skip to Main Content
Understanding Real Estate Project Cost Estimation Before Building

Understanding Real Estate Project Cost Estimation Before Building

When you are embarking on the journey of building, a lot can come to mind but the budget should be first. The budget is a KEY indicator for decision making when building any form of real estate, from soil test for foundation to the type of roofing and finishing that is desired. It would help to get a head start on how to solve the dilemma of the frequently asked question, “how much would it cost?”. This question bring to the forefront so many factors that play a role in the variable fluctuations when it comes to project cost.

Before anything, it is important to speak with building expert that has built projects similar to your project. Most interpret this as walking up to an engineer to poke the estimates out of them, it is way more than this. Having multiple quotations from individuals or agencies, would be a better way to save you from overpaying or being under ut. When it comes to building, saving money is not the only concern as a substandard project usually cost more down the road. This is the part where you want to find a real estate firm to advise you on the quotations you are looking at. Building cost can differ if you are present or outsourcing as there are some things that make them different, though the safest way to build is to outsource. It is hard to make sense of things if you are not experienced, this why outsourcing would protect your interest and give you better satisfaction.

Building your projects by yourself would be a great route if you are an expert project manager with an extensive field activity experience or an all round real estate grounded engineer. Though one can be qualified to build and supervise there is the conflicting balance between cost and maintaining a standard, you can easily find yourself compromising or sabotaging one for the other. It is not unusual to see building experts outsourcing so they can be the overwatch and avoid the issue of self conflicting interest. Building is a dangerous ground to play with your money as this can eventually be a problem when you are just getting information that you cannot make sense of.

Outsourcing on the other hand is the charm for creating a beautiful balance maintaining a project cost as there would be multiple quotes to choose from. After choosing a project  manager, this part would still need a neutral monitoring and advising party to supervise on your behalf as this sends a clear message that the project is important to the project manager and keep them in check.

Accountability also keep the project cost in check from start to finish, as many a times, there could be a deviation during projects to cut corners to line the pockets of your project managers. The best solution would be to hire a project monitoring and management firm to report and advise you during the duration of the project. The documentation of the project is also a great after project reference point for many reasons and as such priceless.

Luvanexbuilds is here to be of help and would be glad to help you just chat us right now, we are ready to help.

I hope you found this helpful. Don’t forget to share the post and chat us up on any questions you may have concerning the Nigerian real estate industry. We would love to hear from you

Follow our social media handles to stay updated with our promotions.

Leave a Reply

Your email address will not be published. Required fields are marked *