The POWER of Value Engineering…
You can bring a project in under budget through Value Engineering. Value Engineering is a process that enables a product, service or price to be improved without compromising the function or outcome. This can apply to any industry or situation but is critical for success in the world of commercial real-estate and design.
How often materials selected for a project are too expensive and exceed the allotted budget? Value Engineering becomes effective when alternate products can be selected that do not affect the aesthetics or performance of the line item while improving the initial costs. Let’s take it one step further…. Value Engineering can also be utilized to improve lifecycle costs by decreasing maintenance and replacement costs.
Understanding a project or property’s true needs or wants is key to success when specifying commercial finishes.
- How long will the space be used for in this attended capacity?
- If a lease is in play, how long is it good for and will the landlord be upgrading the finishes @ the time of renewal?
- What are the intended maintenance capabilities and practices budgeted for the space?
Here are some easy tips to spark your creativity and expedite the process….
- LED light bulbs can be used instead of fancy LED fixtures and ultimately achieve the same goal.
- Luxury vinyl tiles can be installed instead of VCT flooring and reduced maintenance costs and improved sound control and aesthetics can be realized over the life of the space.
- Window shades can be utilized instead of expensive windowpane upgrades to control light.
An open mind and a realistic budget are key to value engineering success. ROI is greater when more than initial construction costs are examined. The balance sheet can be improved when long-term costs and needs are analyzed. Value Engineering is more than the improvement of costs….. It can create greener environments if replacement cycles are understood before final selections are made.
Our free market society, product innovations and good old fashion competition ensure options are available at all price points. Open your mind and let Value Engineering lead your creative process. You will be surprised by what you can achieve while bringing your project in under budget.