With the current economic climate and lingering inflation, commercial building projects face greater challenges. A project may already be too far along to put on the brakes. It’s important to find ways to control project costs because it may be nearly impossible to stick with an original budget created prior to 2021. Today we will look at simple ways you can control your costs as the project moves forward.
Hire a project manager or construction manager early.
When new to the construction process, it’s essential to have an expert in charge of your building project. They provide invaluable expertise and advice to keep a project ahead of schedule and within budget. An experienced and local construction manager will also ensure that all regulations and codes are met and permits are secured in advance.
Strategic cost estimation
is an essential step in the process. While much of the inflation we are seeing today seems unexpected from the average consumer, some economists voiced concern in early 2022 as consumers began to see a surge in prices. Today you need to complete a strategic cost estimation with very little error in order to stay on budget and time. Consult with construction professionals to:
- to determine precise quantities of supplies,
- to determine precise equipment and labor needs
- to measure exactly
A cost estimating software can also be helpful to create accurate strategic cost estimates. Some software can even assist with securing bids on supplies and equipment and lock-in current prices to avoid further inflation.
Communication is invaluable.
Keeping an open and frequent line of communication is essential. If a question comes up, address it immediately. If something on the construction site is amiss, bring it up right away as a costly mistake might be avoided.
Strategic sourcing of materials can save money.
Careless sourcing can waste money quickly. Look for ways to save money on materials as if it’s your job – because it is. Consider purchasing locally whenever possible, but domestically for sure. It may seem less expensive to source from other countries, but shipping charges and delays can become an expensive headache is they occur. Depending on the type of construction, look for ways to reuse items or purchase items that were considered damaged but still good. Depending on the scale of construction, this is a great cost-saver when it applies to your situation. Additionally you will want to work with suppliers to receive bids and lock-in prices as mentioned above.
Controlling costs is one way that Weaver Realty provides value. We work with the best in the industry in the state of Florida to help you every step of the way. If rising prices has become an issue for your project, call us today at 904-733-0039 for our expert project management services so that we can tackle your construction project for you. It’s an investment worth making that could save money long-term.
