Refurbishment Budgeting

The categories should make omissions easier to see. A washroom budget, for example, can need strip-out, water and waste connections, ventilation, electrical work, wall and floor finishes, fittings and making good. Pricing only the sanitaryware misses much of the installed result.

An early allowance helps compare options. A developed estimate uses more defined quantities and specifications. A quotation prices an identified instruction with stated inclusions and conditions. These are different stages of information, not interchangeable labels.

Record the price date, scope and assumptions when the budget is prepared. RICS sets out structured cost estimating and planning through NRM. A consistent structure helps compare revisions as the design develops.

Phasing, restricted hours, protection, temporary services and repeated setup can affect cost. State these requirements before requesting prices. Working around occupants is a delivery condition that needs a method and allowance.

Access also affects equipment choices. A replacement that fits its final position may need dismantling, lifting or alterations to reach it. Include removal and reinstatement, not just the purchase of the new item.

Contingency should reflect the project stage and unresolved risks. Concealed condition, incomplete surveys and outstanding design choices need attention. As those matters are resolved, update the budget and the remaining allowance.

Keep optional improvements separate from contingency. An upgraded finish chosen later is a scope decision; it should not disappear into an allowance intended for unknown condition.

Compare options against the same performance and cost boundaries. A lower initial price can bring different maintenance, durability or operating costs. Explain those differences before selecting the preferred solution.

For changes, record the reason, added or omitted work, price and programme effect before approval. Keep the current budget visible alongside committed costs and remaining allowances so the client can see the forecast total.

They may include different preparation, services, finishes, access assumptions or completion records. Compare the detailed scope and exclusions before comparing only the total.

An initial budget can use stated allowances, but final selections need to be made in time to confirm price and procurement. Record which items remain allowances.

It can be set as a spending limit, but the scope still needs to fit that limit. Unresolved conditions should remain visible so options can be adjusted when the survey information arrives.

Explore Cost Planning, Surveys and Feasibility and Refurbishment and Fit-Out. Read what the refurbishment scope should include. Browse services, projects, sectors and locations, or discuss the project budget.