Money Saving Tips for Newbie Contractors


Being in the field of construction business is not as simple as giving orders and pocketing dollars. Ninety percent of construction projects experience overrun. If you are new in the industry, it often happens when unexpected costs occur in addition to what gets included in the budget. It is mostly due to underestimation of the price that took place during the budgeting stage. Thus, it is essential for a construction manager to find ways of saving cost from other parts of the project. However, as common as it is, you can prevent it from happening in your plans by being attentive, wise and hands-on in every step. And since you are new in managing, mistakes are common if you do not try to practice caution at all times. You do not want your project to fail due to financial constraints. Here are some practices you need to make as a habit.

Actively Participate in Planning

Being a construction manager doesn’t necessarily mean you are an engineer since your job is basically on management. However, it does not excuse you from missing any planning sessions. Your interest may be shallow, or you may not understand every single technical detail but remember, it is your project. You should know everything that is happening and be able to give your insights on the different planning development. You should also involve yourself in finding ways to save money without jeopardizing the construction itself.

Closely Monitor Important Data

Most data and information get stored on a database; therefore, it is effortless these days to keep track of everything. Thus, you should make it a habit of tracking every important detail on your project. You should monitor the construction site itself, the materials, equipment, and their usage, individual worker statistics as well as their productivity and the productivity of the work done as a whole. Knowing these significant details will make it easier for you to check if everything is going according to plan and budget.

Procure Modular and Prefabricated Structure

Although we cannot say it is applicable for every construction site, it mostly is. Using modular and prefabricated structures can save you time, money, and work. With these three factors in consideration, you can save a lot. Your workers can do more work at a shorter time; therefore, you do not just keep on materials, you also save on labor cost. Construction tents are too wise to use as a temporary shelter for materials and equipment in a construction site since they can function similarly to a warehouse but without spending much money and time.

Purchase Your Materials

Your contractor may not agree on this, but it is best to purchase your materials as it will cost you lower. Contractors will have a percentage for every element bought so as long as you know what to obtain, it is best to do it yourself. Get acquainted with suppliers for different materials to make buying more accessible for you next time.

Be Wise in Choosing Your Contractor

Do not settle with the first suitable candidate you see. Check on others; you could get a better one and a better deal. Make sure to research on the contractors you interview and get to know them well including their expertise, experience, reputation and attitude as it could affect the future of your project.

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