5 Ways to Control Rising Construction Costs

If you’re involved in the development and construction of commercial buildings in any capacity, then you’ve likely noticed a recent trend—it’s getting more expensive to build!

At Leon Williams Contractors, we work with architects and developers on commercial construction projects around East Tennessee. Although it’s not possible to foresee every cost that can arise on a construction site, it is possible to control most of the costs with a little foresight and planning.

And these days, that’s more important than ever. Building materials like gypsum, lumber, and insulation are getting more expensive, although declining costs on other materials, including steel, copper, and brass are helping to offset higher prices. Property values are also going up, which can make land more expensive for developers who don’t already have a chosen site for their project.

So, then, how do we control rising construction costs? Here are five ways to keep those expenses down as much as possible.

  1. Plan ahead. It’s much easier to stick to a budget if you factor in everything that might come up during the building process. Try to anticipate decisions that might have to be made down the road, and how you’ll handle them budget-wise.
  2. Keep it simple. Everyone can appreciate a commercial building with a beautiful, innovative design. But does your building really need to have all of the very latest design elements in order for it to be functional? Unless you have an unlimited budget for your commercial development, it’s probably best to pick a floor plan and other design elements that will serve your purposes but be budget-friendly.
  3. Pick good-value materials. Value isn’t just about getting the lowest-cost building materials and supplies. There are so many varieties of each thing on the market, from carpet and other flooring, to countertops, to windows, that you can easily find something that fits your needs and budget. Especially in commercial construction, durability is a big concern, so your best bet is to pick materials that will last the longest, and do so for the least amount of money.
  4. Spend and save where you should. In some cases, spending a little more up front may actually save you money in the long run. This especially comes into play when considering whether to make use of energy-efficient or eco-friendly building materials. It might cost a little more to install energy-efficient lighting and HVAC systems, low-flow toilets, and more windows in your commercial building, but the expense you’ll likely save on energy bills down the road will probably help you break even.
  5. Stick to your budget. A general contractor’s job is to make sure your commercial building meets all your needs. We’ll build to your specifications and adjust as need be, but only you know the budget you can handle. That being the case, it’s very important that you stick to that budget. If you allow yourself to waver on certain decisions, they will add up and before long, you’ll see construction costs skyrocketing.

It’s not cheap to build anything, especially a commercial building. However, by following some of these steps, we’ve been able to minimize costs on construction projects and can certainly help developers and architects to do the same.

If you have a commercial construction project in development, give us a call. We’d be happy to talk to you about building for you.

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