Creating a budget is often the first step in any major construction project. The budget helps to inform major decisions like the types of finishes that will be included in the building's design and the addition of any extra elements that might not be included in a basic construction project.
Knowing the budget for your commercial building project can be beneficial when it comes to obtaining financing for your project, but there are some elements outside of your control that can influence the cost of your commercial project.
Before you can begin any major construction project with a company like S & S Builders LLC, you will need to obtain the proper permits. Applying for a permit can take a significant amount of time, and there are permits that you must obtain throughout the duration of your commercial project.
Waiting on inspectors and permitting offices to issue you the correct documentation can alter the timeline of your project, adding to the cost of completing the construction of a commercial building. When creating your budget, it's best to plan for some delays so that you will be prepared to cover the costs associated with slow permits.
Another element that can affect your bottom line is the cost of materials. The price of lumber, concrete, and other construction materials is constantly changing due to fluctuations in the market.
As you go to purchase your materials, you may find that the price of the materials you need to complete your project has increased since you obtained an estimate and created your budget. Always budget additional funds for materials to cover price changes and allow for errors when working on a commercial construction project.
In order to successfully construct a commercial building, you will need to work with many different subcontractors to complete the actual labor. Plumbers, HVAC specialists, painters, and drywall installers can all have an impact on the amount of time required to complete construction.
A subcontractor may find that additional time is required to finish construction tasks properly once they begin working on your project. This increase in man hours translates to higher labor costs, which will increase the overall amount of money you spend to finish the construction of your commercial building.
Recognizing the elements that might influence the cost of your commercial construction project before you break ground will help you create a budget that takes into account these contingencies. You will be better prepared to absorb unexpected costs and bring your project to completion without breaking the bank.Share