1. Residential construction
Residential construction is defined as the building or remodeling of residential units, including single dwellings, apartment buildings and condominiums. According to Statista, residential construction in the U.S. increased by $15 billion in 2020, despite COVID-19. It’s clear the residential construction industry is huge and growing. Read how home builder Bryan Payne accelerated the profitability of his business in just six months using Houzz Pro.
2. Structural engineering
When it comes to constructing, the base of your building needs to make the most sense, as it will determine the stability of everything else. That’s where structural engineering comes into play. This field of engineering studies individual structural components and finds the most suitable geometries and materials to make them work. Hiring a structural engineer to examine the bones of your plan is always recommended.
3. Remodeling contractor
Sometimes refurbishing the old is more exciting, more sentimental and more cost-effective for homeowners than buying new. In 2021, home improvement and renovations in the U.S. topped $350 billion, according to iPropertyManagement. You’ll find many clients requesting home improvements such as additions, alterations and major replacements. A remodeling contractor is a contractor who specializes in renovation only.
A subcontractor is someone hired to complete one part of the entire construction job. This includes but is not limited to plumbing, electrical work and carpentry. Usually referred to as “subs” in the field, subcontractors aren’t usually part of an official contract, whereas general contractors are.
5. Construction contracts
A construction contract is an agreement between homeowner and contractor involving issues such as project timeline, scope, payment, termination and proprietary rights. Make sure your contract ticks all these boxes so there are no gray areas.
6. Construction insurance
Construction can be a risky business. With many moving parts, power tools and laborers, mistakes or unforeseen events can lead to damages and losses during the construction of a building. Construction insurance offers protection and financial compensation if that should happen.
7. Job site safety
Since construction can be hazardous, strict job site safety measures are often taken to ensure that no one, whether onsite or in the surrounding area, is harmed. In the past year, of course, these measures have included protocols to guard against COVID-19.
How do you prove you have permission to work on a property? Through a license, or building permit. The types of licenses that construction companies and contractors need will vary by location and contract.
You’ve got your blueprint, but how does that translate into tangible materials? A“take-off” is the term for deciding how much of each material is needed to complete a job. It is also sometimes called a quantity take-off or material take-off. Some building supply businesses may charge you for the evaluation service, while others won’t. Be strategic in who you choose as your supplier.
10. Material costs
Material cost is the total cost of each material used to build a product, or render a service, for a specific job. Material costs go up each year, so be sure to adjust your pricing accordingly.
11. Labor costs
Labor costs refer to the total wages usually given to physical, manual workers on a site. Labor may cover a variety of jobs, including bricklaying, demolition, carpentry, digging, carrying and lifting.
12. Job costing
Once you’ve identified the steps required to complete a job, received an estimate on materials and judged the project’s timeline, you can assign an average cost to each element and service. This is called job costing. Job costing can be tricky, because you don’t want to overcharge your clients nor undermine what the job is worth and shortchange yourself. Read up on some great advice from Houzz Pro on how to best price your services.