The short answer: No, you shouldn’t hide your budget from your contractor.
The long answer: Here goes…
First things first, don’t hire a contractor if you can’t trust them to put your interests first. If you’re fearful they’re going to try to work your project for all it’s worth, neither of you will be happy with the outcome (or the entire process, for that matter).
While it’s understandable to feel reluctant about sharing your budget, it’s the best way to ensure that the project you want is the one that ultimately gets built. Even better is that it’s built with an eye towards creating the biggest savings and efficiencies while minimizing any impact on the end result.
In short, by not hiding your budget from your contractor, the project you want is the project you’ll get at a price you can afford. Here’s how it’s done.
Taking a Design-Build Approach
Engaging your contractor early is one of the best ways to get the biggest bang for your buck and have your project completed on time. Here’s why. In a design-build project delivery model, you, as the homeowner, team up with your general contractor who serves as the main point of contact for your entire project. From the outset, your contractor is able to see your big-picture vision and help you nail down specifics that are realistic and feasible for your budget and goals.
For example, if you’re interested in high-end finishes but they put you way over-budget, your contractor will be able to offer you reasonable alternatives that achieve a very similar outcome yet still fit within your budget. By looking holistically at your project, your contractor can help you determine those areas that offer the biggest savings with the least impact on the end result.
Doesn’t this sound better than getting half-way through your project only to see your budget go bust?
Sharing your budget with a contractor you trust sets your entire project up for success. It also helps minimize unwanted surprises and puts you on a clear path to timely completion. If you have questions about the design-build process, get in touch at 305-762-9520.
(Curious what to look for when hiring a residential contractor? Read this first)