Over the years I have worked closely with GC's and PM's, and was fortunate to be able to be a part of the initial budget as well as the review of the final budget. 

Recently, I had the thought that each project likely had similarities in their numbers. Not from a dollar figure, as those grossly differ from one house to the next, but from a percentage perspective.

From renovations and new builds, to small and large homes, I reviewed 6 various project budgets and what they had in common will shock you.

The overall budget, when separated into each stage of the project and looked at from a percentages perspective instead of a dollar figure, were roughly the same for each project. 

Project Percentages

The stages:

1. Documentation
   This includes survey, architectural and structural plans, geotechnical reports, permits, etc. All the paperwork necessary to begin construction.

2. Construction - To Lock-up
   If you don't know what lock-up is, that includes foundation, framing, insulation, windows and doors, mechanical, electrical, and drywall.

3. Construction - Interior Finishing
   This includes flooring, kitchen cabinetry and built-ins, interior doors, plumbing and light fixtures, countertops, railings, etc.

4. Extras
   For most of these projects this included driveway topping and optional retaining walls; items that are generally postponed at the end of a project. 

5. GC / PM Fees
   It was true what they said, 10% was the average at the time.

The differences:

For smaller projects, the Documentation stage percentage was higher, averaging close to 7% with the Exterior and Interior stages decreasing.

For renovation projects, the Extras stage was higher for those pesky unforeseen issues*, averaging slightly above 8% with the Exterior and Interior stages decreasing.

What I found was the Contractors did a really great job assessing their level of finishing and estimating their budget based on that. Higher than the client expected, but at the end of the day that’s where the final numbers landed and they were grateful to not have any surprises. There were not a lot of upgraded finishes*, and if there was, it was taken from another area of the budget.

NOTE: Although Extras came in slightly over 8% for renovations and 3% for new homes, please still allow for a 10-25% contingency, especially for those undergoing a renovation. When you’re getting near Interior Finishing, that contingency can be enjoyed in upgrading finishes, purchasing new furniture (something that always seems to be missed), or going on a much needed vacation after all of this is over.

What did you think of looking at percentages instead of numbers? Have you completed your project and broke down your budget into percentages? How did your numbers add up? We'd love to know! And if you could share your percentages with us, we would be truly grateful!

We hope you enjoyed this new way of looking at your numbers!