With America facing its highest inflation surge since 1982, cutting down on construction costs is crucial for the wellbeing of a lot of businesses. While some resources (like building materials) might be hard to come by, there is an abundance of others that can help you save time and money as you work to keep projects under budget while continuing to build. What are those resources, though, and how can you get your hands on them? Luckily, we're here to help. Read on to learn about some of the best ways to cut down on construction costs for your next build.
Simply putting in a bit of time and effort to research the best prices for materials you use often is one of the most effective ways to save money. Even if you've been using the same materials for years, there's no reason that you have to remain loyal to them. They don't necessarily have the best prices out there, nor are they necessarily providing you with the best value. It never hurts to check up on market pricing to ensure you're getting the best bang for your buck. You never know, you might find a new favorite along the way.
While you might be trying to save money right now, buying all of the cheapest materials for your project has the potential to cost you more in the long run. If you end up having to repair or replace things after the project is finished, then you're going to end up spending more than you initially would have. This is especially true if you offer a warranty for your customers after work has been completed. If you notice the same problems coming up or you keep having to make the same repairs, then it might be time to invest in better-quality materials.
The same can also be said for buying in bulk. As you spend more, project costs are going to begin to decrease, and you'll end up saving money. It's important to plan ahead if you take this step, though, and ensure you have proper storage facilities. If you don't know where you're going to store your materials, then you leave them susceptible to things like mold, mildew, or other types of damage. The best place for materials like this is a dry, clean area that you can access easily.
Next, create a detailed inventory of all your tools and equipment, and then have employees sign them in and out so you can keep track of them. This can help if anything goes missing or needs to be replaced, and it's going to help your tools last longer. Employees should also be trained to care for these tools. The same goes for electronics that are distributed on job sites. Create an inventory for everything you hand out, and then make sure employees are aware of what needs to be done if they're damaged or if problems come up.
You don't have to buy everything you use, especially if you don't use it often. If there are things you only use a few times a year, or you're only going to need for a one-time project, then you can save time and money by renting. If you're unsure of how much this can save you, start with looking at how often you use a certain piece of equipment and how much it would cost to rent. Then, compare that price to how much it'd cost to own and rent the same piece of equipment. If you find that renting came out lower, then it's going to be best to just take that step. Remember, if you find that you're using a certain piece of equipment more often and the scale begins to tip the other way, you can always purchase it.
Construction and demolition materials make up a significant portion of the United States' waste each year, but did you know you can salvage materials like doors, hardware, appliances, fixtures, and even wood scraps to be reused? The process is called deconstructing and, while it can take a bit more time, it can help save money in the long run and it's also great for the environment. Not only can your business start recycling these materials, but you can also purchase them for your next project.
For a lot of contractors, using decent software is actually what leads them to the most savings. It might take some trial and error, but finding good software to help you keep track of things like construction invoices or estimates, and to help you manage time and other processes on your job sites is well worth the effort. We've mentioned making "investments" a few times already, and it can be hard to see that as saving money, but trust us. Spending a bit of time and money now can help you a lot later down the line. When you don't have to worry about tracking small things, or you can see exactly where all your construction projects are by simply looking at your software, you'll be able to see the savings.
Now that we've gone over a few of the best ways to cut down on your construction costs, are you ready to get started? Remember, finding different materials and changing up your routines can be a time-consuming process. You've gotten used to doing things one way, but sometimes change is the only way you can start seeing long-term savings. That's where we come in. At Bolster, we're here to help you save time and money on estimates and other processes so you can get your projects up and running faster. Book a free demo today to get started.