Planning for Construction Cost Escalations
Involve your general contractor early in the process. Many projects are started with an under-funded budget. You need to have accurate, real-time costs and data to properly prepare a budget for a project. Too often, budgets rely on dated or inaccurate information. This is why it helps to bring in a contractor early on. While owners, architects and contractors all work together as a team, architects naturally have more control over design, while contractors have more control over costs. The earlier you bring all parties together, the less budget problems you will have later down the line.
Construction cost escalation is an issue that is not going away soon. There is no way to completely negate the issue, but with proper planning and the right construction and design teams, budgetary issues can be identified early on, and alternative method solutions can be pursued to keep your project moving forward on time and on budget.