A commercial construction project is a significant undertaking – there is no project that is too small or too big. To ensure that your project is smooth sailing up until completion, it doesn’t hurt to note a few tips and tricks when budgeting. This is often the part where most property owners end up facing more challenges.
Budgeting Tips for Your Commercial Construction Project
Get Your Estimates as Accurate as Possible
As the construction progresses, there will be unexpected adjustments here and there. As much as possible, the initial estimates should also cover these. It’s always best to prepare for something, rather than having to deal with issues later on. Dealing with unexpected additional expenses can cause elevated stress levels.
To get accurate estimates, work with professionals. Some contractors might give you a lower estimate to make the project look more affordable, only to have you shell out on unforeseen expenses later. You can also try using construction estimation software. Also Read: Construction Estimating Tips That Will Save You Money
Take Advantage of Budgeting Software like QuickBooks
A big part of project management is getting your records in order, and a reliable tool like QuickBooks is a good investment. This software decreases the possibility of errors, enabling you to work on more accurate information.
Whether it’s tracking invoice and expenses, managing payments, and documenting the project details — QuickBooks can do this and more. Related: How Data-Driven Thinking is Revolutionising Construction?
Understand the Soft and Hard Construction Costs
Construction projects are fluid and flexible, including the resources required to make it work. In a commercial construction project, a property owner must be aware of soft and hard costs to create a realistic project plan and budget.
Hard costs include all the expenses related to the property’s physical construction, such as site preparation, mechanical, plumbing, electrical, and HVAC. On the other hand, soft costs cover additional requirements such as financing, insurance, legal fees, taxes, design and architecture, project management, LEED certifications.
There are other costs to be considered, such as demolition expenses, land surveys, land costs, and environmental compliance. Related: How to Minimise Change Orders on Your Commercial Construction Project?
Talk to Chest Construction Today
Get the right start with your commercial construction with the right people. Chest Construction is a trusted name and an industry leader in office design, office fit-outs and commercial construction in Perth, Australia.
Ready to start with your project? Contact Chest Construction today.