Building Can be a Risky Proposition?

The building of a new home or cottage is a risky proposition never mind a renovation project that is full of the“unknowns of the construction history of your property”. 

We put together a few reasons why you should be thoughtful in your approach to any project…

  • You do not undertake a project of this nature very often. You are not sure what is involved and who to trust.  You need to do your homework on who to partner with and ask for references and find out what there approach to the project would be.
  • You are good at what your do—lawyer, teacher etc and you have underestimated what you don’t know. Success in one area of our life often gives us confidence to solve all the problems of the world. I have heard it said, “ The older I get the less I know”.  As we realize that with age, life humbles us and we need to rely on others with the expertise that we ourselves lack.  Ask lots of questions to seek understanding but rely on the experts to guide.
  • It is complicated. They are many moving parts in a construction job and one misstep can cascade throughout the project.  Respect the complexity and try not to take short cuts in order to “make up for lost time”. The building is to last decades be prudent in trying to save a week or even a month of lost time. Understand the trade-offs and make good decisions in the face of frustration.

  • It is a lot of money. If you pick the wrong chocolate bar in the convenience store - no big deal. You choose the wrong excavator or windows or builder. That could be a 100K problem. Plan and budget thoughtfully.
  • You negotiate at the wrong time or put pressure on the situation when you what is really needed is thoughtful problem solving and good decision making.  There is an old minor hockey advertisement that had a copy line “ Scream at the referees. They really like that“ Unfortunately when things go wrong (and they will from time to time and do not be surprised when they do) we tend to gravitate to blame and frustration. It is then, we hurt the ones we love.(Ok maybe an overstatement when it comes to builders). Anger, frustration and blame can only make matters worse. If you believe that your builder is your adversary and not your partner—he will become your adversary. Trust him like a partner and the project will go smoother.

Complex projects with large amounts of money at stake are inherently risky.

It is for this reason we recommend a Risk Assessment to help our clients with an overview of the projects issues before they even start the project. What are the economic risks? What are the financial risks?  What are the unknowns in regards to construction? What should I worry about in regards to permitting?

Take a chance and get a Risk Assessment done before you start…

Marty RudmanComment