The challenges of the past couple of years have brought skyrocketing prices across several industries. The construction industry is no exception. According to the National Association of Home Builders, building material prices increased 20.4% year over year and have risen 33% since the start of the pandemic.
Planning for and projecting the cost of a real estate design and build is more complicated these days due to the continually increasing cost of materials. Here are some ways we work to stay ahead of this problem to help keep your project costs down.
Staying current with material prices
First, it’s important that we stay up to date with construction material prices. Some ways to do this include:
- Reviewing the Producer Price Index for construction materials from the Bureau of Labor Statistics monthly
- Reading and paying attention to construction cost newsletters or industry publications that track construction costs
- Meeting with our local building supply company representatives and asking for information to stay current with pricing trends
Negotiating when possible
Second, sometimes there is negotiating power. As a respected customer among various suppliers, we work to get the best prices possible for our jobs. We also aren’t afraid to compare pricing. Every little bit helps when it comes to saving money on materials.
Considering alternate materials
Third, some projects can allow us to think outside the box. Sometimes using a different material can be just as effective but cost much less. For example, using stamped concrete instead of pavers can save you money without sacrificing quality or aesthetics. Know that we are always willing to discuss these options and alternatives with our customers.
Don’t let the rising cost of construction materials keep you from starting your building project! At Rose, our unique approach to “design-build” integrates the excitement of the design process with the practicality that comes from almost 100 years of industry experience. The Rose Design Build team is your one stop shop for a beautiful, functional space. On budget. Every time.
When you are ready to start your next project, contact Rose Design Build in Kansas City for the best architectural design and construction services. And as always, if you have any questions or comments, please let us know! We’re here to help however we can.