How to Reduce the Cost of Construction

Construction can cause headaches for any business, investor or property developer, particularly when you’re working to a tight budget. Costs can quickly spiral if you’re not careful, and can create obstacles to the smooth running of your project. So how do you avoid any nasty shocks during construction, and ensure that your project doesn’t eat a hole in your pocket? Whether you’re investing in new premises or expanding your facilities on-site, here are a few tips to help you keep your budget under control.

Construction Plan

Plan meticulously

The majority of costs that crop up during your project will be unexpected and unaccounted for. Whilst even the most carefully planned projects require a contingency budget, the more you prepare now, the less likely you are to get a surprise later down the line. Research and plan your project meticulously, and if possible hire a consultant or architect to assist you during this key stage. They will have the expertise to spot any potential problems or costs, and can advise on the most cost-effective way to approach your build.

Source materials carefully

Materials make up a significant portion of your budget, so don’t rush into selecting suppliers. When choosing trades people for your project, find out whether materials are included in the quote. If not, ask for an estimate that will enable you to stay in control of your costs along the way. It may be better to source the materials yourself if you have the right contacts to do so.

However, don’t compromise on quality in your quest to keep costs low – as with anything in construction, you get what you pay for.

Consider modular construction

On a tight budget and struggling to make ends meet in your plan? There could be another way around your project. Modular buildings can be constructed at a fraction of the price compared to traditional building work, engineered off-site to reduce assembly times and production costs. With modular construction, you can achieve the same high quality results, whilst avoiding much of the stress that building usually brings to those in charge.

Hire a project manager

Keeping an eye on personnel, managing schedules, and monitoring outgoings requires a major on-going commitment. As a business owner or investor, you probably don’t have the time to dedicate to this all-important role. Hiring a project manager may seem like an additional expense, but the time and money they can save you will be worth every penny in the long run.

Take charge of your construction costs and prepare for every eventuality, to keep expenses to a minimum during your build. Whilst you should always leave a little wiggle room in your budget, by following these tips you can prevent costs spiralling out of control, without compromising on the quality of your finished project.

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