Got Your Budget Sorted? Here's 8 Costs That Can Blow Your BudgetI
You’ve carefully planned your budget, but have you accounted for everything? While it’s easy to focus on materials and labour costs, there are other expenses that can quickly blow your budget wide open.
From overlooked site preparation costs to unexpected fees for permits and systems integration, these are the critical areas many miss. In this guide, we’ll highlight 10 essential costs that could derail your financial plan
1. Overlooking Project Management Costs: Construction projects require more than just money for materials and labour; it requires time and the expertise to manage teams and processes, co-ordinate various elements and ensure quality checks are completed which many overlook.
2. Failure to Understand Building Regulations: Many underestimate the complexity of the latest building regulations, which can lead to additional build costs and delays if the designs, processes, materials or specifications do not comply.
3. Learning on the Job Can Be Expensive: Many underestimate how much they will need to learn along the way, often resulting in costly errors, rework, and delays. Trying to manage the project alone or with an unqualified team can lead to inefficiencies, mistakes and a lack of accountability when the issues arise.
4. Not Having Reliable MMC Supply Partners: Early in your MMC it is challenging to fully grasp the market and differentiate between leading, accredited systems and lower-cost alternatives, which may introduce risks related to quality, performance, and compliance. Without reliable MMC supply partners, these risks can be amplified, potentially affecting project success.
5. Procuring MMC Systems Without the Key UK Accreditations: particular systems may have cost advantages and claim to improve performance, but, it can be time-consuming and costly to secure extensive documentation for compliance checks and third-party assessments to ensure eligibility. MMC Systems with UK Accreditations will smooth warranty, insurance, and mortgage/finance approvals.
6. Not Including Any Costs for Preliminaries: preliminaries cover all essential overheads and site costs necessary to prepare and manage the site. Skipping health and safety protocols can put workers at risk and cause serious legal and financial consequences, especially if an accident occurs on-site. Also not including welfare facilities onsite to meet the regulations!
7. Inexperience in Managing Trades: managing tradespeople effectively is a skill. Without experience, many can struggle with communication, timelines and ensuring that each trade is working in sync.
8. No Contingency Planning: without proper contingencies for unforeseen issues, such as delays, weather an the unexpected many can find themselves running over budget and behind schedule.
For more resources and insights, visit our MMC Academy or contact us for personalised advice. Together, we can shape the future of construction.
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