If you are relatively new to the commercial construction business you might still have some things to learn. One of those things ought to be how to stay within your budget. If you do not have a plan for doing this it could become a constant and unnecessary battle for you.
The key here is – having a plan in the first place. We are going to give you some ideas on what costs must be accounted for in your plan in order to determine what your individual project budget will be. Then you can proceed to plan how to meet that budget.
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Unfortunately, there are many common errors that occur when commercial construction estimates its budget. The result is that quite often they do go over that budget. If you have a general concept of what those errors are you will know what to watch out for.
Therefore, we will give you a list of what they are. In no particular order, those factors are price changes, omissions, unclear plans and specs, wrong assumptions, design changes, inadequate allowances, construction or design errors, cost-plus bids, hidden or concealed conditions, and design changes. This is a list! And this is only the list of known errors in budget estimations.
It does not take into account all of the new issues that might crop up over time. But now you get a rough idea of all of the things that can go wrong. You and your leadership team may be able to come up with more possibilities right off the top of your heads. Write them all down in your plan, and then proceed to discuss all of them in-depth.