Tips to Save Money on Your Next Construction Project
Price tags for construction project have a dangerous tendency to run high. Whether the work requires renovation or ground-up construction, expensive costs can be hard to avoid. So what are some tips to save money on construction projects? To provide you with effective, real-life advice, we consulted our firm’s professionals.
DBG Construction’s experts pull from nearly 200 years of combined experience in the construction industry. When asked how they would encourage clients to save money, these were their responses:
Conduct Thorough Price Comparisons
Shop around for the best price and the best services. You’ll save money by holding off on the first offer or the first cost. Invest a little extra time and effort into research until you find the best deal for your money and expectations.
Renovation vs. Ground-up Construction
Consider restoring or renovating an already existing property. Warehouse conversions, build-outs, or remodels are sometimes cost-effective alternatives to ground-up construction. You avoid expensive concrete costs and shorten your project’s timeline, enabling your business to open sooner.
Building Space and Efficiency
More space means more money. Consider your project’s size and determine what elements are and are not necessary. This is particularly important for businesses who are looking to cut-costs by using smaller spaces efficiently.
Business Growth Plan
Have a long-term business growth plan. Company growth is a critical consideration for any company – especially when considering building space. Develop a trajectory of your business growth and share projected growth percentages with your GC and project architect. They will be able to implement a versatile design that accommodates your current and future needs, without tacking on excessive costs.
Details and Vision
Identify the level of finish you want. You have that mental image of how your space will look upon completion. Discuss the details of that vision with your general contractor. They should be able to recommend the best choices or cost-effective alternatives to accomplish the level of finish your project deserves. It saves you time and money to know your options from the beginning.
Building the Wow Factor
Determine your businesses wow-factors. Every business has an aspect of their building that they use to catch potential clients’ attention and draw customers in. It can be an elaborate entryway, a luxury lobby, a critical industrial structure, or vibrant office space for your team. Whatever it is, make sure your general contractor knows how to properly and effectively emphasize your wow-factor.
Efficiency of Eco-Friendly
Take efficiency into account. Go green with eco-friendly options. Find a general contractor that can balance the concerns of economy, environment, utility, durability, and comfort. Water and energy efficient amenities will reduce excessive consumption and you save money in the long run.
Get Started in the Off-Season
Start the project during the off-season. You won’t only save money, you’ll have more one-on-one quality service from your contractors because they will have more time.
Plan Ahead
Go over the project schedule and to-do list line by line. Get rid of any unnecessary or excessive expenditures and/or things that you don’t really want. A reputable general contractor will help you value engineer the finishes to meet both expectations and budget.
Organization is Key
Stay organized throughout the entire project. From paperwork to the budget and from supplies to workers, stay organized. You should work with a general contractor that assists you with robust project cost accounting and construction management software. You have the right to know when and where your money is going at every step of the project’s development.
Knowledge is Power
Use wisdom. Know when to save and know when to spend. Some costs are better left for a later project.
So if you have a project that needs building or if you have questions about how we can help you save a buck, contact us! We’d love to help you build your savings and maybe even something else!