A budget is a statement of the amount of money that is available to spend over a period of time, or on a specific thing, such as a building. It may include an outline plan for how that money will be spent, and a breakdown of the items it will be spent on.
Budgets help determine what is affordable and should be set as early as possible. It is important that they are based on evidence and that they are realistic.
A budget can be established by:
- Assessment of projected income and expenses through the life of the project.
- Comparison with similar projects.
- Assessment of the funds available.
- Pre-design analysis of requirements.
- Analysis of preliminary design options.
The client's total project budget may include:
- The construction cost.
- Land or property acquisition.
- Approvals fees.
- Planning costs (Section 106 Agreement or Community Infrastructure Levy).
- Financing costs.
- Site investigations.
- Fixtures, fittings and equipment.
- The cost of decanting and relocating, including costs associated with moving staff.
- Contracts outside of the main works.
- Consultant fees.
 Related articles on Designing Buildings Wiki
- Approximate quantities cost plan.
- Bills of quantities.
- Business plan.
- Capital allowances.
- Capital costs.
- Construction loan.
- Construction organisations and strategy.
- Contract sum.
- Contract sum analysis.
- Cost consultant.
- Cost control.
- Elemental cost plan
- Final account.
- Initial cost appraisals.
- Net Present Value.
- New Rules of Measurement.
- Outturn cost.
- Pre-tender estimate.
- Tender pricing document.
- Working capital.
- Whole-life costs.
BSRIA and Designing Buildings Wiki are asking what your ideas are for improving the performance of buildings in use. Win £500 of BSRIA goodies.
All about supply? The future for recyclable construction materials.
Regarded as the finest example of Mughal architecture and one of the most beautiful buildings in the world.
House of Lords seek to reintroduce the scrapped Zero Carbon Homes strategy as part of the Housing and Planning Bill.
Concept designs released for Stockholm's tallest skyscraper.
Bold change efforts are required to meet sustainable practice in the water sector.
Mixed-use timber complex proposed for Bordeaux.
The Dali Theatre and Museum, one of the 'largest surrealistic objects in the world'.
The global BIM market is expected to grow by 19% a year to reach US$11.54 bn by 2022.
UK construction businesses lose more than £1.8bn from invoice fraud each year.
Architecture has always evolved in line with technology, but for how long will this continue?
For more news, go to the home page.