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How to set a realistic budget for your fit out project

There are many variable costs to consider when planning a budget for a fit out project. As the old saying goes you don’t know what you don’t know. So if this is your first fit out project and you are feeling a little stressed you’re not alone.
Through early planning you will be able to identify any issues or risks that may arise during the staged process of your fit out. Detecting and managing these issues early will have a positive impact on the total project cost and program. When developing a budget for your fit out it is critical to consider the following:

1. Interior design
2. Chosen location
3. Size of the space
4. Your desired look and feel
5. Deadlines and timelines
6. Project Management and Construction costs
7. Regulations and development applications
8. Specialist services

Pulling an estimated budget out of thin air is often a common approach, but not recommended. This is why planning, education and aligning yourself with the right project team is so important! Here are the top three considerations to assist you in developing a realistic fit out budget for your next project.

Get the planning right

/ Before your select a location get the experts in. They will help highlight considerations of the space that could end up costing you down the line.

/ Don’t build before you design! A good design will ensure accurate construction costing with reduced risk of variations.

/ Strategies and plan your entire project with your team. Consider key milestone dates and what will be required to achieve these. Hold your team and suppliers accountable to these set dates.

Be realistic about your expectations

/ A cookie cutter approach is a dangerous attitude to hold when pursuing a fit out. There are to many variables that affect how much things are going to cost. For example where are the services coming from into the tenancy, your desired finishes, the site location, traffic flow in the environment…the list goes on.

/ Using somebody else fit out cost as a rough estimate for yours is a big no no. Their requirements and needs will be completely different to yours.

/ If you have champagne taste with a beer budget reconsider your outlook.

Get the expertise in

/ Consider engaging a fitout professional during the property selection and lease negotiations process this will highlight the suitability of the premises and any unforeseen costs on building services.

/ Deploy a project management and construction team from the start. This will ensure that your desired outcome is effectively execute on time, within budget and problem free.

/ This is what they do on a day to day basis. Let the pros take care of all the heavy lifting so you can focus on your business.

For more advice on how to effectively plan your next fit out budget get in touch.