Month: April 2021

Ways to Finance a Home Building Project

Raising the required funds for a home building project is not easy. In addition to requiring a substantial amount of money to get started, you will also face a challenge when trying to sell the value of a non-existent something to prospective lenders. Most lenders won’t be on your side if you have not started your project yet. Nevertheless, you can explore accessible and flexible avenues. Here are some of the ways you can finance a home building project. 

Bridging Loans 

If you have short-term requirements, consider a bridging loan. Bridging finance is secured lending where the balance of a loan and borrowing costs will be repaired a few months or weeks in a single lump sum. Your eligibility for a bridging loan will be determined by your ability to provide adequate collateral covering the loan. Financial status proof, credit checks, and other requirements might not be necessary. You just need a viable or valid exit strategy depending on the source of the money for repaying the loan. 

Secured Loans 

You can apply for a secured loan if you have collateral. Different types of assets are accepted by various lenders. And you can use a secured loan for any construction purpose. For instance, you can use get a secured loan for a commercial or residential property. A major benefit of this loan is the simplicity and speed of applying for this loan. You should also demonstrate the capacity to cover the loan costs with assets. The borrowing costs and interest rates are lower than those of most alternatives. 

Specialists Construction Loans 

You can use a specialist construction loan to start your project. This form of financing is also called a self-build loan. It’s a short-term loan for a construction project. And, it can be used for a small or a large project. The provided funds are based on the development project’s costs instead of its estimated value. The borrowed funds are released in phases and the activities of the borrower are closely monitored by the lender. 

The choice of the finance option should depend on the needs and ability of the borrower to repay the loan. Consider each of these options carefully to make a wise choice. …

Useful Tips for Scheduling a Construction Project

Scheduling a construction project can be a difficult and time-consuming task. However, using a construction project schedule enhances the chances of its success. But, how do you schedule a construction project? Here are useful tips that can guide you when scheduling a construction project. 

Use Templates 

Using a template is the fastest way of scheduling a construction project. You can use a sample project schedule to come up with yours. Edit the template to make it ideal for your project. Include the key activities of your project in the template. Also, remember to delete all tasks that are irrelevant to your current project. 

Create a Task List 

Using a task list is the best way to start scheduling from scratch. You can import a list of tasks from other applications if they are useful. Don’t forget to include all the major tasks of your project. These are the main tasks of the design and construction processes. Also, include deliverables and time within which to complete the tasks. 

Allocate Resources 

Use construction project management tools to get the team started and working faster. These tools should help you in allocating tasks to the teams. Using project management tools can help you avoid long meetings because tasks can be assigned online and resources allocated conveniently. In some cases, you may need to meet one person or a few members of the teams when you use effective project management tools. 

Structure Your Construction Schedule 

If your project has similar tasks, group them to have work-streams. You can also consider where it’s logical to create project phases by splitting work into chunks that have a time limit. Adding milestones can mark the end and beginning of certain phases of the project. Effective structuring of your project schedule will make using it easier. 

Track Regularly 

A construction project schedule should help you stay on track. Therefore, use it properly to ensure that tasks are completed within schedule. 

Follow these tips to schedule your construction project with ease and complete it within the stipulated timeframe.…