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March 1, 2022Category : Blog

As important as the schedule created for a project, budgeting is a crucial component of the plans for any project that involves building restoration in Chicago. No matter if you are undertaking a complicated multi-million dollar restoration project or a tiny residential restoration Chicago property owners prefer, knowing the approximate costs of your project is crucial. Although property managers and owners often consider real costs to be a perfect starting point for project budgeting, most projects involve many more layers than one may expect, especially projects in exterior restoration. The restoration company Chicago trusts can carry many of these expenses, but it is still important to comprehend these costs as a property manager or owner in order to properly analyze any bids submitted by contractors that are higher than expected.

Costs of Physical Work
For starters, there is the clear cost of the physical job itself. There is likely an engineer included on the team to make sure a contractor will join and that their bid will have success.  Depending on the level of comfort the owner has with the restoration company, the engineer’s service fee may be budgeted as a percentage of the project cost or as a lump sum figure, depending on their fee schedule.

Testing agency costs
Additionally, the involvement of an environmental testing agency may be necessary. There may be material with the presence of asbestos or lead among the building components and those will need to be removed or replaced, especially if the building is from the 1980’s or older. Initial testing for these issues costs several thousand dollars; but, if the results come out positive, the abatement costs may vary, depending on the actual amounts asbestos or lead containing materials are detected and their precise location and degree of difficulty of access.

Dependent upon the building restoration project’s location, there may be unforeseen costs thanks to safety requirement oversights. Work must be conducted in accordance with OSHA and local regulatory standards and a third-party safety inspector is responsible for ensuring this. As the safety consultant must be on site at all momente the contractor is on site, the project’s expenses may increase quickly and depend completely on the schedule of the contractor.

Fire & Police Details
There may also be expenses related to varied fire or police details, depending upon the project’s municipality. If the use of open torches for welding or roofing is occurring on site, a fire detail or a fire watch might be necessary. As with safety consultants, these parties must be on site at all times during the moment of use of this equipment. Police details may also be needed if a street closure permit is required for cranes or any other large equipment being used by a restoration company near me in Chicago.

Understand Your Costs
Once the owner of a building is familiar with the costs, a plan can be formulated to decide exactly how much work might be covered within a particular budget. If an owner requires funding through restoration loans, it is important to include soft costs in order to avoid stopping a project unnecessarily prior to its completion. A restoration budget formulation approach is vital to the success of any project plan for building restoration in Chicago.

If you have any concerns or inquiries about building restoration projects, do not hesitate to contact McKinley Restoration Company. As a qualified home and building restoration and damage restoration company Chicago experts, our crew of professionals will assist you through the entire building restoration process and will keep you informed of all your project expenses. Go ahead and schedule a free on-site estimate with us.