What Are the Common Challenges in Estimating Construction Costs?
Estimating construction costs can be challenging due to various factors:
Market Fluctuations: Prices of materials and labor can fluctuate, leading to inaccurate estimates. Scope Changes: Changes in project scope can result in additional costs that were not initially accounted for. Regulatory Changes: New regulations and compliance requirements can add to the overall cost. Site Conditions: Unforeseen site conditions, such as soil issues or environmental concerns, can affect costs. Project Complexity: Complex projects may have hidden costs that are difficult to anticipate.