Budgets

Our unique approach is tailored to minimize or eliminate surprises. Project costs typically are hard to pin down, especially early in the development of the design. To this end, we are committed to bringing the Contractor and his estimating skills into the team from the onset, so that as the design is developed, an expectation of the final cost can be developed simultaneously. The Contractor’s unique role allows them to solicit timely market data and costs, and makes them particularly well-suited to ascertain the most accurate pricing, especially in our volatile construction market.
 
To get a handle on costs early in the process entails defining the quality level of the improvements at the same time as the plans (which are quantifiable) are being developed. Written descriptions of each of the elements of the construction, along with outlined specifications where required, are issued along with each iteration of the plans to ensure that the full design is communicated to all team members and the estimators.

We recommend at a minimum that a Cost Model be developed at the onset of the project and that estimate pricing be developed at the end of Schematic Design Phase. By the end of the Design Development Phase, the major subcontractors should also have reviewed the design and given their informed estimates as well. Then at 75% completion of the Construction Documents, the estimated construction costs should be revisited to ensure that the bids will come in as expected. This approach allows for minor adjustments in the design along the way without catching anyone off-guard and it has proven itself to be very workable.

At the Client's request, F+M Architects will provide project budgeting services and assist in folding in the construction costs into an overall project budget. This budget then tacks "soft costs" in addition to the "hard costs" of the actual construction. The soft costs typically include A/E fees, surveys, hazardous materials surveys, land and entitlement costs, furniture, moving expenses, etc. Further analysis and benchmarking can then be performed to allow the client to see how the project costs compare to other industry standards.

©2007 FENNIE+MEHL Architects