Budget Planning: Where to Spend and Where to Save

Hint: Don’t Skip Pre-Construction!

Here’s the great news: It truly is possible to get a quality build that’s constructed on time and that fits your budget.

How? Pre-construction.

Pre-construction is where the magic happens, and when maximizing resources and making the most of your budget is a priority, it’s a step that simply can’t be missed.

While every project and every budget is different, understanding how the big and little pictures fit together is imperative to making your budget work. These are the conversations and details we hash out during pre-construction meetings (and even earlier than that), so that when we’re ready to break ground, our path forward is clear and actionable.

Here are just a few of the many budgetary line items we discuss with clients as we work to fit their goals and objectives with their budget. While each unique project will have specific needs, we frequently encourage clients to consider spending and saving in these areas:

Where to Spend

  • Planning and Design Phases – Hiring a strong design team and investing in quality planning efforts sets your project up for success and significantly reduces the likelihood of encountering costly changes or corrections that need to be made later in the project.
  • Safety upgrades and compliance measures – While some upgrades may be required by law, others just make good safety sense. Again, spending money preventatively can also help you avoid even more expensive upgrades or maintenance fixes down the road.

Where to Save

  • Differentiating needs and wants – Within every project there are nice-to-haves and need-to-haves. What are yours? With the right value engineering, it may be possible to even achieve both by making some reasonable accommodations. Your general contracting team will be able to offer you alternatives that help you gain the same effect for less money.
  • Evaluate your options for materials – Can you forgo custom-made materials or is there an alternative solution that will achieve the same look for less? We found this to be the case in a recent renovation we did of Bhojwani Tower where we were able to use porcelain tile panels bonded to a honeycomb composite panel rather than heavy marble (and saved our client $150,000!).

Your budget and project goals should work hand-in-hand. We can help you with that. Get in touch today to schedule a free consultation.

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