Welcome to the Collaborative Revolution!
Benefits of Collaborative Construction
Sweeping changes are taking place in the construction industry, mainly to combat the slump that the real estate sector has been going through recently. Among the few measures that are tasting success is collaborative construction, where people can buy a stake in a building that is under construction. So a condo or any other construction could have owners even before it is completely built, with tenants, suppliers of materials and others in the supply chain entitled to ownership before completion of the project. The advantages of collaborative construction are:
· If tenants buy a stake in apartment buildings or condominium complexes, they get to almost customize their space; they could choose the kind of flooring they want, the color of the paint to be used, and the fixtures and furnishings that make a house a home.
· Incentives are usually provided to those who choose to pre-book their units, either in the form of cash benefits or in the form of a free hand in designing their living space.
· Tenants feel a greater sense of ownership because it is almost like building their own home, the only difference being that they don’t have to worry about all the hassles that are associated with the construction process.
· Developers are able to gain a better understanding of consumer demand and trends in consumer taste.
· They also gain because upfront payments from clients help ease the initial financial burden. Also, when units in an apartment or condo perceived to be in demand, it brings in more prospective and definite tenants, all of which work out well for the developer.
· There is a lower probability of projects being left unfinished because funds and tenants are not a problem.
· For tenants, there is the advantage of being able to move in faster because their apartment or condo comes customized to their demands and needs. They don’t have to take the time to personalize their living space.
On the downside, collaborative construction may take a little longer than traditional construction, but the benefits by far outweigh the drawbacks.
This guest article was written by Adrienne Carlson, who regularly writes on the topic of construction management degrees . Adrienne welcomes your comments and questions at her email address: firstname.lastname@example.org