Key Factors Affecting Multifamily Construction Costs

Key Factors Affecting Multifamily Construction Costs

Multifamily construction is in great demand these days as these buildings provide shelter and amenities to multiple families in a cost-efficient manner. But what are the main multifamily construction costs and what can you do to save money? This is an important question to ask before designing your next project.

As you can imagine, a lot of factors come into play when it comes to the total costs of multifamily construction. Keep reading to find out more details.

Materials And Finishes

One of the most important factors consists of materials used to complete the project. For example, the price of wood, steel, and other building materials can vary depending on market trends and inflation. Using more advanced materials or composite alloys might increase the price, but they also add more strength and durability to the whole building. The finishes are also paramount for multifamily construction. These consist of fixtures, doors, windows, and other elements that need to be executed before residents can move in. Using finishes with a high insulation rating might cost more in the beginning, but they can reduce energy bills for years to come.

Labor Costs

The labor costs can also increase the price of multifamily construction. For example, how many workers are necessary to complete the project? This depends on the given timeline, the number of storeys the construction has as well as its complexity. Also, how many cranes are required to lift building materials? What about trucks that deliver goods and materials for workers to use when building? It is possible to rent cranes and trucks for a specific number of days, but you need to know exactly how many units you need to finish your project.

Environment Conditions

Mother Nature will always interfere with construction projects no matter how much you try to prevent it. For example, heavy storms and snowfall might delay your project and increase the total costs of building a multifamily construction. That’s because you might need to rent equipment and trucks for longer as well as pay workers more to work in severe weather conditions. Also, the existing terrain might need to be prepared before you can add the foundation of your building. Removing contaminated soil using specialized equipment is possible, but it will increase overall costs too.

The Type of Construction

Finally, constructions are rated depending on their ability to resist fire. A type V construction provides little to no fire resistance while a type I can sustain heavy fire for hours, giving occupants time to escape. Depending on the nature of your multifamily construction, you might want to spend more and go for a safer building that incorporates modern fire-retardant materials.

As you can see, a lot of factors need to be taken into account when considering the factors that influence the total price of a multifamily construction project. Needless to say, you need to spend a lot of time researching these factors and see where you can save money. Contact one of our engineers today to learn more about project management and how to reduce costs while designing your next building.