Construction budgeting is critical to any construction project and an accurate budget developed by experienced professionals will allow for smooth projects.
At some point during the construction process there is a possibility to encounter surprise costs. WDI Group ensures that these costs are minimized up front. This will allow for increased efficiency and a far greater likelihood of meeting the completion deadline.
Construction budgets are created using the project plans or blueprints, allowing for all possible materials, processes, and details of the build to be addressed and accounted for throughout the construction. These include elements such as architectural design development, permits and zoning, site preparation costs, equipment rentals, inspection costs, safety, transportation, materials, labour, and more.
WDI Group creates accurate and executable construction budgets in four phases. First, the discovery and analysis of the project is undertaken, allowing for an in-depth understanding of the project team personnel as well as resources available and any limitations or major challenges faced.
The design and development phase is then executed, where a scope of the project is determined from the perspective of budgeting. Is it critical that all stakeholders are well-aligned on the final design and direction of the project at this point forward, as the budgets will be created and executed upon from this perspective. Budgets and timelines are created during this second phase of the construction budgeting process.
The third phase is related to documentation and pre-construction tasks, such as ensuring final sign-off is documented before moving forward, and that all documentation for permits, compliance of regulations, contracts, and signed deliverables are documented, organized, and safely stored.
Next comes the construction project start-up, construction, and construction project closeout phases, which is easily the longest timeframe of the construction process. However, it’s critical that the construction project is closely monitored to ensure that budgets are kept as close to projections accurately as possible. During this time progress is monitored and documented to ensure that any changes or issues have been properly logged for review. All deliverables during this construction phase are closely monitored, and all payments are tracked and recorded.