Whether you’re an individual building a new home, a business breaking ground on a development, or a municipality looking to save, cutting costs on new construction is essential. The good news is that you have several ways to achieve cost savings with just a modicum of effort. To get the project done on or under budget, here are ways to cut costs on new construction.
Overhead infrastructure — such as utility lines, water pipes, and power cables — have historically been built both above and below ground, depending on existing infrastructure, local codes, and building costs.
However, underground infrastructure is the best option if your aim is to save money. While the initial cost is often higher, the total long-term cost is far less than above-ground options. New technology has cut costs significantly and even replacement costs in the future have dropped. Moreover, underground infrastructure is protected from the elements and extreme weather, which can lead to lower repair and maintenance costs over time.
Another way to cut costs on new construction is by hiring the right company or contractor. However, this doesn’t mean you should accept the lowest bid for new construction. You have to dig a bit deeper than that. Consider the following characteristics and attributes of quality contractors and companies:
- Making sure the company owns the equipment necessary to get the job done vs. renting it, which can often cost more.
- Experience in the field. Companies with more experience may charge higher rates, but they can often get the job done in a fraction of the time.
- Past jobs and reviews. Gathering intel from former customers and reviewing work can give you insight into whether the contractor or crew is the ideal choice for the job.
- Getting everything in writing. An estimate enables you to see all the work that the company plans to complete, a breakdown of all costs, and a timetable for project completion.
EPS Inc. in San Mateo has been helping residents and businesses for multiple decades. Whether it’s repairs on an existing structure or new construction, our crew is experienced and we own the largest fleet of underground construction equipment to get the job successfully completed.
Although new construction costs have increased drastically since the onset of the global COVID pandemic, construction hasn’t really slowed as a result. But if you can find a lull in the schedule, it’s the perfect time to schedule your new construction.
When new construction hits a lull, most contractors lower their rates as a result. This is an amazing way to find extra savings on a project, even when the costs of labor and materials continue to rise.
The cost of nearly every building material has risen in the past few years. And while cutting costs in this regard may seem fruitless, doing a bit of extra research can cut costs immensely. Precast concrete is always a smart choice for custom sizes and buying materials in bulk or from a wholesaler can save money compared to retail options.
While some homeowners and municipalities may cut costs by going with the cheapest available options, weighing the cost of experience vs. low-cost options is important. So, if you want to cut costs on new construction, going in-depth on your research, asking for reviews or recommendations, and letting your contractor get down to business without interference can put your construction on cruise control. What you do with the extra savings is entirely up to you. Our entire team of engineers, technicians, plumbers, and support staff are here to help you on your next project. Contact us to discuss your plans, we’ll turn them into a reality.