A development firm based in New York, Harco Construction LLC provides a comprehensive array of services designed to streamline building processes and help ensure that client expectations are consistently met and exceeded. The company’s offerings range from site inspection and building surveys to value engineering and project phrasing, in addition to contractor quality assurance and job-safety monitoring programs. Dedicated to ensuring clear communication across every stage of the operation, Harco Construction takes an innovative approach to formulate targeted solutions. Possessing extensive industry experience, the company has a portfolio that consists of projects in the office, residential, hotel, retail, cultural, and mini-storage categories. Its ventures include the Marriott Renaissance New York Midtown Hotel and 529 Broadway, the latter of which earned a 2019 Engineering Excellence Gold Award from the American Council of Engineering Companies of New York. Harco Construction also worked on Empire Stores, an adaptive reuse property that was a finalist for the 2019 Urban Land Institute Global Awards for Excellence.
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Three Common Development Cost Estimation Mistakes
Harco Construction LLC is a full-service development firm based in New York City. Involved in every stage of construction projects from start to finish, Harco Construction LLC has the expertise to provide owners with numerous services including budget development and cost tracking. Here are three common mistakes inexperienced contractors make when estimating budget costs and how they might end up costing you, the owner: 1. Making inaccurate cost estimates. Because they are too focused on giving the lowest bid, they may fail to comprehensively define project scopes and work schedules, leave out crucial line items from project templates, or use incorrect formulas. They may even be using manual cost estimation spreadsheets that are outdated and inefficient. Starting things off on the wrong footing often results in huge problems further down the road, and you may incur additional costs to correct them. 2. Not providing for budget allowances. Construction projects can exceed budgetary estimates because of supply delays, increases in the cost of materials, and other unforeseen circumstances. If your contractor has not prepared for budget overruns, it can seriously hinder the project's progress. 3. Ineffectively communicating with owners. Miscommunication is an all too common cause of construction cost increases, especially when owner and contractor expectations are mismatched. For example, the contractor may assume the owner will correct a flaw in a structure's foundation, and the owner thinks the contractor already factored that in the budget estimate. Having a candid discussion about roles in the beginning could save you significant expenses after construction has started. To avoid such problems, always use an experienced contractor for all your development needs.
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