Surveyor to prepare a preliminary budget.
This preliminary budget will show the cost implications of the project, specifications and list of work to be done, which will serve as a checklist for the client.
If this budget prepared by the Quantity Surveyor exceeds the client’s budget for the proposed home, then the Architect and the Service Engineers have to change and reduce the scope of their design to suit the financial capability of the client without compromising the standard.
Once the scope of the work has been changed, the Quantity Surveyor will prepare a final budget based on the new specifications, subject to approval by the client.
Upon such approval, the Quantity Surveyor will now prepare a bill of Quantity which will indicate the cost implications of the project, condition of contract, duration of the project, specifications and list of work to be done.
This cost computation of a particular project will help the client in managing his or her resources and at the same time serve as a checklist for the work to be done without exceeding the proposed budget.

Other advantages of cost computation or a budget are that it serves as a tool for cost comparison of alternate design, cost planning, to determine cost variation and to determine terms of payment to the contractor, thus preventing the contractor from claiming in excess of what is expected. It also helps to prevent abandonment of building projects.

The Bible also shows why it is important to prepare a budget before embarking on a building project in LUKE 14:28.

Be wise, engage a professional, it saves cost and time.

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