Initial Budgeting – Common Area
For early stage Common Area budgeting, please use the following guidelines:
- Working from the site plan, determine the areas that will require new furniture.
- Categorize those areas into three sizes/groups (A, B or C) as shown below.
A = Typical Small Grouping (1-7 pieces)
B = Typical Medium Grouping (8-15 pieces)
C = Typical Large Grouping (16+ pieces)
- Typical costs for each grouping (based on past Simon purchases) have been determined and are shown below. Calculating using this exercize and the amounts below will give you an initial budget, including estimated freight, installation and tax.
A = $15,000
B = $30,000
C = $40,000
Example, using sample key plan above:
A Grouping – Qty: 3 – (3 x $15,000) = $45,000
B Grouping – Qty: 2 – (2 x $30,000) = $60,000
C Grouping – Qty: 4 – (4 x $40,000) = $160,000
Total Initial Budget: $265,000
You can use this worksheet to aid in creating your initial budgeting.
To create a more detailed Common Area budget, please see Refined Budgeting