Value Engineering: Why It’s So Important
Value engineering is a frequently used term in the world of construction. If you’re in the market to
develop a new property or commercial space, it’s essential to understand the importance of value
engineering. The term is commonly used to describe the process of analyzing materials and building
techniques to find more affordable substitutions.
A good value engineer will analyze building plans and find ways to save money without sacrificing
quality. If you’re operating on a tight budget, a value engineer can help you find viable cost-saving
solutions. Value engineers can help clients save money on upfront costs and lifecycle costs – we’ll
explore this in more detail below.
Using a value engineer to consult on a building process can help bring analytical eyes to a
complicated process. Also, using an outside value engineer can assist in keeping your contracting
team in check – it pays to have someone experienced analyzing plans you might not understand.
People often make the mistake of thinking value engineering is a process that reduces quality. With
the number of materials and installation methods at your disposal, a good value engineer can
maintain the same quality at a much-reduced cost.
The most overlooked component of value engineering is lifecycle costs. The construction costs of a
building are just a small fraction of the overall cost of maintaining a property. Lifecycle costs of
maintaining and repairing a property are often substantially more significant than the building costs.
A value engineer’s job also includes helping find sustainable building techniques and materials that
will reduce the costs of maintaining the property in the long run. This process can save considerable
money for the owner of the development – for some buildings, costs to repair and replace
components of developments can run into the millions.