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August 16, 2021

A city within a city – The Island Quarter set to accelerate investment

THE ISLAND QUARTER WILL ACCELERATE INVESTMENT IN CITY, SAYS DEVELOPER  THE Island Quarter will create a “new city within a city” and represents an opportunity unlike any other in the UK, according to the developer behind the major scheme.  Robert Ware, chief executive of The Conygar Investment Company, says that work on the 36-acre site is progressing at pace, with the first phase of the development

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Industry reaction to the latest Rightmove House Price Index

The latest index shows that: – –          New record highs in price of property coming to market in the mass-market sectors, made up of first-time buyer properties, up by £1,328 (+0.6%) in the month, and second-stepper properties, up by £975 (+0.3%) in the month –          Cooling of the upper-end four-bedroom-plus

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Registrations Open for Employers to Take Part in Open Doors 2021

Open Doors gives visitors a unique insight into working in construction, seeking to inspire young people and career changers of all ages by letting them go behind the site hoardings and explore construction sites, offices, factories, and training centres across Great Britain, alongside a range of virtual events, panel discussions,

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Mecalac unveils major evolutions to its MDX site dumper range

Following the global success of its MDX range and the recent launch of its 3.5-tonne variant, the 3.5MDX, which has set new standards in terms of safety, comfort, and performance, Mecalac has announced a series of major evolutions to its site dumper portfolio. The first will see all new six-tonne

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Covid-19 pandemic had a damaging impact on the furniture industry

The Covid-19 pandemic has had a damaging impact on many UK firms within the furniture industry, despite a sharp fall in imports. Some of these firms were struggling financially before the pandemic, particularly ‘bricks and mortar’ retailers, as customers switched to online sales, while the closure of outlets accentuated that

Read More »

Brand-new homes ready to reserve on doorstep of Tolkien’s village in Staffordshire

EARLY BIRDS FLOCK TO IDYLLIC NEW COMMUNITY IN GREAT HAYWOOD LEADING housebuilder Lovell Homes is excited to announce the first availability for reservations at its stunning new development Tixall View.   The exclusive selection of three- four- and five-bedroom homes in Great Haywood, Staffordshire will be surrounded by rolling fields, canalways and scenic landscape perfect for families.   The new-build development will have an on-site marketing suite to welcome potential homeowners to this enchanting area,

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10 Things to Consider When Building Your First Home

Building your first home is a big undertaking. It can be stressful and overwhelming, but there are many things you should keep in mind during the process to make it easier for yourself! This article includes ten tips on everything from making sure you have enough money saved up to

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Latest Issue

BDC 317 : Jun 2024

August 16, 2021

A city within a city – The Island Quarter set to accelerate investment

THE ISLAND QUARTER WILL ACCELERATE INVESTMENT IN CITY, SAYS DEVELOPER  THE Island Quarter will create a “new city within a city” and represents an opportunity unlike any other in the UK, according to the developer behind the major scheme.  Robert Ware, chief executive of The Conygar Investment Company, says that work on the 36-acre site is progressing at pace, with the first phase of the development set to open to the public in early next summer.  The developer also confirmed that the scheme has been included in Nottingham City Council’s bid for the Levelling Up Fund, which could potentially provide significant funding for some of the infrastructure works required to unlock areas of the site.  Ware said: “We’re very pleased with the progress of work on the site’s first phase, Canal Turn. There are very few cleared central sites in major European cities with this potential to create and curate an entire community and, when you combine that with the fact that Nottingham has one of the youngest demographics in the UK, you can see why we are so excited by the scale of the opportunity and what it can bring to the city.”  Once complete, Canal Turn will bring a new three-storey restaurant, bar and exhibition space to the city’s waterfront, as well as a canalside plaza and outdoor stage for events.  Planning applications have been submitted for a striking cohesive-use building incorporating hotels, rental apartments and office space, which will sit adjacent to Canal Turn and also a purpose-built 702-bed student accommodation project, situated on the Manvers Street side of the vast site.  With designs developing for other projects on site, the overall plan for the entire site are proceeding apace.  Ware said: “The Island Quarter is a massive opportunity for Nottingham – the city has an ambitious regeneration strategy and our site will bring 4,500 jobs to support that, as well as millions of pounds of inward investment into the city.  “The student accommodation aspect of the scheme is particularly important. The city council has recently highlighted the potential 7,000 shortfall in student beds over the coming years, which illustrates both the draw of Nottingham and the scale of the need for purpose-built student spaces, allowing existing student accommodation to revert to family housing.  To help accelerate the development’s progress, The Island Quarter has been included in the city council’s Levelling Up Fund bid, which is designed support ‘shovel-ready’ infrastructure projects that will boost local economies.  Ware said: “While we already have investment in place to support the development of the various phases that make up the site, the Levelling Up Fund allows us to accelerate work on-site so that Nottingham can make the most of the economic benefits of The Island Quarter as quickly as possible.  “There are major infrastructure works that need to take place on-site to enable this, and grant funding will mean that this can take place immediately and, crucially, speed up delivery.  “We are in a prime position for the grant funding because we are already on-site and can guarantee we will use the funds immediately to show real results”  The site will also help support the city’s ambitious climate targets, bringing high-performing, environmentally friendly buildings and improved green-blue infrastructure with a focus on sustainable and recycled building materials.   Ware said: “It’s also important to make clear that this won’t be a concrete jungle. We want to introduce beautiful, open green spaces for people to relax and enjoy, as well as reimagining the waterfront overlooking the canal and bringing to life a neglected part of Nottingham.  “The Island Quarter will be a new city within a city, complementing the best Nottingham already has to offer with its own unique proposition.”  For more information and to add support to the campaign, visit: theislandquarter.com 

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Industry reaction to the latest Rightmove House Price Index

The latest index shows that: – –          New record highs in price of property coming to market in the mass-market sectors, made up of first-time buyer properties, up by £1,328 (+0.6%) in the month, and second-stepper properties, up by £975 (+0.3%) in the month –          Cooling of the upper-end four-bedroom-plus sector, down by £4,699 (-0.8%) in the month, with buyers no longer making larger stamp duty savings –          Overall result is that the national average falls £1,076 (-0.3%) this month, the first price drop recorded in 2021 –          Buyer demand remains strong, suggesting an Autumn bounce in prices and seller activity: –          Demand stats for the first week in August are up 56% on the same period in 2019, and down just 17% on frenzied post-lockdown 2020 –          With homes selling faster than ever, there’s a strong incentive for owners to come to market with “sell before you buy” proving the best tactic for many to secure their next home in this fast-moving market Managing Director of Barrows and Forrester, James Forrester, commented: “While the stamp duty holiday certainly lit the touchpaper it’s no longer fuelling the current house market boom with buoyant home seller sentiment and a lack of available properties driving house prices ever higher. A cool in the rate of growth at the top end of the market for larger homes is also to be expected. Not only were homes of this description seeing the largest saving as a result of the stamp duty holiday, but we’ve seen lockdown restrictions spur many buyers to buy bigger. As a result, demand for these properties has been through the roof and so this cool in asking prices is no doubt signs that this trend is starting to ease.” Director of Benham and Reeves, Marc von Grundherr, commented: ”London continues to trail the rest of the UK as a result of a drastically different market recovery timeline. While other regions have seen prices accelerate pretty much since the start of the stamp duty holiday, demand across the London market has stuttered due to travel restrictions dampening foreign buyer appetites and remote working impacting domestic demand. However, the London property market is really a multitude of micro-markets reacting individually to super-local influences such as commutability, regeneration and the effects of demand overflowing from adjacent areas and from foreign shores. It’s a complex dynamic characterised by a huge +7.3% to -5.3% spread in annual house price growth and so to tar the entire London market with the same brush of underperformance is rather inaccurate. We’re already seeing strong growth in a number of market areas and so it won’t be long before this starts to show at a topline level and we don’t expect London to trail the house price pack for long.” Founder and CEO of GetAgent.co.uk, Colby Short, commented: “Homes are going under offer at an extremely fast pace in the current market and house prices continue to climb to new highs, but it’s no bed of roses, particularly if you’re a buyer. Stock levels remain at extremely low levels following the boom caused by the stamp duty holiday and while agents have been enjoying transaction volumes 50% higher than usual, this will soon become a distant memory as the market starts to shrink. Not only will this cause a considerable challenge for the industry but with buyers already facing stiff competition and an ever-escalating cost of buying, the task of securing a property will grow all the more difficult.”

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Registrations Open for Employers to Take Part in Open Doors 2021

Open Doors gives visitors a unique insight into working in construction, seeking to inspire young people and career changers of all ages by letting them go behind the site hoardings and explore construction sites, offices, factories, and training centres across Great Britain, alongside a range of virtual events, panel discussions, and Q&As. Bookings for Open Doors 2021 will open to the public on 23 August, with visits taking place throughout Open Doors Week between Monday 4 – Saturday 9 October. Companies can get involved now by registering their details, creating an account, and beginning to upload their sites across the country. Since 2016, over 1,000 sites across the UK have been listed through Open Doors. Last year the event went virtual due to coronavirus, with digital content showcasing major projects – such as ISG’s tour of Lord’s cricket ground, Balfour Beatty’s Luncarty to Pass of Birnam project, and Willmott Dixon’s Riverside House site – and attracting more than 20,000 visitors to the Open Doors website. The current skills shortage in construction is one of the most pressing issues within the industry with over 216,800 new construction jobs to be created by 2025*, and Open Doors provides a fantastic opportunity to inspire and recruit the next generation and career changers to choose a career in construction. Open Doors is delivered by Build UK and supported by CITB, Go Construct, Considerate Constructors Scheme, Construction Skills Certification Scheme, Black Professionals in Construction, Skylapse, the Home Builders Federation, the Careers Enterprise Company, Department for Work & Pensions, STEM Learning, New Futures Network, and media partner Building Magazine. Suzannah Nichol MBE, Chief Executive of Build UK, said: “There is nothing quite like visiting a construction site, whether it is a major project you have seen on the news or one in your local area, to get an idea of just how exciting a career in construction can be. Open Doors gives everyone the opportunity to go through the site gates to see just what goes on and perhaps even spot their ideal job! Whether you are a client, contractor, manufacturer, merchant, logistics centre, specialist, designer, or consultant, you can play your part in recruiting the next generation by participating in Open Doors.”

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Mecalac unveils major evolutions to its MDX site dumper range

Following the global success of its MDX range and the recent launch of its 3.5-tonne variant, the 3.5MDX, which has set new standards in terms of safety, comfort, and performance, Mecalac has announced a series of major evolutions to its site dumper portfolio. The first will see all new six-tonne 6MDX and nine-tonne 9MDX models fitted with optional state-of-the-art hydrostatic transmission. The second evolution concerns the availability of a ROPS (Roll-Over Protective Structure) foldable roll bar, making the cabin effectively optional. Hydrostatic transmission for improved comfort and safety Widely used across the construction equipment industry, the adoption of hydrostatic transmission replaces mechanical transmission with fixed gear ratios. This ensures easier operation without the need to shift gear, as well as providing the added benefit of responsive dynamic braking.  This makes operation easier and safer for both experienced and new operators, meaning the new hydrostatic 6MDX and 9MDX are perfect for both rental fleets and operators that frequently change their equipment. The addition of hydrostatic transmission also guarantees improved operator comfort, thanks to smooth and controllable acceleration. Removing the gear stick allows for a more spacious operator environment, while fewer parts mean less maintenance and overall less wear, directly resulting in a lower total cost of ownership. Both the 6MDX and 9MDX deliver outstanding performance, torque and traction, particularly on steep inclines where gear changes can often result in loss of drive. Enclosed cab or ROPS foldable roll bar Alongside featuring the option of hydrostatic transmission, both new models will be available with the option of either an integrated cab or all-new ROPS foldable roll bar. Setting the standards in site safety and featuring a stylish ground-up design, the all-new ROPS models are easy to transport between job sites and allow operators to work in low height areas with ease. The structure is easily foldable, thanks to a handle and gas strut, which means folding and unfolding the ROPS is safe and requires minimal manual effort. Because the ROPS roll bar has significantly fewer components than a cab, it is an economical choice, but still offers superior operator protection. For additional safety and comfort, the 6MDX and 9MDX can be fitted with the unique isolated MDX cab to minimise vibration and noise, while optional air-conditioning provides outstanding operator comfort in all weather conditions. In order to ensure a higher level of operator protection in any situation, the certified ROPS/FOPS MDX cab has been additionally designed and tested by Mecalac to withstand impacts while loading the dumper skip. The Mecalac MDX cab impact test video is available by clicking on the following link: https://youtu.be/Oy8z2CLgFgQ For more information about Mecalac’s industry-leading MDX range, or to find your nearest dealer, visit www.mecalac.com/en.

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Covid-19 pandemic had a damaging impact on the furniture industry

The Covid-19 pandemic has had a damaging impact on many UK firms within the furniture industry, despite a sharp fall in imports. Some of these firms were struggling financially before the pandemic, particularly ‘bricks and mortar’ retailers, as customers switched to online sales, while the closure of outlets accentuated that trend. Laura Ashley, Debenhams, Harveys and Bensons for Beds are some of the companies who have recently, either gone into liquidation or Administration, or are trading with a reduced portfolio. Even before the pandemic affected the market, margins were continuing to be squeezed in all sectors, with value growth restricted by the continued high level of cheaper imports and the significant degree of discounting in the retail sector. Typical of a mature market, many niche sectors have developed to target products more effectively and differentiate from competitors. Strategies include the introduction of new brands and product ranges, as well celebrity endorsements, with companies sometimes using successful brands from other sectors to promote their products. Ozge Celik Russell, Research Manager at AMA Research, comments “The UK upholstered furniture and beds is a mature market responsive to changes in levels of consumer confidence, disposable income, and the performance of the housing market. The Covid-19 pandemic had a major negative impact on manufacturers, retailers, and market size in value terms. However, the surge in household savings levels during the pandemic and the forecast increases in housebuilding volumes should provide a strong basis for growth in the upholstered furniture and beds market in the short to medium term.”   The UK residential furniture market had shown steady growth since the recession, reaching an estimated £5.7bn in 2019, an increase of around 16% in the 2012-19 period, supported by an improving housing market and rising levels of consumer confidence. However, growth had been slowing generally during the period, as inflation continued to outstrip wage increases and uncertainty clouded the UK economic environment, as the Brexit negotiations moved slowly towards completion. The onset of the Covid-19 pandemic had a devastating effect on the UK economy in 2020, adversely affecting many sectors, with non-essential retail outlets closed at various times, many other firms affected by social distancing regulations and a significant number of employees either working from home or being furloughed. The residential furniture market is estimated to have fallen by around 18% in value terms in 2020, although some sectors have fared better than others during that time, with the availability of effective online sales facilities being an important factor.

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Brand-new homes ready to reserve on doorstep of Tolkien’s village in Staffordshire

EARLY BIRDS FLOCK TO IDYLLIC NEW COMMUNITY IN GREAT HAYWOOD LEADING housebuilder Lovell Homes is excited to announce the first availability for reservations at its stunning new development Tixall View.   The exclusive selection of three- four- and five-bedroom homes in Great Haywood, Staffordshire will be surrounded by rolling fields, canalways and scenic landscape perfect for families.   The new-build development will have an on-site marketing suite to welcome potential homeowners to this enchanting area, at what will be a very special community. The first phase of the development is well underway and prices for the first, three- and four-bed homes, are between £275,000 and £337,000.   The village is best-known for its connection with author J. R. R. Tolkien, being home to his wife, Edith, who moved there in 1916 to be close to him after he enlisted in the army and was stationed at nearby Cannock Chase. After surviving The Somme, Tolkien was sent back to England and spent the winter with Edith at their cottage. During his leave, Tolkien took the beauty of his natural surroundings into his writing, for which there is evidence of throughout many of his early fiction creations.  Sales Executive at Tixall View, Claire Brabbins-Pretty, said: “It’s certainly not hard to be inspired by the lifestyle here with space to breathe or bury your head in a book, while youngsters can explore the abundance of wildlife on their doorstep.   “The homes at Tixall View offer real comfort with a charming setting. All while being just minutes from the A51, making a breezy journey south towards Birmingham, or north to Stoke-on-Trent. There are excellent local links thanks to regular bus services through Great Haywood, railway stations at Stafford and Rugeley, and Birmingham International Airport less than 35 miles away.   “This is an exciting development in a truly, unique setting that we expect will be extremely popular with buyers looking to find some calm and quiet while still being accessible to key city links. It’ll be great to start welcoming the first homeowners to the area and I have no doubt they will make magical memories there.”    The first set of homes at Tixall View is due for completion in September 2021, with the first families moving in for October 2021.   The marketing suite opening hours are 10am to 5pm, Thursday to Monday, with viewings currently by appointment only.   For more information, please visit Tixall View (lovell.co.uk) or call on 01785 508 275.  

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Churchill Retirement sales soar 75% and targets 1,000 homes p/a as consumer confidence returns

Revenues rose by 75% to £160m, as Churchill sold 413 retirement homes in the twelve months to 30 June 2021, 48% more than the same period last year. The Group swung strongly back into the green, with sector leading margins of 26.9% generating an operating profit £43.0 million (vs loss of £5.8m in 2020). A firm rebound in consumer confidence has helped to generate strong momentum in sales activity, with 7% of future sales already secured as at 30 June 2021. New growth plan launched today, with a target of achieving 1,000 retirement home sales in 2025 whilst maintaining market leading margins, creating more jobs across every part of the Group and achieving a countrywide presence Chairman, CEO and co-founder Spencer McCarthy, who is the son of the co-founder of McCarthy & Stone, has also hit out at obstacles holding the sector back including the broken planning system and reversal of the exemption of retirement housing from a future ban on ground rent Commenting on the results, Spencer McCarthy, Chairman and Chief Executive Officer of Churchill said: “I am very pleased to report a strong financial performance and a return to profitable growth after a year dominated by our response to Covid-19. Our priority throughout the pandemic has been ensuring the health and wellbeing of our apartment Owners, Colleagues and wider stakeholders and I would like to thank them all for their continued support. During the year we saw a rebound in consumer confidence, with the loneliness of lockdown causing many people to think hard about their living situation and consider the benefits of moving to a safer, lower maintenance home with more support and opportunities to socialise. This helped to generate strong momentum in sales activity, which has continued to build since the third lockdown lifted in March 2021. With a strong forward order position, an experienced team, and a clear focus and understanding of what our Customers need, this underpins our confidence looking ahead. As a result, we are today announcing a new growth plan, with a target of achieving 1,000 property sales in 2025 whilst maintaining market leading margins, creating more jobs across every part of the Group and achieving a countrywide presence. There are now more than 12 million over-65s in the UK and that figure is expected to rise by 41 per cent to nearly 18 million by 2024. However, there is a severe shortage of housing being built specifically for these growing numbers of retirees. To meet demand, we need 30,000 more retirement housing dwellings every year for the next 10 years. Our growth plan will not only help take Churchill to the next level, but further support the UK’s growing need for retirement housing. Nonetheless, we continue to face an uphill battle in several areas where reform is desperately needed help to unlock the UK’s housing supply. The planning system remains broken, with protracted Section 106 negotiations and long appeal delays, and the reversal of the exemption of retirement housing from a future ban on ground rent will impact the supply of good quality, affordable retirement housing. These obstacles continue to hold back development and make it more difficult to deliver the genuine mix of housing types our country needs.”

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10 Things to Consider When Building Your First Home

Building your first home is a big undertaking. It can be stressful and overwhelming, but there are many things you should keep in mind during the process to make it easier for yourself! This article includes ten tips on everything from making sure you have enough money saved up to interviewing contractors. We hope these helpful hints will help you build your dream home without all the headaches! 1 Time Frame As a rule of thumb, the sooner you start saving up for your home-building project, the better. Some people wait until their current mortgage expires before buying another house or construction on an existing property. Unfortunately, this is not always possible due to time constraints and other factors such as financial restrictions. Plan ahead! Figure out how much money you will need at what point in time so that when it comes down to building your dream abode, there are no surprises. The longer it takes for someone who wants to build their own home from scratch while juggling work and family commitments (or any other life responsibilities) can be difficult if he does not plan well in advance. Save enough money over time or have some other source of income. 2 Planning is Vital Planning is vital when building a house. The person who will be in charge of the finances needs to make sure that there are enough funds saved up for the entire project since it can take years and cost tens or even hundreds of thousands of dollars depending on design, materials used (stick-built vs modular), location, size etc. A good plan also includes drawing out floor plans so progress can be tracked more efficiently. It’s important not to wing this process! In addition, if you have time constraints such as work obligations or family commitments, then planning heavily upfront is recommended – set aside some money over time or have another source of income coming in while you build your dream abode. This way, everything doesn’t get pushed back, and you have a better chance of creating the home that best fits your needs. 3 Find the Perfect Lot  Finding a lot that’s perfect for you might sound like an easy task. But, it can be if you know how to look. Whether it’s on the internet or in person, there are a few key things you should keep in mind. These factors might seem minor when it comes to picking out a home, but they can make all the difference. It’s always better to be safe than sorry! 4 Design With Costs In Mind One of the most important things to consider when designing your new home is how much it will cost. Knowing what you can afford and sticking to that budget might seem like an easy task, but sometimes people fall into a trap where they think square footage equals more value for their money. Unfortunately, this isn’t always true! There are plenty of factors that need to be considered before making this mistake, so make sure you know all about construction costs vs purchase prices, not just upfront expenditure costs, financing fees and taxes. You don’t want any nasty surprises on moving day! The decision to build or buy should never be taken lightly and takes time-consuming research from both ends of the spectrum (buying/building). What’s right for one person might not be the best choice for another. The decision will affect you and your family in various ways, so make sure to consider all aspects before making i 5 Plan for Storage  6 Secure Financing  If you haven’t had much luck securing a mortgage before, this might be the time to give it another try. The lending landscape is very different now, and there are so many financing options available for new homeowners looking to buy their first home. These include traditional mortgages from banks or credit unions; loans backed by government programs like FHA or VA; down payment assistance (e.g., “first-time buyer” grants). In addition, low interest rates on personal loans through online lenders; financial planning services help people budget more effectively and get out of debt faster. Of course, you should also calculate the mortgage to ensure your all-around calculations are correct.  Planning how you’re going to finance the purchase of your first home is an essential step in saving up for a downpayment. There are many options available, and it’s worth exploring them all before making any decisions. For instance, if you have a good credit score or income, securing financing from traditional banks or credit unions may be an option. On the other hand, if you don’t qualify for these mortgages because of bad credit, lack of employment history, etc., government-backed loans like FHA and VA may provide more favourable terms. Or there are even financial preparation services that help people budget more efficiently to get out of debt faster – which also helps save money at the same time! 7 Keep Your Future In Mind  It’s easy to get caught up in the present and forget about what might happen tomorrow. But it’s important not to neglect your future self when building a new home. How you design your living space now will likely affect how comfortable you are later on, whether through temperature control or ease of access, etc. It can be helpful for homeowners to consider their lifestyle and habits (e.g., if they’re going to work from home) before designing their dream house! All these factors should be considered since they’ll determine which material would best suit your needs- wood vs vinyl flooring, tile or marble countertops, hillside properties with plenty of trees around them or city dwellings with sidewalks nearby? 8 Use Quality Materials  It’s always tempting to save money by skimping out on materials and construction quality, but this is a mistake. You’ll eventually spend more in the long run when you have to fix structural flaws, replace cheap fixtures or appliances, etc., which can be very costly. This

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A Smart Guide to Estimating House Construction and Renovation Costs

When planning to build or renovate your house, the first thing you’d want to know is the cost. This is a crucial element that guides you in making informed decisions before you begin the project. However, there is no better way to get the actual cost estimate of your construction or renovation. You need to analyze various elements to get an approximate cost that will guide your overall budgeting. Here are tips to help you estimate the construction and renovation cost of your home. Determine What You Need The first thing to a successful cost estimation of your project is to define your goals and needs. Write down what you want to do and how you want the project to run. This includes the tools you plan to use, remodeling type, contractor expectations, and new items you plan to buy. For instance, if you plan to renovate your roof, install new tiles and replace your kitchen cabinets, you will need a slightly higher budget than when looking to paint your home. When choosing a remodeling project, it is imperative to include the brands you want to use. This is an easy way to determine how much money you’ll spend on purchasing the renovation tools and equipment. If you do not know how to estimate the costs, you can search for the best remodeling estimating software to help you determine the cost, thus, making your work easier and seamless. Use Various Parameters There are various elements such as the size of your home, materials, home location, and project timelines that you can use to determine your home’s construction and remodeling cost. If your project is small, you will likely spend less money than a larger one. It is not good to overlook this aspect and assume the cost no matter the size of the project because everything might work against your expectations. Things keep changing daily, and you cannot rely on the information you acquired yesterday from a friend, family member, or colleague. Even if you get more information from other contractors, you should not rely on it because their projects may not be similar to yours. So, do due diligence in determining the average cost of the project rather than assuming everything. Consider Your Budget The amount of money you’re willing to spend is also a good parameter to determine the cost of your project. You cannot spend what you can’t afford. This is why you should start a project that you can conformably fund without struggling. Check your budget and decide how much money you want to spend. This depends on your needs and preferences. Whatever budget you set, ensure it adds value to your home. Remember, quality and valuable projects may require a slightly higher budget than other common repairs. This is even more beneficial if you’re planning to sell your home in the future. You stand a chance to sell it at a higher cost if it looks valuable. So, focus on getting quality results as long as you’re comfortable with your budget. Prioritize Your Project Needs Sometimes, you do not have to renovate the entire home. You can focus on the main areas depending on your goals, needs, and expectations. Prioritizing your needs will help you deal with the most crucial elements and cut out things that do not add value to your home. This enables you to cut on remodeling and construction costs and save more money. But this doesn’t mean that you work with low-quality materials and hire an inexperienced contractor. Your home is a significant investment that can give you considerable returns. So, it would be best if you did everything to make it appear attractive. Fortunately, you can spend less money on quality items if you take time to window shop from various manufactures or home improvement stores. Request Bids from Multiple Contractors With many contractors in the construction field, you will find different people charging different prices on construction and renovation. Instead of moving ahead with the first person you encounter, it is imperative to research intensively for about four to five contractors and ask for bids from each one. Compare the bids with your budget and go for what suits you. You will be surprised to get a professional contractor who charges a relatively lower price and does an exceptional job. The Bottom Line It is imperative to take time and analyze the above parameters before determining how much money you will spend on a construction or renovation project. The tips above can help you estimate the cost that will suit all your project needs, preferences, and expectations.

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