The decision to move forward with a branch renovation or the construction of a new branch is a huge investment for a community bank or credit union. These institutions often manage tighter budgets, and while the leadership team may have a clear vision of what they’d like to achieve, their construction knowledge is typically very limited. Because of this, the risk of underestimating the real costs of their project is quite high.
This lack of insight can also leave the decision makers feeling vulnerable and reluctant to reveal their true budgets to the contractors they’re trusting to do the work. What they don’t realize is how withholding this information can backfire, and in some cases, result in paying more than they need to.
While your institution may be prepared to spend a million dollars on a large-scale renovation, it’s unlikely you’ve considered the additional expenses associated with your project. These costs can include anything from professional services, like engineering and land surveying, to permit and inspection fees, plan reviews, and site security measures. Not to mention temporary utility connections and supply chain price hikes!
Over our 30-year history, Solidus estimators have collected and saved massive amounts of data that help them forecast how much of a particular budget will be used on project costs that fall outside of construction. By being up front about your budget, our team can ensure that the funds available are distributed accurately and with the greatest impact. It also ensures that the design options we create are viable. There’s nothing worse than spending weeks on a design only to discover it’s well over budget. Redesigns are costly and time-consuming as they ultimately delay the bidding process.
Our decades of expertise can have a significant impact on your material costs as well. By providing alternative recommendations we can lower these costs without lowering the quality standards or visual impact. Without a clear picture of your finances, we can’t leverage this comprehensive knowledge and use it to provide proper counsel.
Think of it this way, as a bank or credit union it is your job to help your customers and members make well-informed decisions. Your success as an institution is contingent on your ability to ensure an optimal return on your client’s investments. The same is true for our experienced team of design and construction professionals. Only when we have all of the facts can we identify the best path forward for your project. In the world of construction, mutual budget transparency can make all the difference.
