PLAN AHEAD TO KEEP COSTS DOWN

It’s reported that nearly 70 per cent of all construction projects go over budget, so how can you make sure yours isn’t one of them? Planning and understanding the finances involved are crucial steps in keeping your spending under control, explains Jo

Calculated decision The best way to plan your finances on a project is to work out how much money you have to spend. Once you know this, take 25 per cent off that figure and put it aside for contingencies. This money should only be touched for emergencies and unforeseen problems (which often occur on building projects). When you know your budget, research all the items you want to buy, visit the shops, surf the web and start keeping a spreadsheet of the things you like and their prices. Down to details Next, work with a builder to get costs for fitting and materials, ask for as much detail as possible and ideally obtain three to five estimates for comparison. Some builders will price in the cost of fittings, but you may wish to source these yourself so you have an element of control over what you’re buying. Go shopping! Understanding where you can shop will be another factor to consider when you’ve set your budget. There are different levels of bathroom retailers, ranging from low-cost to super-luxury. If you have a limited budget, look at high-street retailers or online big brands that offer good discounts. Visit small independent outlets in industrial estates for the best deals, and even independent online retailers are worth contacting as they’ll often be able to offer deals that larger corporate retailers can’t.

Save or splurge? If you fall in love with a particular piece that you just ‘have to have’ then remember you’ll need to adjust the rest of your budget to save money elsewhere. However, it’s best to keep focused on the items that are within your budget so as to prevent being tempted by high-cost pieces.