Starting a Construction Project? Here Are 5 Things You Need to Think About Before Sealing the Deal

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When you are in the construction industry, you would know that starting projects can be messy, stressful and entails hard work and prior experience. However, landing a new project is also an opportunity for growth for your business, and you can also gain more know-how and connections by venturing into more deals.

Starting a Construction Project - Here Are 5 Things You Need to Think About Before Sealing the Deal

Whether your company handles big projects such as infrastructure construction, or something simple such as a home renovation, it is best not to go in blindly to sealing that contract. This is a checklist of the things you need to know about when starting a construction project so that you can save yourself from wasted time and headaches:

1. Seek legal project management advice

A construction project is also akin to a contract – you need to set terms and conditions with your client, such as when it comes to payment, commercial permits you have to comply with, completion date, etc.

Delivering a project also entails preparing the documentation needed, which means heaps of paperwork. It is essential to have an adviser, especially one knowledgeable about contracts and procuring other legal documents.

In Australia, there are law firms whose expertise is particularly centered on the construction and infrastructure sectors. Morrissey Law + Advisory is a commercial and corporate law firm known for its significant legal expertise in construction.

Morrissey Law + Advisory renders good legal services for drafting building contracts, negotiations with clients and different government agencies, dispute resolution, securing payments, and giving general commercial advice. To know more about what Morrisey Law + Advisory can offer, head on to https://morrisseylaw.com.au/.

2. Create a detailed, well-thought project plan

As the adage says, “Failure to plan is planning to fail.” This line goes perfectly well when entering into projects, particularly when it comes to construction.

The early stages of a construction project involve design and layout planning, which is called schematics. This is followed by preparing the essential documents, initial tender bid, negotiation and client meetings, and project completion and closeout.

A carefully thought of plan would not only save you from unnecessary spending and wasted time, but it would also help in giving you a clear vision of where you want your project to be headed. If you are hiring an architect or project designer, it would be easier when working with one as you can also already set your expectations for the kind of work you want to achieve.

3. Set a realistic budget

A new construction project may sound very exciting for your company, but one thing that you shouldn’t forget is the budget needed for the completion of such an endeavor.

Being transparent about your budget, especially during the design stage, would not only help prevent future mishaps from happening. Too often, construction companies begin accepting contracts without obtaining an accurate construction cost estimate, which is often the reason for disputes arising from breach of contract.

Nevertheless if it is a big or small project, budgeting entails calculating the cost for materials to be used in construction, the amount that you will pay to the contractors, fees for building permits, and any additional charges you might incur along the way.

4. Ask yourself if you need a contractor

The majority of construction companies hire the services of a contractor upon the finalization of the property design. This also follows after the schematics have been discussed. A construction contractor is an entity or an individual who provides independent, professional service to construction companies for their projects. Usually, contractors are those who provide the workforce for the project.

Moreover, contractors understand the ins and outs when it comes to the requirements needed for building projects. Their expertise ensures faster work and completion and can even give solid advice on how to go about the construction.

However, if ever you decide to hire a contractor for your project, you must hire a reputable and highly trustworthy one. They should have what it takes to give you quality service and ensure that they will help you complete your project on time.

You can look at references regarding the contractor you are eyeing or check their previous job sites or projects before deciding who to hire. The selection may take some time, and you should also consider this when plotting your project timeline.

5. You should set your project timeline

Setting a timeline will help you complete such a project within an adequate time. This will allow you to decide how long the completion will take and reduce the risk of delays. By also setting a timeline, you would be able to stay within your budget and also set limits with your contractors.

Takeaway

With proper planning, preparation, and the right help, you are now ready to break ground and start your construction project. Going through this checklist may be of assistance and direct you to have a successful deal.

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