In this blog post, we’re going to talk about how to budget for your Vancouver paint project.
In business and in our personal lives it is generally agreed upon that budgeting is a good thing, allowing us to plan our cash flow more effectively. When it comes to homes in Vancouver, budgeting is essential, as maintenance and upgrades are both of high importance and (potentially) cost.
We want to always ensure we are prepared for upcoming expenses and seek to get the biggest bang for our buck, whether building a new home or maintaining your existing home or business.
We have put together some ideas and tips for helping you budget for the painting of your property or construction project. Please let us know if you find these helpful!
#1 thing to look for when budgeting:
You need an experienced company that has expertise in your type of project/home to work closely with you. There is no replacement for experience and repetition when estimating and budgeting paint projects, and you will experience a massive difference when working with the best.
New Construction Builders and Renovators:
- Your project will have a budget. You want to set realistic painting budgets as early in the project as possible, to get the clients on board. Often the painting component of the project gets worked out later in the process when budgets are tighter, then sacrifices need to be made. We don’t believe the quality of your painting should be an area where you sacrifice.
- Compare the cost difference in going from a cheaper paint contractor to a premium service We find that in the scope of a whole new build the cost to upgrade your paint experience and finish quality is a very low percentage of total project cost, yet the difference to your experience during the job and the finished product will be profound.
Strata Councils, Property Managers and Building Owners:
- Prevention is the best medicine. We advise being proactive in identifying painting projects that require doing, as the advantages are twofold:
i) by upkeeping your buildings you avoid preventable, costly damage and repairs, including urgent ones that can destroy your budgets
ii) your expenses will be more predictable because you will see what expenses will be coming up in the future. You can start to forecast multiple years out, allowing predictability in expenses related to painting.
- Well maintained paint is aesthetically much more appealing, thus increasing rents/property values/revenues.
- When homeowners don’t have a paint budget and maintenance plan, they so often have to wing it, leading to challenges. Consulting a paint pro will allow you to be proactive in protecting your biggest asset and cash flow management.
- Must plan a budget with other costs if doing renovations. When you have a set budget available, it is important to identify any critical items and prioritize them first. After taking care of the most critical items, you can work down the priority list with the remaining available budget.
- It is so important to have clear communication and expectations when identifying and setting planning projects and setting budgets. When everyone is super clear, outcomes are predictably better.
- What is NOT included in a budget is equally important as what is included. Being vague when detailing what is to be done and what is not, leaves room for misinterpretation and cost overruns.
- When you are having your planning meetings, have clear and comprehensive documentation from your painters so you can make informed decisions on the spot.
- Coming out of meetings, when new budgets, projects and ideas are on the table it is important to consult your painters to ensure you will be able to achieve your goals with available budgets.
- Have a contingency fund for changes to scope that can come up, unexpected cost overruns due to unforeseen circumstances that can and often do come up during larger projects. This is especially important in construction projects.
- Painting the exposed areas more often helps your building look its best and stay protected. South facing sides especially need paint more often than north-facing sides. In addition, fascia boards, window trims, and other exposed areas need more attention than tucked away siding and soffit.
Hopefully, we have presented compelling and useful ideas for you around budgeting for painting. Elliott and Jay have been owners in the paint industry for a combined 35 years and have executed on thousands of projects of all types. We have the experience and knowledge to help you with planning and budgeting your painting needs. We are also passionate about and love it, so you will enjoy the process of working with us.
Please call or email us today to start or continue the discussion of how PLE can help you with all of your painting and budgeting needs this year!!!