5 Simple Ways To Save Money On Your HOA Construction Project
When running a homeowner association, you have to be efficient on how you spend your resident’s money. It is imperative that you do not overspend on a renovations, repairs, or maintenance to the property. As a result, you are probably looking for ways to save money on your construction projects.
Therefore, it is important for you to target the root causes of making a construction project more expensive and reckless in spending.
Here are 5 simple ways you can help save money on your construction expenses:
- Pick The Right Construction Company
- Work With Your Contractor
- Set Your Budget
- Have Good Communication
- Do Not Make Changes
1) Pick The Right Construction Company
The construction company you will hire will play a huge role in the outcome of the overall price of your construction project. As a result, you should request multiple bids from contractors in order to obtain a fair market value cost for your project.
Ultimately, you want to hire a company that will work with you and has the same values as you. For example, if you are looking to present yourself as a professional property manager to your HOA community, then you should hire a professional contractor.
However, it is important to mention that price is not everything in a contractor’s initial estimate. Contractors can miss things in the bid, over charge, or add unwarranted things to them. As a result, you should always be skeptical of collected bids and evaluate them.
If you are not careful on hiring the right contractor, then it can be costly. Contractors can initially be cheaper in the bids but may costly later on. Therefore, it is important for you to use your best judgement on selecting the right contractor for your HOA.
2) Work With Your Contractor
One simple way to avoid unnecessary expenses is to work with the contractor and get them to like you. The more favorable, easier, and helpful you are to the contractor, then the more efficient they can work. Ultimately, cutting down their overhead and their expenses that are then pushed onto you.
In addition, by working with the contractor you can accelerate a project’s’ completion. Eventually, you can develop a relationship with the construction company into a long-lasting partnership. It will enable you to hire a reliable contractor on demand and have more time allocated in planning and preparing the project, which can also help reduce your expenses.
3) Set Your Budget
By determining your budget, you will be setting the limit to how much you’re willing to pay for a project. It will dictate what project features and services that are included in your project. However, anyone can set a budget, its whether you stick to it is what matters.
To develop a good and reasonable budget you need to take time to plan and prepare for your construction project. Additionally, you made need to seek bids from contractors to get a rough estimate of the overall project. Furthermore, you should allocate some funds towards obstacles and challenges that may occur on the project.
4) Have Good Communication
Construction projects can be quite complex and large. There are a lot of things going on behind the scenes such as the materials used, the designing, subcontractors, and your homeowner association. By effectively communicating with your contractor, you can help avoid costly hurdles and save money.
Good communication will minimize miscommunication which is a key factor for most change orders placed on a project. Change orders are marked up at a higher rate and could have easily been avoided with proper planning and communication.
5) Do Not Make Changes
For a construction project to be cost effective you need plan and prepare the project. One of the ways to save on a construction project is to know what you want and sticking to it.
By knowing what you want and communicating that effectively to your contractor will eliminate any potential errors on the job. Additionally, by sticking to what you want, will eliminate change orders and frustrations on the job.
Summary: Saving Money On HOA Projects
Ultimately, for your construction projects to be cost effective it will require you to effectively plan and prepare for your construction project and stick to it. Furthermore, it will require you to hire the right construction company and for you to work with them.
Budget for your construction project and thoroughly communicate with your project manager so there are no costly mistakes made on the job.
If you are interested in hiring an experience construction company that is experienced in working with residents and property management, then partner with JMF Commercial Construction today to get started.
Partner With JMF Commercial Construction
JMF Commercial Construction is an experienced licensed contractor serving commercial and light industrial businesses, and HOA Property Management. We provide convenient and quality services to the Los Angeles & Orange County businesses.
To start your next commercial construction project today! Contact JMF Commercial Construction for an Estimate.
Email us at [email protected] or call us at (562)572-8354.
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