Managing the budget of your residential or commercial building project
It’s no easy feat, no matter how much experience you have. In this blog, you’ll find some of the best tips to create, plan and stay on budget no matter the size of your building project.
By Regal Crane Hire, Brisbane Gold Coast & Sunshine Coast
Whether you are building a home or an apartment complex, you must be all when it comes to the construction budget; you need to monitor them every step of the way!
How do you do it?
Well, as each build is different, there will always usually be some unforeseen expenses. Sometimes an estimate for excavating is given, and then once the machines are there, it hits rock. This results in more time needed to finish the excavation, which can blow out your building budget.
- Hot Tips To Keep Your Construction On Budget
- Have an emergency fund
In any commercial or residential construction, additional costs are bound to come up. When they do, you need to quickly come up with extra money that can be worrying and stressful.
A great way to avoid this stress and have the money to pay for those unexpected costs building costs is to have an emergency fund account. It gives you peace of mind that if any additional fees do arise, you have a dedicated bank account with money in it to use towards those unexpected construction costs.
Developers do this. Apartments have sinking funds for maintenance and repair costs, and many of us do this with our mortgages to pay for those nasty unexpected bills that come up. A little bit of money in your emergency construction fund each week makes a big difference and gives you peace of mind.
2. The devils in the detail!
This is an accurate analogy, mindset, and positive action plan before doing up a budget for a commercial or residential build. Or any project for that matter. Planning is everything before you start!
Understanding how much contractors and suppliers will charge you for crane hire, excavation, materials, fittings, council approvals, and everything else, irrespective of the size of your project, is the only way for you to plan and manage your construction budget.
Having this information also gives you a firm handle on what your costs are. Most builders, suppliers, and trade services will provide you with a breakdown of your expenses too. More importantly, you’ll be able to create a more accurate financial strategy and construction budget by planning because you’ll know how much money you have to work with and an estimated of how much materials and services are going to cost.
3.Over Budget, Don’t Worry Prioritise
Believe it or not, even the most prominent developers in the country have budget blowouts for many the same reasons someone building a residential house does. If you do overspend and do not have a fire extinguisher account or not enough money, here’s what you do.
Make a list of the tasks that need to be done in order of importance. Then prioritise the most critical tasks and dedicate the money you do have to those tasks. This way, you’ll be putting what money you have to the best use, and from there, you just work down your list.
4.You get what you pay for
In any construction project and budget, money matters. However, you also get what you pay for. So while it may be more cost-effective to settle on a cheaper priced tradesperson at first, you’ll find a more inexpensive service will cost you more in many cases in the long run. Using experienced qualified tradespeople, crane hire services, builders, and other services for your construction build that may cost a little more is a wise investment. With experienced tradespeople, they’ll be less time and mistakes, and the final finished product and workmanship will be of higher quality
It also gives you the benefit that the project or tasks provided by qualified tradespeople will be performed right the first time, saving you money and unnecessary anxiety.
5.Monitor the construction closely
Another proactive step to keeping your construction project on budget is to monitor the construction closely. While this is not practical for everyone, calling in every couple of days to review and monitor the building is worth it if you live close to your construction project.
By monitoring the construction of a commercial or residential build every couple of days, you’ll be able to pick up anything mistakes and get them fixed sooner. It also gives you the benefit of seeing how the construction is proceeding. It keeps building on track and ultimately saves you money because you’ve identified any errors quickly.
Summary
Whether the type of construction, be it residential or commercial, creating, planning, and keeping track of your construction budget is critical. Building materials labour costs and other unforeseen events can blow your construction budget out quickly, resulting in a lot of extra stress, added expense, and delays in construction.
Lift Your Project To New Heights With Regal Crane Hire Brisbane, Sunshine Coast & Gold Coast.
Hi, we’re Haydon & Annette of Regal Crane Hire Brisbane. We’re a family-owned and operated crane hire business founded in 2016.
Our fabulous team is well known as the South East QLD specialists in crane operations and mobile crane hire for the commercial and residential construction industry, so crane hire is easy, profitable, and safe.
For more information about lifting your project and budget to new heights of success, please contact the crane hire specialists at Regal Crane Hire Brisbane, The Sunshine Coast and Gold Coast at info@regalcranehire.com.au or by phoning us on 0431 171 332