What is the difference between construction costs and project budget costs?
Construction costs for a new building are generally associated with the new building only (including a perimeter that extends five (5) feet out from the building on all sides). Land costs, site development costs, such as parking, landscaping and utility connections, are generally placed in site development costs. Other project costs outside of building construction costs are professional fees, furnishings, construction loan costs and financing closing costs. The total project budget includes the construction costs plus all of the other previously mentioned costs. Typically construction cost is 70 to 80% of the total budget costs.
Related Questions
- What is the difference between the detailed budget for the entire project, the detailed agency budget, and the application budget worksheet (contained in the application)?
- What is the difference between construction costs and project budget costs?
- Is there a difference between a project budget and project cost?
