Construction projects can get costly, so it’s nice to be able to cut back on expenses on any project, whether you’re embarking on a renovation or building from scratch. But saving money on construction isn’t always just about getting the cheapest price and hammering down the costs from your prospect builders. (It’s good to remember that the cheapest isn’t always the best.)
It’s important to establish a strategy, working with your various consultants from execution through to delivery, finding the most efficient way to proceed. That being said, it’s also important not to forget that time is also money, so when you’re completing a construction project, your personal time spent should also be accounted for.
There are several ways you can save money on construction projects, and many tricks to stay within your budget without having to cut too much out of your scope:
You have rushed your pre-assessment & planning
Having a detailed pre-assessment & planning process will allow for less assumptions or errors, and give you more time to make accurate decisions and plan your project out properly. When you go through the budget and plan line by line, don’t be shy about questioning anything you don’t understand. You’ll be thankful during the execution phase that you didn’t rush through the planning process, as you will be more likely to avoid any expensive mistakes or delays.
STUDIO GAXA offers a downloadable Financial Feasibility Tool here so you can get started on your planning.
Making changes to the plan
Once you’ve gone through the detailed planning process & design, changing your mind once the work has begun can add up to become costly. Make sure you finalise all your plans, fittings, and finishes upfront so you can make sure you stay within your forecasted budget. In this circumstance, it can be wise to have a contingency amount up your sleeve to make sure you can cover any unforeseen building costs that may arise.
You believe you’re alone & do not seek advice where necessary
Without the proper experience, it can be hard to keep up with what’s going on in the construction project life cycle. It’s helpful to always have an agent by your side to guide you through the understanding of the market you are building in and make sure you aren’t over-engineering your property. There are many variables when it comes to a construction project, so seek advice (this applies for both commercial and residential builds).
It’s also worth having your project manager and experts engaged during the design process, allowing you to streamline the process. They will be able to advise you if an engineer is to be engaged (and at what stage), if your design is going to completely exceed your budget and highlight any Development Approval or Compliance requirements which must be considered. Having the right team to advise you is the best way to go.
Each project is different and will call for consultants who specialise in your unique project requirements. The team at STUDIO GAXA always seeks to engage the right team on each project, to make sure that the inevitable onsite difficulties are merely a speed bump along the road.
To find yourself an experienced design & project management team for your next construction project, contact GAXA Group for a quotation, and to stay up-to-date, make sure you subscribe to our Behind The Build Newsletter here.
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Katherine Kouli – Design & Project Manager at STUDIO GAXA
P: 0406 735 467
