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Project Budget
The project budget is the fiscal outline designed to estimate the all costs of a new construction project. It might include an outline for the cost of land, construction materials, service costs, furniture, professional assistance, loan financing and any other cost that would fall on the owner of the property. The project budget is designed to give the home builder a guide for how much the property owner wants to spend. The home builder should then do everything in his or her power to stay within that budget. Often times, the owner will provide the builder with a rough project budget at the beginning of the ordeal. If the builder needs to go above budget on any of the direct construction costs, he or she will usually have to consult with the owner before making any moves. This budget is an important control to ensure that owners do not spend more than they have on any project.