Preliminary Analysis: A Prerequisite for Cost-Effective Multifamily Projects

Multifamily renovation projects usually require significant investments, which makes it is essential for property owners and stakeholders to ensure appropriate distribution of funds. Every construction company carts out plans to minimize project costs without having to compromise on construction quality or timelines. Consulting a preliminary multifamily construction company can help in all aspects of project, starting from planning to execution, covering cost and quality optimization.

 

Cost-Effective Multifamily Projects Guidelines –

Why Conduct a Preliminary Construction Analysis?

Multifamily construction companies exercise an array of cost and quality control measures during the lifecycle of a construction project. Many a time, investors end up with ballpark estimates that exceed their total allocated expenditures and timelines. Preliminary analysis can be instrumental in avoiding such scenarios. In addition to calculating preliminary construction costs, preliminary analysis also focuses on estimating the costs of equipment for construction engineering, change orders, environmental impact mitigation and also Right-Of-Way acquisitions including costs incurred on off-site land acquisition.

 

Useful read – Looking for a Multifamily Housing Contractor? Read This First!

 

Preliminary Schedule

Preliminary analysis helps multifamily investors in setting realistic expectations from the construction project and deciding a tentative start and finish deadline, by identifying the resources for completing the task and also budgets individual tasks. A preliminary construction schedule acts as a communication tool from the beginning till the end of the construction project and has different accuracy levels for various stages of the project.

 

What’s Covered?

Preparing detailed estimates for the pre-construction phase is a challenging task, as plans are still in the budding stage or undeveloped. Cost estimates, therefore, are entirely dependent on the high-ticket items falling under one of the major cost groups. Typical costs that are covered under preliminary planning are mostly related to earthwork, pavement, drainage, structures, incidentals, traffic maintenance, erosion control and landscaping.

 

Useful read – Factors that Make Value Engineering Lucrative for Multifamily Housing Projects

 

Provision for Contingency

Contingency funds can be a life-saver in multifamily construction projects. As preliminary costs are developed before the execution of a project, there must be a provision for contingency and an additional buffer in terms of budget. Given the possibility of events such as waste clean-up and rock excavation, contingency covers additional costs incurred during the execution of the project. Hiring a preliminary multifamily construction company, however, can help the investors in preparing detailed construction estimates and as a result, contingency costs may go down.

 

The Bottom Line

Preliminary analysis can help in seamless execution of construction projects, as it takes care of all the vital construction aspects including evaluation of property condition, defining the scope of work and preparing preliminary cost estimates. Leading multifamily construction companies also assist in determining and gathering the required permits before the construction starts to ensure the newly-constructed building meets the local area codes and is legally compliant. If you are looking for a reliable multifamily construction company to help you with detailed preliminary estimates, we, at United Renovations Specialty Group, are here to help. Our team of experienced engineers, architects and construction specialists can help you untangle any challenges before, during, and after a construction project. To learn more about our pre-construction planning services, fill out our contact form, or simply call 480.219.6743.

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