Five Reasons Why Your Renovation Projects Keep Going Over Budget!

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Five Reasons Why Your Renovation Projects Keep
Going Over Budget!
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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.

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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

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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.

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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.

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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.

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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.

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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.

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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.

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