How to Complete a Building Project on Time & on Budget

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ProjectManagement2
AS YOU DISCOVERED last week, carrying out a proper due diligence is vital for any significant Commercial property purchase.

And that’s part of our role … assessing the overall structure, along with the various building services — simply to ensure they are all in good order.

However as time goes by, you may well have the need to upgrade or extend your building … if only to meet the changing needs of your tenants.

Yet this is where many investors seem to get into trouble — by undertaking something well beyond the limits of their capabilities.

Be realistic as to what you can handle

Whenever you decide to embark upon any significant building project, you really need to include an experienced Project Manager as part of your team. And it’s not until you to embark upon the things by yourself, that you come to realise how important this skill truly is.

Your Project Manager will guide you along a proven pathway … from choosing your Architect for concept plans … into the Planning Approval process; then onto Tendering … through to actual Construction.

CLICK to enlarge the ChartYou’ve probably heard said before, but what you need to do is follow a “critical path” — where each step lays the foundation for the next stage in the process.

And perhaps the easiest way for you to understand this would be by way of a simple flowchart.

You see, most people don’t know what they don’t know … until it is too late. And sometimes, experience can prove to be a rather costly teacher.

Therefore, it’s important for you to understand your own limitations. And engage the necessary skills — to ensure you don’t end up losing sleep at night, while the overall construction phase progresses through to completion.

Bottom Line: as you can appreciate, in project management is something you do day-in and day-out … you are able to anticipate (and deal with) the countless issues that will undoubtedly arise.

And more often than not, your find an expert’s time is cheap.

Pearce

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