Conceptual budgeting is designed to give you a better idea of whether your project budget is accurate and will be able to get the job done effectively before construction starts.

Without a good conceptual estimate, it's hard to know if you've budgeted the proper amount to complete a construction project without any shortcomings. Building an estimate helps shed light on potential oversights in a budget plan and makes sure that all parties involved know what they have to look forward to in a project and what changes might need to be made ahead of construction. A conceptual budget typically includes a contingency percentage (around 10%) at the early stages before design details are finalized. Over time this percentage will drop as the project in it's entirety becomes more clearly defined and final decisions are made.

With a conceptual budget you are able to move forward more confidently with a project knowing that you have set a proper budget and are prepared for construction to begin.