There’s a lot of work that goes into beginning a new construction project. The period between the initial meeting with the owner and first work on the site all comes under pre-construction. Pre-construction includes cost estimation, developing a schedule, designing, planning, bidding, hiring subcontractors, etc. The contractors, designers, and owner of the project have to work together in this pre-development stage.
Pre-development planning an organization is a crucial step and can lead to more cost-effective construction, here’s how:
Obtaining estimates and quotes
Every aspect of building a property incurs costs. Obtaining cost estimates allows an owner to determine whether or not the project with be possible. Accurate cost estimates can be determined with historic information, getting quotes, and creating a baseline pricing.
Preparation of documents/plans
There are three main design documents required before a project can begin:
- Schematic design: These are the first set of plans drawn up based on the owner’s requirements.
- Design development documents: These documents are more defined and polished drawings based off the schematic design document.
- Construction documents: More popularly known as blueprints, these are the final designs that are used to build the project. They hold all the essential information and notes for the contractors.
Creating a schedule
The predevelopment phase of a construction project can last as long as the construction phase. A project that’s expected to take a year to construct probably took a year to design and develop as well. This isn’t set in stone as some projects are fast-tracked, depending on the nature of the project.
The success of a project greatly depends on the predevelopment. In today’s dynamic economy, involving the project team early on is essential in a well-designed project that also meets the requirements of the owner and is within the budget.
All the tasks mentioned during the predevelopment phase costs considerable money. Predevelopment financing can help businesses continue with their expansion plans with predevelopment loans. Regular construction loans don’t cover predevelopment expenses, affecting the development of a project. Get in touch with a reliable lender that specializes in predevelopment financing.
Global Capital Partners Fund is a private lending company in New York with over thirty year of experience in the industry. They have expanded their lending capabilities to Chicago, IL, Grand Rapids, MI, Davenport, IA, Detroit, MI, and many other states and cities. Get in touch with their senior agents forbridge financing orhard money loans for your construction project.