Managing the Project Schedule and Budget

• 1. Establish a realistic schedule and budget
• 2. Communicate regularly with your contractor
• 3. Monitor progress and budget closely
• 4. Be prepared for changes and contingencies
• 5. Manage change orders effectively
• 6. Keep detailed records

Successfully managing the project schedule and budget during construction is crucial to ensure your new home is completed on time and within your financial constraints. As a homeowner, it's important to work closely with your contractor to monitor progress and maintain control over these critical aspects of the project. Here are some tips to help you manage the project schedule and budget effectively.

1. Establish a realistic schedule and budget¶

If you haven't done this already: Before construction begins, work with your contractor to develop a detailed project schedule and budget. This should include key milestones, deadlines, and cost estimates for each phase of construction. Make sure the schedule and budget are realistic, taking into account potential delays and unforeseen expenses.

2. Communicate regularly with your contractor¶

Maintain open lines of communication with your contractor throughout the project (yes, here is the same advice again). Regularly discuss progress, budget, and schedule updates to ensure that you both remain on the same page. This will help you identify potential issues early and make any necessary adjustments. We're going to keep saying this, as it's probably the most important tip and cannot be repeated enough.

3. Monitor progress and budget closely¶

Keep a close eye on the progress of construction and the budget as the project unfolds. Compare actual progress and expenses to your original schedule and budget to identify any discrepancies. If any deviations occur, address them promptly with your contractor and make necessary adjustments to stay on track.

4. Be prepared for changes and contingencies¶

Despite your best efforts, changes to the project schedule and budget are often inevitable. Allow for some flexibility in your schedule and budget to accommodate unforeseen issues, such as weather delays or changes in material costs. Establish a contingency fund to cover unexpected expenses, typically around 10% to 15% of the total project budget.

5. Manage change orders effectively¶

Change orders can significantly impact the project schedule and budget. Work with your contractor to establish a clear process for handling change orders, including documentation, approval, and implementation. Evaluate each change order carefully to assess its impact on the project schedule and budget, and negotiate any necessary adjustments with your contractor.

6. Keep detailed records¶

Maintain accurate and detailed records of the project, including progress reports, expenses, and any changes to the original schedule and budget. This will help you track performance and provide a clear history of the project, which can be helpful if any disputes arise.

By staying actively involved and maintaining close communication with your contractor, you can effectively manage the project schedule and budget, ensuring that your new home is completed on time and within your financial means.