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Episode 9: Contingencies (What Could Go Wrong?)
In this episode, Rick Bell explains the importance of budgeting for unforeseen events when building a custom home. He shares real-world examples of construction surprises — like inadequate engineering or scope gaps between trades — and how a contingency line item in your budget can help resolve these issues efficiently without delaying your project.
Whether you're building a high-tech modern home or a traditional estate, this episode will show you how to plan for the unexpected and protect your budget and timeline.
What You’ll Learn
- What a contingency is — and why it’s essential in a custom home budget
- How scope gaps, design omissions, and code changes can trigger unexpected costs
- Real-world examples of contingency use, including structural errors and inspection surprises
- How much money to set aside for contingencies based on project complexity
- Why a contingency can save time and stress — even if others are ultimately at fault
Glossary of Terms
- Contingency: A budget allowance for unforeseen conditions or events during construction.
- Scope Gap: A detail or task not clearly assigned to any trade, which can lead to added costs or delays.
- Change Order: A formal change to the contract that adjusts scope, price, or schedule.
- Egress Window: A window large enough to allow emergency exit, required in certain rooms by code.
- Code Changes: Updates or new interpretations of building codes that can add to construction costs.
- Errors and Omissions: Mistakes or oversights in design documents that impact construction.
Listen & Subscribe
🎧 Spotify: https://open.spotify.com/show/4LzDQNSaAk15tm1rM8J6eo
🍎 Apple: https://podcasts.apple.com/us/podcast/the-insiders-guide-to-custom-homes/id1815798115
▶️ YouTube: https://www.youtube.com/@TIGTCH
Connect with Us
- Instagram: https://www.instagram.com/tigtchpodcast
- Facebook: https://www.facebook.com/TIGTCHPODCAST
- TikTok: https://www.tiktok.com/@tigtchpodcast
- LinkedIn: https://www.linkedin.com/company/the-insiders-guide-to-custom-homes
Resources & Links
- Landmark Custom Homes: https://www.landmarkcustomhomes.com
- Instagram: https://www.instagram.com/homesbylandmark
- LinkedIn: https://www.linkedin.com/in/rick-bell-lch
- Email Rick: [email protected]...
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By Rick Bell
5
33 ratings
In this episode, Rick Bell explains the importance of budgeting for unforeseen events when building a custom home. He shares real-world examples of construction surprises — like inadequate engineering or scope gaps between trades — and how a contingency line item in your budget can help resolve these issues efficiently without delaying your project.
Whether you're building a high-tech modern home or a traditional estate, this episode will show you how to plan for the unexpected and protect your budget and timeline.
What You’ll Learn
- What a contingency is — and why it’s essential in a custom home budget
- How scope gaps, design omissions, and code changes can trigger unexpected costs
- Real-world examples of contingency use, including structural errors and inspection surprises
- How much money to set aside for contingencies based on project complexity
- Why a contingency can save time and stress — even if others are ultimately at fault
Glossary of Terms
- Contingency: A budget allowance for unforeseen conditions or events during construction.
- Scope Gap: A detail or task not clearly assigned to any trade, which can lead to added costs or delays.
- Change Order: A formal change to the contract that adjusts scope, price, or schedule.
- Egress Window: A window large enough to allow emergency exit, required in certain rooms by code.
- Code Changes: Updates or new interpretations of building codes that can add to construction costs.
- Errors and Omissions: Mistakes or oversights in design documents that impact construction.
Listen & Subscribe
🎧 Spotify: https://open.spotify.com/show/4LzDQNSaAk15tm1rM8J6eo
🍎 Apple: https://podcasts.apple.com/us/podcast/the-insiders-guide-to-custom-homes/id1815798115
▶️ YouTube: https://www.youtube.com/@TIGTCH
Connect with Us
- Instagram: https://www.instagram.com/tigtchpodcast
- Facebook: https://www.facebook.com/TIGTCHPODCAST
- TikTok: https://www.tiktok.com/@tigtchpodcast
- LinkedIn: https://www.linkedin.com/company/the-insiders-guide-to-custom-homes
Resources & Links
- Landmark Custom Homes: https://www.landmarkcustomhomes.com
- Instagram: https://www.instagram.com/homesbylandmark
- LinkedIn: https://www.linkedin.com/in/rick-bell-lch
- Email Rick: [email protected]...