So are you saving all your money for construction?
Are you protecting as much of your budget as you can for that part of your project as possible?
It’s common to do this, but this is a big cost risk you want to avoid in your renovation or new build. Here’s why …
Listen to the episode now.
Hello! This is Episode 305, and in it, I’m going to be talking about a significant and influential project risk I want to bring to your attention as someone planning, designing, building or renovating your future home.
This project risk I’ll be talking about is based on one of my five factors that impact every step and every decision in your project journey.
What are those five factors? Well, they’re: COST, TIME, TEAM, DESIGN and YOU.
In this episode, I’ll be sharing a major COST RISK I see play out for people navigating their project.
This is part of a new series of content I’ll be bringing to Undercover Architect generally, which I’ll explain more about as we dive into this episode.
I want to talk about risks.
Project risks you need to know about, put steps in place to avoid, or manage how you’ll move through them.
It can seem boring and dry to talk about risks. But what I’ve come to realise in my work as an architect throughout my career, and definitely in the work I’ve been doing in Undercover Architect for the last 9 plus years, is that so much of it is about risk management.
The thing about risk management is this though: it’s important, but totally unsexy.
Risk Management is essential to think about if you’re wanting to set yourself up for a simpler, more successful experience that involves less stress and shock.
Working on risk management is like buying insurance. And I get it: no one really wants to buy insurance.
But we know it’s a required part of minimising the potential damage of uncertain, unpredictable or totally unexpected events, especially those we’ve never experienced before.
Risk management is also something that pays dividends.
When you have the knowledge to avoid difficult or unexpected situations, or you have tools and strategies, it gives you the ability to navigate your project more efficiently and confidently, knowing you have the know-how and resources to deal with what might come your way.
And risk management has returns financially, emotionally and mentally.
So, in this and the next few episodes, I’m going to share a specific project risk with you, related to one of the five factors. And I want to start talking about these risks more openly on Undercover Architect’s platforms as well.
I believe forewarned is forearmed. You don’t know what you don’t know, so you can’t possibly be in a position to avoid, protect, minimise the damage of something you don’t even know can happen to you.
And that’s why I talk a lot about project risks in a lot of my information on Undercover Architect, and especially inside my online courses and flagship program, HOME Method.
And whilst each project can come with its own specific risks due to its unique site qualities, design approach, construction constraints or your personal wishes … there are global risks that will apply to all projects and that many will unwittingly expose themselves to, thinking that they’re making the right choices.
But they’re acting on misinformation or misleading advice, or simply not being aware of what could happen, or the consequences of their actions and decisions.
And not all risk is avoidable.
This is the thing to remember: if you’re doing a custom project, then it’s the first time anyone has done it.
Yes, you’re ideally working with a team who have experience and expertise, and can leverage that for the benefit of your project.
That is a BIG part of your risk management, that you can mitigate the challenges your custom project will present because your team has had loads of experience and practice in projects like yours. There will inevitably be some risk you’ll be having to deal with, and navigate in your project.
So, let’s talk more about a significant COST RISK I see homeowners not knowing how to navigate when building or renovating.
When you’re not sure how to manage or address this risk in your project, then it can have a domino effect throughout your project duration, and result in stress, challenges and blowouts along the way.
Now, let’s dive in!
LISTEN TO THE EPISODE NOW.
Access the special offer for podcast listeners to PROJECT 101 by heading to www.undercoverarchitect.com/project
Here’s some resources to review …
- Season 4 ‘Know Your Team’ Podcast Index >>> https://undercoverarchitect.com/podcast/season-4/
- Season 8 ‘A Simple Guide to a Sustainable Home’ Podcast Index >>> https://undercoverarchitect.com/podcast/season-8/
- Season 10 ‘Industry Insiders’ Podcast Index >>> https://undercoverarchitect.com/podcast/season-10/
- Season 3 ‘How to Set + Stick to Your Budget’ Podcast Index >>> https://undercoverarchitect.com/podcast/season-3/
- Episode 207 with Antony Martin, MRTN Architects about the Pre-Design Process >>> https://undercoverarchitect.com/podcast-before-design-antony-martin-mrtn-architects/
- ‘How to Save Money during the Design Process’ Blog Post >>> https://undercoverarchitect.com/how-to-save-money-during-the-design-phase/
- ‘What will it cost me to renovate or build’ Video >>> https://undercoverarchitect.com/how-to-work-out-the-cost-of-building-or-renovating/
- Why does it seem so much cheaper and faster to renovate or build in the television or online world? Watch or listen here >>> https://undercoverarchitect.com/podcast-real-life-cost-time-renovating-building/
Access the support and guidance you need to be confident and empowered when renovating and building your family home inside my flagship online program, HOME METHOD >>> https://undercoverarchitect.com/courses/the-home-method/
Learn more about how to interview and select the right builder with the Choose Your Builder mini-course >>> https://undercoverarchitect.com/courses/choose-your-builder
Access my free online workshop “Your Project Plan” >>> https://undercoverarchitect.com/projectplan