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Malcolm Sharpe Where The Capital Cost Of A Construction Project Goes
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The argument that money makes the world go round may seem an overstatement, but it is nonetheless true in the construction industry. Without money, a draft of a dream building can hardly materialize. In fact, if there’s no money to pay a draftsman or an architect to conceptualise the structure, there won’t even be a draft to begin with. Funding is, therefore, a top priority in planning a construction project, and its value has to be based on a set of well-defined cost estimates.
The owner can decide between hiring a contractor or a team headed by an experienced professional like construction management expert Malcolm Sharpe. The latter option, however, is more efficient as it eliminates the need for the owner to form a team of construction professionals. This part of the process alone may already incur a substantial cost. Even the search for project planners and managers may prove costly.
After finding a construction management firm, planning can take place at the same time as land acquisition and drafting to maximise time. The planning stage can be downright costly, especially when a series of feasibility studies have to be run to ensure that the construction project is a worthwhile investment.
With the draft and the land ready, construction can commence. This is where the largest chunk of the fund goes, particularly when the cost of materials and labor are taken into account. The cost of labor based on workers’ expertise and skills must be factored into the overall cost. Construction management experts like developer Malcolm Sharpe can lay down an accurate cost estimate for this purpose.
Insurance and taxes can be of particular concern once construction is underway, although these factors should already be considered in the estimate. The investor/company owner has to make sure that the insurance is sufficient to cover unwanted expenses such as hospitalization for injured workers. It is also crucial not to get behind the tax declaration and payment schedules to avoid getting scrutinized by the authorities.
Contractors and design professionals use the data from the cost estimate to make sound budgetary and feasibility determinations. The owner can also refer to this data when sourcing funds. To find out more about the different aspects included in the capital cost of a construction project, visit pmbook.ce.cmu.edu/05_Cost_Estimation.html.
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