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7 Ways to Save Cost When Planning To Build Complicated Construction Project

Finance BY Mashum Jan 01, 2019
Save Cost

As you already know, building a residential or commercial property is becoming expensive by the day. The demand for houses has led to increased costs of raw materials. This has been compounded by the fact that most of the materials are not locally available, and you either have to ship from a far state or import them. This adds to the already existing costs making it very hard for individuals to build a new home. The cost of labor remains at an all-time high due to the introduction and reinforcement of the minimum wage requirement. Other considerations such as the rising cost of land and administration costs increase the overall cost of construction.

Building a simple structure is becoming a serious matter of concern. One wonders how you will build a complicated structure with the current taxation and economic conditions. The banking sector is not providing loans to home builders. Most of them anticipate that there will be a housing bubble in the next few years, and there is no bank or financial institution that wants to bear the blunt. Given that you are already aware of the situation, you need to be creative and figure out how you will work with your tight budget. You can achieve your intended goals by use of these strategies.

Ideally, you should not be looking at costs in areas that end up compromising on the structural integrity of a building. However, you can always work with the best heavy machines manufacturer, get excellent machinery, infrastructure, and guidance that can help you save costs, overheads and missed deadlines. If you are able to improve efficiency in your construction project and can manage to finish it within a set deadline, then you will be saving a lot of costs. Faster fit-outs and deliveries to prospective owners can help in easing the cash flow for the construction project.

1. Use Reclaimed Building Materials:

Reclaimed building materials are some of the cheapest options that you can choose with the aim of lowering the cost of construction. Your contractor can help you source old timber, reclaimed iron sheets, glasses, bricks, and cement. These materials are readily available in old factories and in some homes where individuals are moving. Most of the movers will dispose of their old timber and iron sheets at lower prices because they need money to move. Some of these materials require little furnishing, and they will be ready for construction. Reclaimed construction materials are not only cheap, but they are environmentally friendly.

2. Simple Construction Design:

Even though you are building a complicated project, you can find alternative methods of minimizing costs by using a simple design. You need to make sure that the project has a small and simple floor plan, which will require less money and time to design. You can get cheap and customized floor plans from https://www.rendersmart.com.au/3d-rendering-melbourne. Simple floor plans will take less time during construction. Simple floor plans are known to consume fewer materials than complicated floor plans. You can agree with your designer to reduce the number of rooms and build huge rooms, with the aim of reducing the materials needed. It is imperative to look for complete architectural designs rather than looking for custom designs, which will burn a hole in your pocket.

3. Choose Smart Technologies:

The construction of modern structures is changing rapidly. Real estate experts are now moving towards environmental sustainability by constructing smart structures that are not only cheap but energy efficient. Prefabrication is one of the cheap industrial trends that involves assembling all the construction materials in the factory and then delivering them to the construction site for installation. This strategy saves construction time and enables homeowners to save a huge amount of money. Another smart home construction strategy that you can use is using wall glasses, which are cheap and readily available rather than a stone wall.

4. Do It Yourself:

For you to save money, you need to do it yourself sometimes. You can ask the contractor to hire you as one of the unskilled laborers, which will reduce the amount of money that you have to pay each day. Moreover, you are not rich enough to hire a contractor to handle all your construction works. The agreement needs to end once the most complicated things have been done. Everything else such as fixing your kitchen, electing a perimeter wall, landscaping, and cleaning the entire site needs to be done by your family members.

5. Hire Contractors with Discounts:

When undertaking a complex project with a shoestring budget, you definitely need all the assistance available. You need all the discounts and other cost-cutting measures you can get from all the stakeholders. When you receive the quotes, you have to evaluate the estimated costs and get the contractor who gives you some discount. Obviously, there is a threshold that most of the contractors will demand from you. However, consider the lenient contractor, who offers you some discounts. However, you should not jeopardize the quality of the structure so that you can save money.

6. Take Advantage of Government Taxes:

The government is always encouraging its citizens to build both commercial and residential facilities. Due to the harsh economic conditions, the government has gone further to provide subsidies in most of the construction materials. You need to take advantage of these subsidies. Some construction materials, especially the ones that are environmentally friendly attract zero tax rates. Therefore, it is your role and responsibility to ensure that you consider environmentally friendly materials so that you can be zero-rated on tax.

7. Hire Experienced Contractors:

During this period, you don’t only need the assistance of your family member, but you need the advice and assistance from an industry expert. You need to work with somebody who has been in the industry for a longer period. An experienced and professional realtor will be able to advise on the best construction strategies that will cut costs. He will further help you to source cheap raw materials through his extensive network and connections. An experienced contractor can detect significant problems that could lead to cost increment, and he will devise the best strategies to counter these challenges.

These are some of the cheaper methods that you can use to construct a complicated project on a budget. It all depends on what strategy you think is right for you. You should remember that the best approach is the one that delivers a final quality product at a lower budget. You should not implement some cost-saving measures that compromise the quality of the entire project. Experienced construction experts can provide other creative methods of saving on construction costs depending on the location. However, these methods cut across any building, regardless of the area.

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Mashum Mollah is an entrepreneur, founder and CEO at Viacon, a digital marketing agency that drive visibility, engagement, and proven results. He blogs at BloggerOutreach.io.

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