Budget Info

Formatura Design & Build Inc. offers two approaches to the budgeting aspect of your project: Working Estimate or Comprehensive Quote. Both have advantages

Working Estimate

A working estimate is an approximation of final costs. We assign anticipated amounts to the categories specific to your project. Then as the project proceeds, with each billing cycle we reconcile actual costs against the estimate and provide you with an update of costs to date. The more you tell us about your ideas and expectations, the more accurate we will be. In particular, your finishing choices – exterior cladding, windows, doors, interior floors, trim, counters, cabinetry and bathroom fixtures – influence the final cost.

The advantages of this approach are:

·       You only pay for actual costs incurred.
·      Working from an estimate is a good idea if you want the freedom to make changes in your design, finishes and budget as the project progresses.
·      You will be able to start your project before all the drawings, details and specifications are complete.
·       You receive an update on costs to date and projections to finish the work on a regular basis, and we keep you informed about the cost of any unforeseen work as it is realized.
·       This approach is part of our management service for your project.

Comprehensive Quote

A comprehensive quote is a firm price for a very specific scope of work. This approach is well suited for simpler projects such as installing  new windows or building a garden shed where the goal and the process are quite straight forward. We provide you with an appropriate set of 2D schematic drawings to illustrate the improvements, and a budget estimate with a detailed breakdown of costs anticipated with the work.

The advantage of this approach is:

·      Certainty:  you can better know and have opportunity to tailor the total cost to the desired budget, before your construction starts.

We also offer this service to our clients for large scale projects such as a new coach house or home. However, to create this level of budget, we need to prepare complete detailed architectural drawings, plus create a finishes schedule for all of your pre-selected material and finishing choices to build the quote. This requires a significant upfront time investment, from you as well as Formatura Design & Build Inc.

We must know all about your finishing choices – exterior cladding, windows, doors, interior floors, trim, counters, cabinetry and bathroom fixtures – as these influence the final cost.  Inspiration photos are a big help. Typically, it takes several weeks to source all of the required information. We solicit quotes from our suppliers and trades and build a detailed budget.

This approach best suits a person comfortable making multiple decisions and commitments far in advance.

Comprehensive quotes are not included in our project management fee. We bill you on an hourly basis to prepare the information if you ask us to provide this service.

Please contact us to begin the conversation!
 

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