Important Details To Know Before Having A Building Constructed

There is so much that goes into construction, both in the planning phase and the actual build. It is so easy to underestimate how much a big construction project will cost and how much time it will take. These underestimations can put the completion of a building in serious jeopardy and leave you in serious financial difficulties. It is vital to make sure that you have given full consideration to every aspect of the construction process before going ahead with your plans unless you want to end up with an expensive, half-finished building. For many people without experience, it can seem like an incredibly daunting undertaking, but by breaking it down into the essential stages, it is possible to make sure that you have checked all the boxes.

To help everyone out there who is considering a new construction project, here are the important details to know before having a building constructed.

1. Planning Permission and Local Building Regulations

The first thing you need to do when you are planning a construction project is to find out exactly what rules and regulations govern the area where you intend to build. This is absolutely vital as you can spend a lot of time raising investment, which you then spend on architectural drawings and the initial planning stages, only to find out that you are not allowed to go forward with the project. Speak to the local council to find out about building regulations and whether there are any restrictions about the design. You may also need to reach out to local residents who will have to give permission to allow the construction to go ahead.

2. Realistic Budget and Completion Time

Many construction projects run into big problems because those in charge were not realistic about how much it would cost and how long it would take. It is so common to underestimate the required budget and timeframe, and this often results in building projects running out of money halfway through. It is so important that you set a realistic budget and match the design and build to the budget. There are very few construction projects which do not have a few unexpected costs, and so it is vital that you factor these into your projections. Make sure your architect, project manager, and quantity surveyor are all on the same page so that you know exactly what is possible with the money you have available.

3. Contractual Protection

Due to the huge sums of money involved, undertaking a big construction product can be a very risky venture. One of the best ways to mitigate this risk is with the implementation of a surety bond. Surety bonds are very useful for construction as they ensure that any contractors you hire for your project must meet their contractual obligations, or they will be held financially accountable. For example, if you hire a plumbing company to do all the plumbing in your building and they don’t complete the job according to the terms agreed in their contract, you will be compensated by the surety so that you can hire another plumbing firm to come in and get the work up to scratch. This type of bond is called a performance bond, but there are also surety bonds that protect payments, maintenance, and contractor bids.

4. Hiring the Right Construction Company and Contractors

Once you have all of the above in order, the final thing you need to do is to find the right construction team to actually do the building work. It is important to find a construction company with a good reputation, and preferably with experience doing your kind of project. It is often advisable to offer the project for different firms to bid for, just make sure you have a surety bond in place to ensure that any companies making a bid actually have the resources to complete the project. Communication is key, especially when it comes to budget and timeframes, so make sure that you regularly speak to your construction team to ensure that the project goes off without any hitches.

Having a new building is a massive undertaking but can be a very rewarding and potentially profitable venture. Whether you are looking to build a new home for your family or invest in a for-profit construction, in order to protect your money, you must make sure you know everything which will go into the process. A full understanding of local building regulations and a realistic budget and time frame are vital in ensuring that you don’t make an expensive mistake. After you have these nailed down, make sure to hire a reputable construction company and skilled contractors and that you get the necessary protection with relevant surety bonds.