gate.grand
Property investor
I’m torn between setting one generous contingency and splitting the reserve by risk. The second approach seems more useful for this preliminary £157,200 renovation of a 1,880 sq ft coastal home in Birmingham, because hidden plumbing or moisture problems are different from optional finish upgrades.
The planned work covers the kitchen, bathrooms, flooring, decoration, electrical checks and moderate energy improvements, with no extension intended. Before fixing the budget, I want the surveyor and contractors to identify where plumbing can be accessed, what electrical work is excluded, whether any structural work could emerge, and how moisture will be investigated. I’ll also ask about lead times, approvals and who authorises extras. Would you hold separate reserves for hidden conditions and specification changes, and is limited opening-up work worthwhile before the final quote?
The planned work covers the kitchen, bathrooms, flooring, decoration, electrical checks and moderate energy improvements, with no extension intended. Before fixing the budget, I want the surveyor and contractors to identify where plumbing can be accessed, what electrical work is excluded, whether any structural work could emerge, and how moisture will be investigated. I’ll also ask about lead times, approvals and who authorises extras. Would you hold separate reserves for hidden conditions and specification changes, and is limited opening-up work worthwhile before the final quote?