Your Guide to How TDS Constructs Design/Build Budgets
Our Three-Step Process
Defining a construction or remodel budget can be intimidating. But with TDS Custom Construction, you can rest assured your budget is in capable, experienced and all around good hands. Without transparent, reliable and knowledgeable budgeting, your true costs may not reflect the initial bids you receive for your project — that’s why hiring reputable experts is so important.
Our years of experience, along with our supplier relationships, allow us to create realistic budgets that you can rely on throughout your project. We ensure top-notch quality for every project, and our one-year warranty on all of our work ensures you’ll be worry-free.
During the design process, we will refine your budget at three different points. First, we start with your suggested construction budget, then move on to your concept budget once we are in the concept design phase, and finally we end on the contract price which is the final fixed price before construction begins. We break our budget process into these three stages to ensure you always have an updated number that reflects the project needs, your selections, and market conditions.
Let’s take a look at all three.
Suggested Construction Budget
The first budget discussed is the suggested construction budget, which is provided with your design agreement. It’s intended to provide a realistic target for your financial planning and is an estimate based on past projects, our brief in-home consultation, and current market conditions.
Next, we provide the concept budget during the concept design phase. This is a realistic expectation of what the project will cost based on your chosen design concept and the preliminary scope of work. The concept budget will continue to be defined through the design development phase based on additional details, final specifications and selections, and fixed pricing from our trade partners.
Finally, we arrive at the contract price, which is provided with the construction agreement before starting the build process. This is a conclusive fixed-price budget based on finalized information and selections. Anything that has not been finalized will be listed as an “allowance” with an associated cost estimate to be resolved as decisions are made.
Now that you know our process, let’s get to work.
Financing your project
Before embarking on a remodeling or building project, it’s a good idea to figure out how exactly you will fund it. Cash allows you to renovate or build interest-free, but you can also take out a Home Equity Line of Credit or Home Equity Loan. If you will be financing your project through a loan, now is a good time to work with your lender to see which financial products will work best for you!
Don’t forget about other expenses you’ll need to cover during your project. You may need to account for another place to live, or dining out while your kitchen is torn apart. If you have pets, will you need to board them?