HS2 project causing some doubts
Projects involve changes with loans and timelines frequently, whether it is business or personal.
08:15 06 July 2013
The HS2 project timeline appears to be on a rather aggressive schedule which some think will be impossible to achieve. Others are merely terming the schedule challenging. With project the costs and timelines are usually subject to a little bit of change, and it is important to keep on top of the changes so you know what to expect for the end result. This is no different than managing our own personal finances, or a home renovation project.
Here are a few recommendations to help you keep on track with project loans:
- Multiple estimates—before you begin the project you most likely received an estimate, but if you can receive estimates for free try to get a few from different contractors. This will give you a more accurate idea of how much your project will cost so you can get the proper loans.
- Comparisons—projects require a lot of different types of comparisons from contractor quotes, to materials, to timeframes and of course the interest rates you will be facing after you get those helpful loans.
- Timeliness—you have an idea of how long a project should take you. There is usually a fair amount of inconvenience while you do the project, or have it completed by contractors. If things are not finished on time it usually means more money that you did not request for your loans and more inconvenience for you while you wait longer. Give yourself a liberal timeframe when planning a project so that you end up saving money instead of owing more, or having to stop in the middle of your project. Also try to check with contractor references to find out how accurate the given timeframe was, and if the quality of work was acceptable.
- Updating expectations—when something does need changing with your project schedule; it should be addressed immediately so you can update loans and any other applicable factors that might change.