Various factors define the cost of construction of your real estate project. If you are able to control these factors favorably, your construction project can be quite cost friendly. On the other hand, this is where your architect will guide you, such that you can find a good balance on these factors to guarantee success in reaching your projects financial goals.
So what type of building are you putting up?
One of the major factors on a building’s cost is the type of the building you are interested in building. It goes to show that the type of functions that will be undertaken within the building will define what finishes will be applied on the building, including what facade treatments will be used. For example the design of a facade for an office will employ elements such as curtain walling, intrinsic wall coatings and perhaps use of granite cladding etc. Such finishes cost a higher premium than those that you would find and employ within residential projects.
You may find that with many contemporary buildings, features that were often related to commercial buildings are being integrated into residential buildings to give them that modern flair. Instances where houses are being built having wide openings that were characteristic of commercial storefronts or with interior open plan arrangements which were previously more common in offices are on the increase. These building elements when used on your construction may modify your square meter building costs by making the unit area cost of your building that much more expensive.
Using these types of finishes on your building will mean that your construction costs will go up by probably about 25 to 40 percent more than they would be using ordinary building elements, though their use is what will guarantee you that more cutting edge look on your building.
Your building type’s structural system is a major factor affecting your building costs
Depending on what it is you as a real estate developer in Kenya are building, one construction system may more favorable than another. Construction of buildings having modular spaces would be better accomplished using framed structures rather than using a load bearing wall system, such as in offices or commercial buildings. A house may be more advantageous to construct with a wall bearing system intermixed with some reinforced concrete elements where one may want to avoid walls.
As the structure of a building bears as much as 60 to 70% of a building’s cost, the type of structural system that one chooses to build with greatly influences the cost of your building. Reinforced concrete plays a major role in the type of building structure that we have, and the cost of your building varies much based on its usage. By doing an efficient building structure, you can reduce your overall costs.
It therefore makes good economic sense to optimize your building structure using technologies that reduce on expensive components of building reinforced concrete for example, e.g. using fibremesh or waffle slabs. Of course this will call for a willingness by the developer to embrace new building technologies, especially if they have the advantage of reducing building time or mass materials that will go into the construction process.
Size of space of building elements in the building
In the construction of real estate projects the size of rooms be constructed in each unit tend to be subject to lots of discussion. Buyers may not get value for money when each unit has rooms that are too small. Spaces provided in each room must be adequately sized to cater for their functions. Should you desire larger spaces it is imperative that they cost more. larger spaces as well as rooms with greater finishes will call for higher letting or selling rates.
Fittings and finishes play a major role in determining the costs of building
How you select the kind of fittings such as lavatories, water closets and bathtubs would like to affect how you end up spending on your house. These items totally depend on your particular style, and cost differently depending on their type and quality. A sustainable approach to dealing with this elements in the building is preferable as they would offer better value for money during the lifespan of the building. They may cost slightly higher at the onset, but the savings obtained over many years of service make them worthwhile.
Of particular interest are elements such as sanitary fittings and building electronics. Their use depends on your approach when building your structure. For example you may opt for the highest quality fittings which have higher price ranges, as would be the case in many European brands. They are considered to be higher quality due to their rigorous testing and manufacturing process. A good buyer however plays their part looking at products coming from even the Middle and Far East which offer competitive pricing. You benchmark is to gauge your trade-off between price and matters of durability.
Services infrastructure and level of complexity
Consider how complex your building systems needs to be within your building. Are your building services too elaborate for your building functions or are they inadequate for the needs of the building to meet its functions? Case in point, having access control to doors can be implemented through the use of an electronic lock, use of key cards, or via a biometric reader to perform the same function of controlling access albeit in different manner and cost. Consideration must be made for the level of services that you need to operate that part of your building, lest you overspend on other items. Make enough provisions for enough building services that would ensure your building can operate normally.
External works determine a big proportion of cost in architecture
Perhaps one of the most overlooked items when considering prices of homes is the effect of external works costs on the bottom line. Builders sometime overlook this cost when considering what they have spent on their projects, yet the cost of this element is quite substantial. Not considering this would bring a major discrepancy in your pricing.
Speaking of external works, on a building site, they typically include items such as storm drainage, driveways and parking, sewer systems, landscaping as well as development of outbuildings that are connected to the main building, such as gatehouses, generator rooms, swimming pool etc. A big item is the boundary wall which can cost quite a bit. A boundary may be defined using live hedges or through the use of a solid boundary wall which is a major cost factor.
Taking all of these items in mind it is a necessary factor to achieve success in your building project. Have you done your building yet? Get in touch with us using our contact form and we shall guide you on the way forward. If you already have constructed your building, did you get your cost factors right?