Value engineering focuses on the question, “Is there any money that can be saved on this project?”
I hope to answer that question by providing cost-saving techniques to save on budgets by reducing the scope of projects.
On the negative side, these practices can lead to a loss of quality and ruin the look of your remodel if not handled correctly. On the other hand, value engineering can help you find places to save money so that you can spend your dollars in other areas.
Read on to learn more about how value engineering may be able to bring you savings while maintaining the integrity of your redesign.
1. Eliminating Elements Not Required for Functioning
By looking at your budget and list of needs and wants from a value engineering perspective, you can eliminate all of your unnecessary costs. For example, if you are planning to redo your Living Room but do not have a large enough budget for new French doors, you could choose to refinish the doors you have instead. However, this will cut back on the quality of the room.
By simplifying your expenditures in this way, you can redirect the money to other areas of the home that are more important to your renovation.
2. Adding Elements to Achieve Specific Functions
With value engineering, you not only focus on cost-cutting measures, but also on how you can add elements into a home that will be able to accomplish the functions that you need.
For example, if you know that you want to have a gas-powered stove, then with value engineering, you would have to be sure to install the gas lines within your budget first, before moving onto spending money in other areas.
3. Improving Quality or Performance
The goal of a renovation or remodel is to improve the home and make it more functional for homeowners. With value engineering, money is only spent in the most important areas to have the biggest effect on daily living. Experienced architects will aim to bring the look you want at the best price possible while producing an impact on the biggest issues in your home.
For example, if you have been suffering from cold feet on tile floors during the New York winter, then it would be extremely important to include radiant heating in your floor.
4. Providing More Scope with the Same Budget
By focusing on your goals for the outcome of your project and looking at the potential ways to accomplish them, you will be able to find many places to save. Working with a qualified architectural firm, you can facilitate the administration of your project so that one area does not get neglected for another. This process includes specifying what you want at the beginning of the project so you are not subject to expensive change orders later.
If too much of a renovation budget is caught up in one area, then the rest of the home can suffer. With a budget designed from a value engineering standpoint, the goals of the project would all be addressed equally.
5. Predicted Follow-On Costs
If your budget has been designed with value engineering in mind, then you have also taken the time to consider the follow-on costs for your project.
While many people only think about the cost of their build, it is important to remember that many renovations increase your long-term bills too. Therefore, you might consider putting in energy-saving measures as part of your budget to address those continuing costs for your newly redesigned space. Heating from a gas-fired boiler has lower long-term costs than electric heating.
Where to Find Value Engineering
If you think value engineering is the right direction to take for your home remodeling, contact us today. We provide a variety of services that make sure that you have addressed all the permits, budgeted for the uncovering of potential problems during the renovation, and finding the materials that meet your budget, while still providing the look that you want.
We can put together a plan that allows you to live comfortably in a home that fits all your needs.
Located in the Greater New York area, Jeffrey Jordan Architect specializes in the design of high-end projects such as luxury apartment and townhouse renovations, schools, churches, temples, and offices.