Five Reasons Why Your Renovation Projects Keep Going Over Budget! - PowerPoint PPT Presentation

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Five Reasons Why Your Renovation Projects Keep Going Over Budget!

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Time and time again in our line of business, we see people embarking on their dream of renovating their workspaces only to find they have gone way over budget. While they may start off with a very clear idea of what they want and with the best intentions, things can go wrong very quickly.  There is a plethora of reasons for cost overruns in commercial renovation project. – PowerPoint PPT presentation

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Title: Five Reasons Why Your Renovation Projects Keep Going Over Budget!


1
Five Reasons Why Your Renovation Projects Keep
Going Over Budget!
2
Renovation Projects
  • Time and time again in our line of business, we
    see people embarking on their dream of renovating
    their workspaces only to find they have gone way
    over budget.
  • While they may start off with a very clear idea
    of what they want and with the best intentions,
    things can go wrong very quickly. 
  • There is a plethora of reasons for cost overruns
    in commercial renovation project.

3
Five Reasons Why Your Renovation Projects Keep
Going Over Budget!
  • Below are 5 reasons why your renovation projects
    keep going over budget!
  • Design Errors
  • Low Quality Documentation
  • Making Changes On Site
  • Spending Too Much Money On The Wrong Things
  • Choosing The Wrong Contractor

4
Design Errors
  • Design errors have been identified as one of the
    common reasons for cost overruns in commercial
    renovation projects.
  • Designs that are done without ample examination
    of the site may contain errors in the form of
    omission or misrepresentations.
  • This will also cause omissions in the project
    cost estimation which leads to extra work and
    thus results in renovation budget blowout.
  • Achieving error free designs requires proper
    planning, extensive investigation, reviews and
    good communication between the client, design
    team and commercial contractor.

5
Low Quality Documentation
  • Vague or low-quality documentation can affect the
    accuracy of price estimates.
  • When incomplete documentation is used everyone
    involved in the quoting process has to make
    assumptions. This leaves room for error and
    costing inaccuracies.

6
Making Changes On Site
  • Change orders are often costly because they often
    include construction delays, material rush
    orders, design changes or even the tearing out
    and rebuilding of a finished item.
  • When youre in the planning stage, making changes
    is relatively inexpensive.
  • However, the minute dirt is turned on site every
    change will cost both time and money.
  • So, if late changes are a must, be prepared for
    renovation cost overruns.

7
Spending Too Much Money On The Wrong Things
  • When planning an office renovation, invest
    primarily on those areas that will make the
    biggest difference to the quality of the finished
    project.  
  • Look at what you are trying to achieve and plan
    the best way to get there.
  • Keep the budget in the front of your mind when
    making decisions.
  • Being budget conscious from the start is far
    better than running out of money halfway through
    a project.

8
Choosing The Wrong Contractor
  • Clients should not sign up with the first
    contractor they meet or are recommended, and they
    should never choose a contractor solely based on
    price. 
  • Clients should always get at least three quotes
    and spend time analyzing and comparing the
    prices, contractors, and deliverables before
    making their decision.
  • Choosing a random contractor who has no
    experience in handling the renovation project
    will lead to poor quality work, schedule delays
    and cost overruns.

9
Conclusion
  • In conclusion, although cost overruns may seem
    very inherent in most renovation projects, they
    dont have to be!
  • By setting clear expectations and specifications
    and choosing an experienced commercial contractor
    in Toronto, projects can be delivered on time and
    at budget.

10
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