Regardless of your industry or business model it always makes sense to save money where you can without compromising the quality or integrity of the product or service being provided. Construction professionals know that their industry is not an exception to this and that cost savings are an important factor for clients. We’ve put together some advice on how you can reduce construction costs for your project without cutting corners.

 Perceived Value

An important consideration to always keep in mind, is the long-term resale value of your project when identifying your construction budget. It’s important to understand what your local buyers value regardless of how much it costs to include in your project. Keep in mind that if the real estate market is particularly slow potential buyers can be much pickier than in hotter markets. In this case it will not be as easy to sacrifice quality for lower prices. This is where maintaining a high value standard is especially important.

In commercial construction, certain elements might be attractive to specific companies and retailers that might make your location ideal for their business and lead to a quick turnaround. Including these items in the overall construction plan will help to ensure that you aren’t on the hook for months of property tax, insurance and other expenses that come with owning an empty building, should you choose to sell the property in the future.

Some items of perceived value are very affordable and can drastically increase the attractiveness of a project, while others features that produce a similar value might be more costly. Make sure you shop around and don’t overspend where it isn’t necessary. Overall, it’s important to plan which components fit into your budget and will produce the greatest returns.

Smart Building

Prior to construction actually beginning, construction professionals should work closely with architects and engineers to develop a clear plan the project prior to putting a shovel in the ground. It is important that all professionals involved are on the same page and can proactively discuss areas where costs can be reduced. Planning ahead to find areas where margins can be increased is one of the best ways to ensure projects are as profitable as possible.

Don’t Rush It

The saying “haste makes waste” holds true in the construction industry. While finishing projects in a timely manner is important to making them as profitable as possible, rushing through them is an easy way to ruin margins. Proper planning and executing, and then adhering to that plan, will help to ensure that important steps are not missed and that work doesn’t have to be redone when mistakes are made. Rushing through projects can also lead to missed opportunities, as some cost savings that were not anticipated might unexpectedly reveal themselves during a project.

Additionally, starting a project without a complete plan could also lead to wasted time and other resources for construction professionals that are uncertain of the necessary details to proceed.

 

We would love to help you put together an affordable plan for your next commercial construction project. To book a consultation with a reputable and experienced builder, contact Nationwide Construction today!