There are three keys: Cost control, cost reports, and design-build
Once you’ve decided to greenlight a construction project, you immediately know that a substantial amount of money will go into it. Whether you alone will be footing the bill or you’ve got partners or investors behind you, your goal is to stick as closely to the budget as possible. And while unexpected expenses can arise, the best way to achieve this is through effective cost reports and cost control.
Just like it sounds, cost control is put in place to ensure that a project’s costs stay under control. Cost control procedures can help avoid overruns and scheduling issues by strictly monitoring the progress of the work. They ensure that the project aligns with time estimates as well as expense forecasts for labor and materials.
Cost control starts with making estimates for each component of the work. Then a schedule is put in place detailing when and where the money will be spent. As long as the costs and timelines match the estimates, the project will be under control financially.
The best way to see how money is being used on a project is through detailed cost reports. They allow costs spent to be compared with labor, equipment, materials used, and any other expenses. Cost reports offer numerous benefits, including:
- Money savings
- Insight into how materials are being used
- Theft or fraud detection
- A glimpse into worker productivity
- Red flags when a project is losing money
- An indicator that specifications have changed
Perhaps the best way to stay within budget is by utilizing a design-build firm. Any type of construction project involves the use of different individuals with specific jobs, including designers, architects, and contractors. A design-build firm has all of these professionals under the same roof.
A design-build firm can handle the entire project, from the initial plans to the day the building opens. This will often allow you to save a significant amount of money and get your building up faster. With a design-build firm, cost control is a priority, and you will always know where your money is going with consistent and detailed cost reports.
When you have a construction project in mind, you don’t want it to be something that’s completed sometime in the future; you want clear plans and a team that can bring them to fruition. This is where Telesco Construction comes in. Our design-build firm employs the best in the business, and we have everyone you need to get your building designed and constructed in a timely and cost-effective manner.
Telesco has worked on a variety of different projects in South Florida, including hotels, nightclubs, upscale residences, government facilities, and condos. Whatever you want to build, we’d like to talk to you about it. You can call us at 305.390.0250 or just fill out our online contact form.