Construction costs can be catastrophic if it is not planned out effectively and going way over budget is a common mistake that is made. There are lots of things that can affect the costs of construction and some of these costs can change quickly (for example material costs) so it is important that this is taken into account in the scoping of the project. Project planning should be completed collaboratively with the different stakeholders that would affect the costs so that you understand risks to this.
Material Price Changes
Depending on the material type that you are using, there is a risk that the costs of this will change. If you are constructing a large building then this becomes an even greater risk. Steel building prices can be minimised by ensuring that you purchase only the exact materials that are required for the job at hand. As this is a material that changes a lot in price it is even more important to get it right. If you know the dimensions of the building then with steel construction there is little to no waste with construction being as simple as possible therefore you should be able to budget exactly what is required by thinking ahead.
Don’t Accept the First Price
Usually, if you are constructing a building, this is a large project that would require you to call in the experts to do this on your behalf. External companies could cost an arm and a leg, therefore, the way you approach these companies is crucial to get the best deal as possible. First of all, you need to be 100% clear on your specification. If you get this wrong or room for interpretation there could be the room to “scope creep” and therefore having to pay for the additional elements. In addition to this, if you approach a company, make sure you have a look in advance at their reviews and feedback. Generally, people will then go to 3 or 4 reputable companies to get quotes and have an indication of what it is they are likely to pay. Whatever price is quoted to you, do not accept the first price. It is very common in this type of industry for the companies to over quote and for you to then haggle slightly to get a much better price that suits your budget.
Do it Yourself
Completing the construction, yourself is definitely a good way to save money, however, it depends on what it is you are actually building. If this is a simple steel structure that is pretty small in size, you can buy the full pack that comes with all the materials. If, however, it is a much larger project then it may be easier to get the experts in. Just make sure that you do not compromise the quality of construction by doing it yourself if you lack the experience and technical capability to do so.
Make sure to consider this when trying to minimise construction costs.
Category: Advice