As a business owner or entrepreneur, you always look for ways to save on costs. But unfortunately, construction projects can be expensive. It’s estimated that businesses spend about $313 per square foot in constructing a typical commercial building in the United States. So if you’re planning to build a 2,000-square-foot facility, you’ll spend about $636,000 on construction costs alone. That’s a lot of money.
Unfortunately, it’s necessary to spend this much. The cost of labor and materials has gone up in recent years, and there are no signs that these prices will go down anytime soon. As a result, you need to be smart about how you allocate your funds when building. Additionally, sometimes, these projects go often go over budget. As a result, you’ll need to make a few project changes to reduce costs. Here are some tips on how to keep your construction costs down.
Know Your Scope
The first step to saving money on your construction project is to know your scope. You need to have a clear understanding of what you want before you start contacting contractors. This will help you get more accurate bids and avoid scope creep (when the project grows beyond the original scope). It’s also good to utilize BIM for this.
BIM
If you didn’t know, BIM software allows you to create virtual representations of buildings and structures. Using this, you can better visualize your project and see its progress. You can also digitally change the design before you order materials or spend labor. Not only will this help save you money, but it’ll also reduce the time it takes for construction. Additionally, it’s suitable for the safety of your projects, so ensure to hire a construction firm with this technology.
Negotiate with Contractors
After you have received bids from multiple contractors, it is time to negotiate. Don’t be afraid to ask for discounts or extras that can save you money. Remember, the worst thing a contractor can say is no! Here are two things you can often renegotiate with contractors.
Labor
One of the most expensive parts of a construction project is labor. As a result, negotiating with contractors on labor can save you in the long run. You don’t need to use the same contractor for your entire project; you can have subcontractors do specific tasks instead of hiring one company to handle them.
Materials
As mentioned earlier, materials are often another significant expense. However, you can negotiate with suppliers and reduce costs if they are willing to work with you. In some cases, you may get better deals by buying materials yourself and giving them to the contractor rather than letting them purchase them themselves. Additionally, consider using energy-efficient materials for your project.
Use Energy-Efficient Materials
When it comes to construction, there are many energy-efficient materials available that can save you money in the long run. These materials cost more upfront, but they will pay for themselves over time with lower energy bills. Talk to your contractor about using energy-efficient materials in your project. Here are some energy-efficient materials for your project:
Insulating Concrete Forms
One of the best types of insulation is Insulating Concrete Forms or ICFs. These concrete forms are sturdy, durable, and highly effective at decreasing energy bills. They also reduce noise and make a building more soundproof.
Window Film
Installing window film on your windows can also help with energy efficiency and lower your heating bill significantly. Talk to an expert about using window film in your next project!
Value Safety
The construction industry is statistically one of the most dangerous in the United States. As a result, you must value safety when you are building something. Many construction companies have implemented new technology to help make their worksites safer. Here are some ways that they do this:
Rigging
If your building requires workers to be lifted, you must ensure that they are adequately rigged. This means using proper equipment and following safety procedures to avoid accidents. For example, robust wire rope rigging is essential for moving heavy loads. Additionally, these should be secured and should be inspected daily.
Fall Protection
Another common construction accident is falling. Workers must be protected with fall protection equipment and procedures, whether someone falls off a scaffold or drops something on their head. Your contractor can help you set up such systems to avoid falls on your worksite.
There are many ways to save money on your construction projects if you know where to look. By following these tips, you can stay within budget and get the most value for your money. In addition, doing so can help you build a project that you will be happy with for years to come!
