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Its Your Money!

Why do people imagine that, without any real effort, the really important things will turn out OK? Why does Project Management get ignored for the big projects, like building your new extension, or refurbishing your home?

I don't know and I don't understand.

Your home is, for most of us, the single largest investment you will ever make. You almost certainly have a mortgage which you will be paying for 25 years - possibly even longer. When you decide to build a home extension, or refurbish your home, you are making a bold decision to ( probably ) borrow even more money, increase the mortgage and invest the funds in your home.

Why? Well, probably because you need the space, perhaps to accommodate a growing family. Or you want to modernize to enhance your lifestyle. Or perhaps you want to increase the value of your home with an eye on resale. Whatever the reason, it is probably the second most important decision, after buying in the first place.

So why would you leave the control of that investment in the hands of the builder? Why would you trust to luck? You are paying for the work, with hard earned money. Why would you not want to control exactly what you are getting for that money? Why would you not want to ensure you are getting good value?

Well, you would, wouldn't you?

If you were buying a new ( or even secondhand ) car, you would research the manufacturers, the models and the options. You would look into the performance, the economy, the green credentials. You would make sure you knew what tax band it was in, what the servicing costs were and which insurance group. You would take test drives, look at all the colour options, interiors, and extras. You would talk to the dealers, haggle over price and trade in, until eventually you get the car you want, with the optional extras you want, at the best price, with all the free servicing, or road tax, or model upgrade, that you could negotiate. Only then would you actually hand over any money and only when you actually take delivery of the car would you pay in full.

So why do thousands of people every year, hand over huge sums of money, hard earned, borrowed money, money that will take years to pay back, to builders, often based on a very vague "estimate" and sometimes without the builder even doing any work?

Is it because those people don't actually understand what is going on when they get a builder in? Is it because they are baffled by the complexity of the work? Or the thought of managing something that they know little about?

I don't know. But I do know there is a better way.

More later.

The Project Master